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Swapping Risk to Sovereigns
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What Greece, Ireland, Britain and Spain have in common after the Dubai debt crisis.
11/20/2009
It costs close to 400,000 to insure $10 million of government debt against default for Greece. The numbers are close tov $300,000 for Ireland, close to $200,000 for Britain and close to 100,000 for Germany. See graph.Ireland just announced its new budget in December 2009 with strict austerity measures and cutting public sector pay. See the link to Ireland. Recent taxes on bank bonuses in Britain raise $500 million and attempt to assuage public sentiment.
Grouped Articles
Spain's Debt Woes Echo Europe's Uneven Rebound
Wall Street Journal 12/10/2009
Ireland Cuts Budget in Bid to Tame Debt
Wall Street Journal 12/10/2009
Thumbs Up For the U.K. Bonus Tax
Wall Street Journal 12/10/2009
Wall Street Journal 11/20/2009
Wall Street Journal 12/23/2009
BusinessWeek 12/10/2009
Sovereign credit default swaps.
11/20/2009
Risk is moving to the public sector as sovereign default swaps market becomes active.
Grouped Articles
Wall Street Journal 11/20/2009
Hedge Funds that hope to make money off the "piigs" countries.
01/19/2009
These "piigs" countries are Portugal, Italy, Greece, Ireland and Spain that have huge debt for which default protection costs are rising amid the debt crisis in Dubai. See the link to Ireland and the austerity budget just announced and 12.5% unemployment.
Grouped Articles
Hedge Funders Are All a Little Nuts
Wall Street Journal 08/27/2013
Hedge Funds Make Some 'Piigs' Pay
Wall Street Journal 12/10/2009
Countries' Debt Woes Pose Risk to Upturn
Wall Street Journal 12/09/2009
Wall Street Journal 11/20/2009
Wall Street Journal 03/03/2010
Italy Agrees on $65 Billion in Austerity Measures
New York Times 08/12/2011
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