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Beijing Signals Interest in Spain Debt
Keywords:
China's vice premier, Li Keqiang, wil visit Spain Jan 4-6, 2011. In an editorial page article for El Pais, Li wrote that China will continue to purchase Spain's public debt in the future. China is a large buyer of Spain's sovereign debt, owning about 10% of the total foreign holdings. Spain's central government will need to raise 170 billion euros in 2011, and its regional governments an additional 30 billion euros. Natixis expects 824 billion of eurozone government bonds to be auctioned in 2011. For China the eurozone is its largest market and it is concerned abou the impact of a eurozone crisis on imports from China. A declining euro would make Chinese exports less competitive and costlier in European markets. And China is wary of the impact on its export industries at a time when its economy is trying to make a soft landing, and strains are showing with an asset bubble in real estate, too much bank lending and high inflation.
China, and Japan in a "white knight" scenario for troubled euro-zone countries in 2011
12/09/2010
Grouped Articles
BusinessWeek 12/09/2010
Beijing Signals Interest in Spain Debt
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China's policy of continued support for Spain's sovereign government debt and other European debt
01/04/2011
China is wary of the impact on its largest export market of a fall in the euro as a result of a eurozone crisis in Spain and Portugal. China plans to buy a significant portion of Spain's debt issuance of 200 billion euros in 2011.
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Japan's Stimulus Generates Ripples
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Spain Pegs Cajas' Possible Problem Debt
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Spain- debt, credit ratings, and borrowing costs 2011-2014
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Spain's debt financing and bond issuance in 2012-2013
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An improving situation after Draghi's policy statements on July 23, 2012 about the ECB's committment to the euro and reducing excessive borrowing costs of Italy and Spain.
Grouped Articles
Europe Bonds May Offer More Value
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Bonds of Italy, Spain Narrow Gap With U.S., German Yields
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Spain Sale Improves Funding Prospects
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China's policy for the eurozone debt crisis
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Grouped Articles
Japan's Stimulus Generates Ripples
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Beijing Signals Interest in Spain Debt
Wall Street Journal 01/04/2011
China Rebuffs Hopes for Bailout
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New York Times 11/05/2011
Still Reserved on China's Policy Shift
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China Speeds Economic 'Transformation'
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Italy's debt and Italian savers investing in Italian government bonds- a key difference with Spain
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Italy issued 18 billion euros in bonds in October 2012 at 4.74%, with most of the bonds going to Italian savers. The borrowing costs are down significantly. Italian retail investors have net private wealth of over 8 trillion euros and household wealth is 4 times the GDP, one of the highest in Europe, according to the Bank of Italy. This means most of the interest paid remains inside Italy and is available for consumption and spending. This is a key difference with Spain where households are highly indebted after the housing bubble.
Grouped Articles
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Fate of Euro May Hinge on Italian Savers
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Italy's Borrowing Costs Drop Sharply at Auction
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A Written Plan Can Help Your Portfolio
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William R. Cline's estimates that show a positive outlook for Spain and Italy's debt and the eurozone by 2020
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Cline is an analyst with a good reputation going back to the Latin American crises of the 1980's. His most recent working paper shows estimates of Spanish and Italian debt that suggest a positive outlook for the long term if the measures taken now to contain debt are continued.
Grouped Articles
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Beijing Signals Interest in Spain Debt
Wall Street Journal 01/04/2011
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