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Italy Fears Rattle World's Investors
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The yield on Italy's two year bonds reached 7.269% on November 9, 2011. Italy needs to rollover $300 billion in debt over the next 12 months. And liquidity is becoming a serious problem as investors become cautious about buying Italian bonds. Investors who were attracted to the higher yields on Italian bonds now see the market as too unstable to make purchases. Peter Schaffrik, head of European rates strategy at RBC Capital Markets in London, says that the Italian bond market, the third largest in the world, was quite liquid, with investors buying or selling 500 millon euros of Italian bonds at a clip. Now, he says, its hard to trade more than 50 million euros. The only hope is to get enough stability and confidence back into the market, as Italy is too large for any rescue effort by the ECB, IMF or the EFSF. With some stability Black Rock's Fundamental Fixed Income portfolio's chief investment officer, Rick Rieder, says Italian bonds are something he would buy.
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
Italy and the financial crisis contagion effect from Greece.
05/14/2010
Grouped Articles
Wall Street Journal 05/14/2010
Wall Street Journal 05/22/2010
Italy's Shot of Southern Discomfort
Wall Street Journal 06/03/2010
Wall Street Journal 12/02/2010
New Rescue Package for Greece Takes Shape
New York Times 05/31/2011
Italy the economy: For ever espresso
Economist 06/11/2011
Italy's austerity measures- 2011-2013
06/30/2011
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
How Righteousness Killed the World Economy
New York Times 10/12/2014
EU Won’t Reject French, Italian Budgets
Wall Street Journal 10/28/2014
New York Times 11/30/2014
Italian Government Advances Austerity Plan
New York Times 06/30/2011
Wall Street Journal 07/12/2011
John Cochrane and other experts give a no-nonsense view of the bailouts and the financial crises facing Europe
12/02/2010
Insights that the real problem is short term debt financing. The need for the EU to insist on long tem debt financing for governments in Europe. The solution for this crisis is not in bailouts of Greece, Spain, Italy and so on, but to swap the short term debt for debt with longer term maturities, and for bondholders to take a haircut. Similiar to the Brady Plan for Latin America in the late 1980's. The bailout of Ireland in reality not a bailout of Ireland, as a bailout of German and British banks that made risky loans to Irish banks and the Irish government. The U.S. government's debt also tilted to short term debt and problems similar to European problems.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
'Contagion' and Other Euro Myths
Wall Street Journal 12/02/2010
As Ireland Flails, Europe Lurches Across the Rubicon
Wall Street Journal 12/27/2010
Running the euro zone: Pact of uncompetitiveness
Economist 02/12/2011
Wall Street Journal 03/11/2011
Europe Needs to Apportion Pain
Wall Street Journal 03/17/2011
Mario Draghi, the Bank of Italy and Italy's economic policies
08/07/2011
Grouped Articles
Italy Central Banker Is Open to 'Bad Bank'
Wall Street Journal 02/10/2014
Wall Street Journal 08/07/2011
Italian Workers Strike Against Austerity Measures
New York Times 09/06/2011
Rome's Rating a Warning to Europe
Wall Street Journal 10/06/2011
Italy's Bank Pick Rattles the ECB
Wall Street Journal 10/22/2011
Top Banker Is Quick to Make His Mark
Wall Street Journal 11/03/2011
Italy- government debt, credit ratings, and borrowing costs 2010-2013
05/14/2010
Italy's borrowing costs went up to 5.7% a week after the July 22, 2011 eurozone debt deal for Greece.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
Italian Vote Turns in Bonds' Favor
Wall Street Journal 04/23/2013
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Wall Street Journal 05/14/2010
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
The Key to Italy's Rating Is Kept in Canada
Wall Street Journal 11/02/2013
Italy, Spain and austerity measures- 2011-2013
08/08/2011
Analysts point to the austerity measures adopted by Italy and Spain much earlier than other countries in the eurozone. The risk now is cutting into muscle as growth for 2011 is expected to be below 1% in both countries. Italy say analysts is actually in surplus when the interest on debt is excluded.
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Still Sputtering, Spain Turns Away From Cuts
Wall Street Journal 05/12/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
European Finance Ministers Support Investment Program
New York Times 09/14/2014
The ECB and Italy
11/09/2011
Grouped Articles
Don't Bank on ECB Rescuing Italy
Wall Street Journal 11/09/2011
Italy Fears Rattle World's Investors
Wall Street Journal 11/10/2011
Central Bankerâs Exit Gives France Opening
New York Times 11/10/2011
Crisis Ensnares Central Bank in Desperate Bid to Save Euro
Wall Street Journal 11/18/2011
European Bank Chief Pushes Back
Wall Street Journal 11/19/2011
New York Times 11/19/2011
Silvio Berlusconi and Italy
06/11/2011
Grouped Articles
Resignations Threaten Italian Coalition
New York Times 09/28/2013
Dealing a Blow to Berlusconi, an Italian Senate Panel Recommends His Expulsion
New York Times 10/04/2013
Italy Senate Committee Votes in Favor of Ousting Berlusconi
Wall Street Journal 10/06/2013
Berlusconi Ordered to Stand Trial on Bribery Charges
Wall Street Journal 10/24/2013
Italy’s Berlusconi Convicted in Bribery Case
Wall Street Journal 07/08/2015
Berlusconi's legacy: The cavaliere and the cavallo
Economist 06/11/2011
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