• Auerback: The more you deflate, the bigger the debt problem will get 19 Nov 2011
• Auerback: Solvency Starts with the ECB 21 Dec 2011
• On ECB liquidity, Eurobonds and the civil unrest of austerity 14 Aug 2011

• Ireland Budget Plan Likely Too Optimistic 24 Nov 2010
• Footnote 2011: Being cautiously optimistic was right 27 Dec 2011
• Markets Remain Cautiously Optimistic Ahead of Tomorrow’s Summit 25 Oct 2011

• The Greek Drama Continues 15 Jun 2011
• BBH CurrencyView: Turnaround Tuesday For Foreign Currencies 20 Apr 2010
• Europe’s Political Climate Impacts the Debt Crisis Response 17 May 2011

• EU Summit Makes Progress, EU Debt Crisis Has Not 17 Dec 2010
• Italy calls emergency meeting to deal with European debt crisis 2 Aug 2011
• The widening European sovereign debt crisis 3 Aug 2011

• Holders of US Treasury Debt 8 Aug 2011
• On the sovereign debt crisis and the debt servicing cost mentality 1 Dec 2009
• The widening European sovereign debt crisis 3 Aug 2011

• The political economy of the European sovereign debt crisis 30 Jun 2011
• The European Sovereign Debt Crisis 20 Dec 2010
• The roots of the European sovereign debt crisis go back thirty years 1 Mar 2010

• Felix Zulauf turns bearish, expects major correction and QE3 14 May 2011
• Bill Gross, Felix Zulauf, Fred Hickey, Archie MacAllaster and Scott Black from Barron’s 2011 Roundtable 24 Jan 2011
• Galbraith, Stiglitz and Soros on resisting the inevitability of the Greek debt crisis 10 Apr 2010

• Currency News: Greek Austerity Deal, China Inflation Policy 24 Jun 2011
• The political economy of the European sovereign debt crisis 30 Jun 2011
• S&P reckons 50-70% haircut for Greek debt restructuring, weakening euro 14 Apr 2011

• Contagion Fear in Europe 6 Jul 2011
• Dollar Broadly Firmer As Contagion Spreads To Spain In Europe 16 Jun 2011
• Stress and Contagion Return To Europe 5 Nov 2010

• To Save the Euro, Germany Must Quit the Euro Zone 25 May 2011
• The Irish stress tests and euro zone options: monetisation, default, or break-up 31 Mar 2011
• Greece is considering withdrawal from the Euro-zone (rumour) 6 May 2011

• Moody’s May Cut Greece to Junk in Four Weeks 10 May 2010
• Ireland Cut By Moody’s to One Notch Above Junk 15 Apr 2011
• Iceland downgraded to junk as it heeds 70% of the electorate on Icesave debt 6 Jan 2010

• Here’s How Much German Banks Are on the Hook To The Periphery For 6 May 2011
• Fiddling while the Periphery Burns 28 Mar 2011
• Save the Virgins! 9 Jul 2010

• ECB: Where is the Shock and Awe? 13 Dec 2010
• Stress and Contagion Return To Europe 5 Nov 2010
• Europe: Things Must Change to Remain the Same 19 Nov 2010

• ECB and Portuguese Deal Keep Euro Firm 4 May 2011
• The rough politics of European adjustment 1 Dec 2010
• Soros attacks Germany’s hair-shirt politics 23 Jun 2010

• Nouriel Roubini: we are in recession 29 Jun 2008
• Roubini and Shiller comments at Davos 29 Jan 2009
• Roubini: A Crash Course in the Future of Finance 2 Jun 2010

• Election Result may Restrict German Government Support for Periphery 28 Mar 2011
• German banks loaded with 816 billion in toxic paper 26 Apr 2009
• Fiddling while the Periphery Burns 28 Mar 2011

• Greece is considering withdrawal from the Euro-zone (rumour) 6 May 2011
• A ‘United States of Europe’ or Full Exit From the Euro? 15 May 2010
• Euro Testing May 10 High, Helped By Strong Euro Zone Sentiment Survey 29 Jul 2010

• Portugal Probably Headed For Bailout 23 Mar 2011
• Portugal on verge of bailout 5 Apr 2011
• Citi to repay $20 billion in bailout money 14 Dec 2009

• Is Estonia’s Euro Membership A Done Deal? 16 Apr 2010
• BBH CurrencyView: US Dollar Firm Ahead of ECB Meeting 6 May 2010
• BBH CurrencyView: Dollar Begins May Firm 3 May 2010

• Portugal Probably Headed For Bailout 23 Mar 2011
• Portugal Downgraded, More Cuts Likely 15 Mar 2011
• Some Thoughts On Portugal 17 Feb 2011

• Three options for the euro zone: monetisation, default, or break-up 29 Nov 2010
• Talk of All Spanish Banks Passing Stress Tests Boosts The Euro 20 Jul 2010
• Draft Document Suggests Stress Tests Not That Stressful, Euro Gets Hammered 23 Jul 2010

• Some Thoughts On The Ratings Agencies 17 Dec 2010
• Calpers sues ratings agencies over SIVs 15 Jul 2009
• Gross disagrees with Buffett, finds ratings agencies ‘nonsensical’ 5 May 2010

• While Rome Burns 21 Feb 2009
• Election Result may Restrict German Government Support for Periphery 28 Mar 2011
• Chart of the Day: Deficits in the European Periphery 26 Nov 2010

• MMT: A few thoughts on austerity, currency wars and exchange rates 25 Oct 2010
• On Britain’s Austerity and Rosenberg’s Depiction of Obama as Herbert Hoover 27 Jan 2011
• Austerity in the UK and Other Links 22 Jun 2010

• Spain’s bank nationalisation and the euro zone crisis 21 Jan 2011
• News from April 1931: Recovery signs and crisis in Spain 20 Apr 2010
• Dollar falls to lowest on year 8 Sep 2009

• When Will Portugal Ask for Assistance 7 Mar 2011
• Some Thoughts On Portugal 17 Feb 2011
• A bad week in the markets; where are we headed next? 4 Jun 2010

• Portugal Remains Under Pressure As Contagion Intensifies 26 Nov 2010
• Peripheral Euro Zone Remains Under Pressure 23 Nov 2010
• Lingering Periphery Concerns Pressure Euro 14 Feb 2011

• Portugal Downgraded; Spain’s Turn Again ? 13 Jul 2010
• Moody’s cuts Portugal credit rating two notches to A+ 13 Jul 2010
• European Debt Woes Expand As Hungary Downgraded 6 Dec 2010

• Some Thoughts On Possible China Purchases Of Portugal Bonds 22 Dec 2010
• Spanish Bonds Continue to Retreat Ahead of Supply 10 Dec 2010
• Dollar Heavy As Japanese Bonds Rally And Spanish Bond Successful 15 Jul 2010

• Greece Update: More Efforts before Assistance 2 Mar 2010
• Some Thoughts On Portugal 17 Feb 2011
• Portugal Remains Under Pressure As Contagion Intensifies 26 Nov 2010

By Win Thin

Portugal remains in the market spotlight as its 10-year yield remains above 7% for the 10^th straight day. Furthermore, today Portugal’s 5-year yield broke above 7% for the first time and continues the pattern that we saw with Greece and Ireland. In both those cases, the 10-year yield was the first to break above 7%, with the 5-year and then the 2-year yields breaking above that level in the ensuing days. It is noteworthy is that the rescue packages for those countries have done nothing to substantially lower their borrowing costs, with 10-year yields still substantially above 7% for both. With contagion showing no signs of abating, we think Portugal is doomed to the same fate.

• Some Thoughts On Possible China Purchases Of Portugal Bonds 22 Dec 2010
• Thoughts on Irish Contagion To Portugal and Reforming the Euro 17 Nov 2010
• Portugal Remains Under Pressure As Contagion Intensifies 26 Nov 2010