Greece

When bankruptcy comes, it does so normally as a result of a liquidity crisis. This is true for countries as much as it is for companies. It's not as if someone in charge walks in one day and says "you are insolvent so you must default…

Just when you thought the EU had things under control with their $1 trillion shock and awe rescue package, the first signs of doubt appear.  The doubting Thomas is none other than Swiss-born Deutsche Bank head Josef Ackermann who…

Imagine a situation in which 49 other states are forced to unite together to help forestall the imminent insolvency of California, and you'll get a good idea of the limitations inherent in the EU "rescue proposal" for Greece and…

From his latest "Breakfast with Dave" missive. Well, I think the turbulent global events of the past few weeks underscore the reason why I have maintained a cautious investment approach for the past year, notwithstanding the…

Here's a thought regarding the European liquidity scheme. My understanding is that the ECB is legally prohibited from 'monetizing' Eurozone debt by buying it directly at auction. Therefore, in instituting the nuclear option of buying up…

Moody's is going on a rampage regarding the sovereign debt of the Eurozone periphery. They are now reviewing Portugal and Spain for a potential ratings downgrade. That means they are threatening Greece with junk status and also warning that…

As in 2008, when global financial institutions were under attack, we are now facing a solvency crisis. This time the issue is Eurozone sovereign governments.  Make no bones about it, the EU's trillion dollar gambit has worked and a…

Last week I was on RTTV's CrossTalk talking about the Goldman Sachs Senate hearings with two other guests. This week, on the latest edition of CrossTalk, Peter Lavelle asks his guests who is being bailed out: Greece or the bankers. The…

Highlights The US dollar remains firm against most of the major currencies today as the participants await the ECB meeting, which given the events in Europe, is the most important meeting arguably since 2008.  There are three…

Source: PBS