Tim Price reports on the consensus in London re stress tests
A low-bandwidth Internet connection on a Baltic cruise liner won’t be the ideal technical infrastructure for making sense of this lot quickly, but Yves is a trouper.
Friday (when the Eurobank stress tests are published) should be an entertaining day in the markets, if the tests are anything but the expected whitewash.
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Don’t encourage her to read the Blessed Ambrose’s morning column; he’s a very worried man.
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7897304/Stress-testing-Europes-banks-wont-stave-off-a-deflationary-vortex.html
Please link to or republish our new commentary that just appeared this morning:
http://www.enterstageright.com/archive/articles/0710/0710scaledtariff.htm
The Scaled Tariff is an important new proposal.
Howard
I like your scaled tariffs proposal. I might suggest that the other side of this concept would be to provide low-cost credit to firms that wished to increase American manufacturing, perhaps some tax credits, etc. It won’t happen as long as TPTB perceive of Americans as owners rather than workers and they have access to slave labor abroad.
Ireland debt rating cut by Moody’s
http://www.cbc.ca/money/story/2010/07/19/moodys-ireland-downgrade.html
Ireland is midway through a process of transferring nearly $80 billion in defaulting debts from five Irish-owned banks to a government-established institution, the National Asset Management Agency.
The government also has nationalized the most reckless of those lenders, Anglo Irish Bank, and pumped the equivalent of $3.5 billion into each the two biggest, Allied Irish Banks and Bank of Ireland, in exchange for minority stakes in both.
==> Slobs!
Financial stress is still building, and obviously the systemic pressure is like the BP well … still leaking and uncontained.
> Meanwhile in Hungary: “We have told our partners that further austerity packages were out of the question,” Matolcsy said, adding the government wanted to meet this year’s budget deficit target of 3.8 percent of GDP, but needed the planned tax on banks to do so.