After reading through the vast amount of news on the Brussels “emergency” meeting, I am not sure I truly understand what the final outcome of the European resolutions for financial stability entail. There are bond swaps on Greek debt, which will mean a soft default, and then there is an increase in the size of the EFSF funding and a move to allow the buying of secondary sovereign bonds. Again, it is not so easily to understand at this juncture as so much contradictory information is being provided that the final agreement doesn’t appear at this time.
Posts Tagged ‘Brian Sack’
Notes From Underground: The Europeans delivered on a bailout of the Peripherals (Maybe So, Maybe Not)
July 21, 2011Notes From Underground: Aussie checks; Brazil raises; and Brian Sack speech reveals a lot about the DUDLEY CALL
October 5, 2010Monday night the Australian Central Bank decided to hold the lending rate at 4.5 percent rather than raise to 4.75 percent as 80 percent of economists predicted. It appears that the RBA is very concerned about the global growth story and the recent strength in the AUSSIE DOLLAR. As expected, the Aussie currency sold off sharply as the market was disappointed that the bank is on hold for the moment. We were in the camp that the Aussies would check because of the recent Aussie dollar strength but something else bothered us.