Peter Tchir

Italia hace el «Full Monti»

Italia hace el «Full Monti»

En lugar de convertirse en una nueva fuente de fondos para hacer frente a la deuda italiana (la visión más optimista de las LTRO), ¡han creado más deuda!

 Peter Tchir

WTF is up with LTRO?

WTF is up with LTRO?

In the end, this won’t do much for the sovereign debt market, but will shine a spotlight on which banks should be shorted and will possibly expedite their default.

 Peter Tchir

Print, Rally, Then What?

Print, Rally, Then What?

As the ECB prints and the Euro declines and inflation rises, then what?

 Peter Tchir

¿A dónde va el dinero del rescate griego?

¿A dónde va el dinero del rescate griego?

19 céntimos de cada euro del rescate consigue llegar al presupuesto griego. El resto se devuelve a la UE.

 Peter Tchir

You Can’t Spell Tooth Faeries Without EFSF

You Can’t Spell Tooth Faeries Without EFSF

The EFSF reminds me of the tooth fairy – there are those who believe because they are told it will work, and those who try to figure out how it will work, and come out on the non-believer side.

 Peter Tchir

¿Invierno mediterráneo?

¿Invierno mediterráneo?

¿Y todavía nos preguntamos por qué la gente odia tanto a Wall Street?

 Peter Tchir

Well played Mr. Papandreou

Well played Mr. Papandreou

I would be very careful buying Italian CDS as they could redenominate their bonds in LIRE and it wouldn’t be a Credit Event.

 Peter Tchir

Deberes de Matemáticas de 3º de Primaria

Deberes de Matemáticas de 3º de Primaria

El problema de la zona euro es simplemente de un orden de magnitudes demasiado grande como para proporcionar una ayuda real.

 Peter Tchir

European Union Document on EFSF Status (with comments)

European Union Document on EFSF Status (with comments)

Here is the text of the Draft Terms and Conditions prepared by European Union officials on the current status of the euro region’s bailout fund according to a Bloomberg article. After an initial read we have included our thoughts in bold into the document.

 Peter Tchir

«Milagro sobre hielo»

«Milagro sobre hielo»

Nos podría venir bien otro Lehman antes de que sea demasiado tarde…

 Peter Tchir

Greek Write-downs – Let’s Do ONE Thing Correctly

Greek Write-downs – Let’s Do ONE Thing Correctly

A real default is the only good and fair way to ensure the write-downs occur and the system can move beyond Greece.

 Peter Tchir

Prudence versus Reckless Abandon

Prudence versus Reckless Abandon

The battle is forming up along the lines of those who are trying to show some restraint and prudence and are willing to deal with the consequences of that decision against those who want to do everything possible, giving the highest chance of “success” with absolutely no downside protection.