Portugal in race against time to sort out BES

July 10, 2014

Despite a recent successful rights issue, the Iberian lender is exposed to its troubled major shareholder and has a large exposure to dodgy Angolan loans. Its owners face a difficult refinancing this year. Authorities should demand full transparency and a quick restructuring.

Berlusconi really must go

July 13, 2011

Silvio Berlusconi really must go. It’s no longer about abuse of power and “bunga bunga” sex parties.

Three questions the Greek debt summit must answer

July 20, 2011

The best signal that the euro zone may be nearing a Greek debt deal is that its leaders have decided to hold a summit.

Greek rescue bizarrely increases its debts

July 25, 2011

Listen to the politicians and one might think that Greece’s debts will fall as a result of last week’s provisional rescue by euro zone leaders and private-sector creditors. In fact, they go up.

Greek rescue: pig in a poke

July 26, 2011

A deal was better than a disaster. But last week's planned rescue of Greece has the astonishing by-product of increasing its debts.

Euro bonds are not the answer

September 19, 2011

Euro bonds are not the answer to the region's raging financial crisis.

Postponing Greek pain will be costly for taxpayers

October 20, 2011

Greece needs a proper debt restructuring. Getting the country’s borrowing under control requires a serious haircut for both private creditors and euro zone governments.

2012: another year of living euro-dangerously

January 5, 2012

Europe will keep the world on edge in 2012. More will be needed to shore up Italy and keep the single currency more or less intact. But the U.S. should keep recovering. And China and emerging markets may cut rates and help their consumers – and global rebalancing.

Euro zone first default gives few reasons to cheer

March 9, 2012

Most Greek creditors have agreed to take a loss on their 206 bln euro holdings. The euro zone’s first restructuring should not be chaotic. But it has done away with the pretence that a sovereign’s signature is always golden. And Greece still struggles with a heavy debt load.

Now prepare for the next crisis

March 9, 2012

The euro zone has overcome enough of its fundamental weaknesses to defuse the Greek debt bomb. But the financial system is as distorted as ever. A purely financial crisis is possible in the next two years. A financially enhanced political crisis may be even harder to avoid.