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Why Portugal

February 29, 2012
The periphery bonds have generally rallied this year. Ireland's 10-year bond yield is off 138 bp and Italy's is off 179 bp, for example. The Iberian peninsula stands out as an exception. The Spanish 10-year benchmark yield is down only 4 bp and that includes today's 5 bp decline. Portugal is the real outlier. The 10-year yield is up 20…
Why Portugal Why Portugal Reviewed by Marc Chandler on February 29, 2012 Rating: 5
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Great Graphic: Why We Should Be Glad We Didn't 'Let Detroit Go Bankrupt'

February 29, 2012
Yesterday was the great state of Michigan's primary and we took the opportunity to explore what the state is know for: football and cars. We weren't the only ones, President Obama spoke at the UAW:


In his speech he reminded everyone of Mitt Romney's 2008 NYTimes OpEd Let Detroit Go Bankrupt. This great graphic from Think Progress illus…
Great Graphic: Why We Should Be Glad We Didn't 'Let Detroit Go Bankrupt' Great Graphic: Why We Should Be Glad We Didn't 'Let Detroit Go Bankrupt' Reviewed by magonomics on February 29, 2012 Rating: 5
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Euro Gyrates, but Doesn't Break

February 29, 2012
The euro fell amid a mild bout of buy the rumor sell the fact on news of the LTRO.  800 banks took down 529.5 bln euros, slightly above consensus but within expectations. A little more than 200 bln euros reflects the rolling of other borrowing facilities into the three-year tenor. 
That more banks participated (800 vs 525) this time is not surpr…
Euro Gyrates, but Doesn't Break Euro Gyrates, but Doesn't Break Reviewed by Marc Chandler on February 29, 2012 Rating: 5
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Last Thoughts on LTRO

February 28, 2012
At this late date there still seems to be a great deal of misunderstanding and uncertainty surrounding Wed's 3-year LTRO by the ECB.
Ironically even the size of the first LTRO is unclear. Many observers and the media continue to cite the take down as 523 bln euros. That is true, but is misconstrued. The bulk of that amount reflected the rolli…
Last Thoughts on LTRO Last Thoughts on LTRO Reviewed by magonomics on February 28, 2012 Rating: 5
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Great Lakes Great Times: All Eyes on Michigan

February 28, 2012
The Michigan Primary is today and with the winner poised to be the GOP front runner all eyes are on this majestic state with its 64,980 inland lakes (which is over five times the amount that Minnesota, "Land of 10,000 Lakes" has), 3,126 miles of freshwater shoreline (which is more than any other state has), and 19,000,000 acres of fores…
Great Lakes Great Times: All Eyes on Michigan Great Lakes Great Times: All Eyes on Michigan Reviewed by magonomics on February 28, 2012 Rating: 5
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Collective European Bonds Exist

February 28, 2012
There are many voices that continue to clamor for a European bond; one that is backed collectively by the various members. Germany and the other creditor nations are understandably skeptical especially without greater fiscal unity.
We have argued that Europe is constructing a fiscal union in a similar way that a skyscraper is built. Scaffolding …
Collective European Bonds Exist Collective European Bonds Exist Reviewed by Marc Chandler on February 28, 2012 Rating: 5
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Waiting for LTRO

February 28, 2012
The consolidative tone that was seen yesterday in the foreign exchange market has largely carried over into today's session as the market awaits tomorrow's 3-year funding operation by the ECB.  The major currencies are largely confined to yesterday's trading ranges.  
The market took that S&P downgrade of Greece to "selective d…
Waiting for LTRO Waiting for LTRO Reviewed by Marc Chandler on February 28, 2012 Rating: 5
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A Crude Put?

February 27, 2012
Arguably the rise in oil prices pose a new threat to the world economy. If oil prices stay elevated, it risks a policy response. Strategic reserves could be tapped as they were last year in a coordinated fashion. In addition, the risks of a new round of Federal Reserve asset purchases would seem to increase with the price of oil. Bernanke delivers…
A Crude Put? A Crude Put? Reviewed by Marc Chandler on February 27, 2012 Rating: 5
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Monday's Blues

February 27, 2012
The US dollar is broadly higher against the major and emerging market currencies to start what promises to be an important week, with several parliaments due to vote on Greek 2.0, the second and possibly final LTRO, and PMI readings. Eurogroup head Juncker’s admission that a third package for Greece cannot be ruled out may also be taking a toll on…
Monday's Blues Monday's Blues Reviewed by Marc Chandler on February 27, 2012 Rating: 5
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Great Graphic: Why Germany, not China is the Solar Powerhouse

February 25, 2012
Sorry I had to have that pun. Now I've previously discussed (or rather my brilliant young whippersnapper of a webmaster has discussed) the potential of solar energy in the United States and how it can be a great investment. Now let's look at it from an international perspective. Here is a great graphic from Smart Planet on the top ten coun…
Great Graphic: Why Germany, not China is the Solar Powerhouse Great Graphic: Why Germany, not China is the Solar Powerhouse Reviewed by magonomics on February 25, 2012 Rating: 5
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Note on CFTC Commitment of Traders

February 25, 2012
The foreign exchange market is overwhelmingly a over-the-counter market. Yet the lack of transparency there relative to the considerably smaller but more somewhat more transparent futures market encourages investors and analysts to watch the weekly Commitment of Traders report.  
Positioning, as we have previously discussed is one of two kinds:  co…
Note on CFTC Commitment of Traders Note on CFTC Commitment of Traders Reviewed by Marc Chandler on February 25, 2012 Rating: 5
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G20: Little Room for Fresh Initiatives

February 24, 2012
The G20 will meet in Mexico this weekend. There seems to be three key issues: IMF funding, replacement for Zoellick who will step down as head of the World Bank and the oil shock. It is unlikely that any of these issues are resolved this G20 meeting, but important groundwork could be laid for future decisions. 
The European debt crisis remains the …
G20: Little Room for Fresh Initiatives G20: Little Room for Fresh Initiatives Reviewed by Marc Chandler on February 24, 2012 Rating: 5
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Dollar Ends Week Like It Began

February 24, 2012
The week is winding down.  The two main features of the week's activity and today's are euro strength and yen weakness.  
The euro has moved to new highs for the year and has pulled the Swiss franc along for the ride.  There has been some talk that the Swiss National Bank has quietly intervened today, but confirmation is lacking.  The euro&…
Dollar Ends Week Like It Began Dollar Ends Week Like It Began Reviewed by Marc Chandler on February 24, 2012 Rating: 5
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A Few Miscellaneous Thoughts

February 23, 2012
The G20 meeting this weekend is shaping up to play an important role in addressing the European debt crisis. A senior conservative German member of parliament indicated that the German vote on Greek 2.0 is partly a function of the IMF`s involvement. In earlier euro zone packages the IMF was good for a third of the funds.
In Greek 2.0, the prelimin…
A Few Miscellaneous Thoughts A Few Miscellaneous Thoughts Reviewed by magonomics on February 23, 2012 Rating: 5
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Dollar Weakens, but Doesn't Break

February 23, 2012
The US dollar is sporting a soft profile, with the euro making marginal news high for the year. The single currency's push higher met offers just shy of $1.3350 level, which is thought to hold a large option barrier. Above there, offers are seen near $1.3375 and then $1.3435.
The main catalyst appears to have been better than expected economic …
Dollar Weakens, but Doesn't Break Dollar Weakens, but Doesn't Break Reviewed by Marc Chandler on February 23, 2012 Rating: 5
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Yahoo Finance: European Crisis - Next Stop Portugal Yahoo Finance: European Crisis - Next Stop Portugal Reviewed by magonomics on February 22, 2012 Rating: 5
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Four Developments and Implications

February 22, 2012
There have been four noteworthy developments today that will shape the investment environment.  
First, HSBC flash PMI for China came in at 49.7 from the final January reading of 48.8.  This will support those who expect a soft landing in China. Technology and consumer services led today's 1% advance in the Shanghai Composite, which  now sits a…
Four Developments and Implications Four Developments and Implications Reviewed by Marc Chandler on February 22, 2012 Rating: 5
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Yen Moves

February 22, 2012
While European drama continues to command attention, the yen has quietly depreciated and is now at its lowest level against the US dollar since last July and is at four month lows against the euro.  
There are several factors that appear at work.  Today's push lower corresponds to talk of strong Japanese demand for Thai baht related to insuranc…
Yen Moves Yen Moves Reviewed by Marc Chandler on February 22, 2012 Rating: 5
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Great Graphic: Church of Baseball

February 21, 2012
Now that spring training is offically underway I thought it was time for another great graphic on baseball.
Now we all learned from Bull Durham that there should constitutional amendment outlawing astroturf and the designated hitter (though I am not sure how such an amendment would impact the Blue Jays).


But if the wisdom of Crash Davis isn't …
Great Graphic: Church of Baseball Great Graphic: Church of Baseball Reviewed by magonomics on February 21, 2012 Rating: 5
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Greek Default Risks Remain

February 21, 2012
European officials moved the proverbial can down the road, but not very far and there are bound to be unintended, though foreseeable consequences, of the new deal.  
The next immediate focus is on the private sector involvement (PSI) and the debt swap.  Essentially, the IIF, representing the banks, accepted a 53.5% haircut on notional value and wha…
Greek Default Risks Remain Greek Default Risks Remain Reviewed by Marc Chandler on February 21, 2012 Rating: 5
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Greece Deal, but No Closure

February 21, 2012
A Greek deal has emerged from the marathon meeting of European finance ministers, but it is far from clear that it ends even this chapter of the saga.  Attention will turn to the participation in the PSI.  The agreement struck appears to be more onerous than initially anticipated, with a 53.5% loss of notional value rather than the 50% previously …
Greece Deal, but No Closure Greece Deal, but No Closure Reviewed by Marc Chandler on February 21, 2012 Rating: 5
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Great Graphic: Smart Meters in Europe

February 20, 2012
Here are two great graphics from Green Tech Media on smart meters in Europe. You can see in the first graphic that Italy is clearly leading the way in terms of implemented smart meter hot spots. This is not surprising when you see the second graphic, which illustrates that Italy has a very strong regulatory push for smart metering.
Great Graphic: Smart Meters in Europe Great Graphic: Smart Meters in Europe Reviewed by magonomics on February 20, 2012 Rating: 5
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Markets Like What They See and Hear

February 20, 2012
The combination of a 50 bp cut in China's required reserve ratios and anticipation that the European finance ministers sign off on the second aid package for Greece has lifted equity markets and most of the non-US dollar currencies.
The MSCI Asia-Pacific Index rose 0.8%. Hong Kong's Hang Seng Index was the lone exception in Asia, slipping …
Markets Like What They See and Hear Markets Like What They See and Hear Reviewed by Marc Chandler on February 20, 2012 Rating: 5
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Implications of Weekend Developments

February 19, 2012
There are two sets of important developments over the weekend that will influence the global capital markets. The first is in China and the second in Europe.
China China cut reserve requirements and Foxxconn, the Taiwan-based outsource company with extensive assembly work in China, announced an immediate 16%-25% wage increase. In Europe, Greece’s c…
Implications of Weekend Developments Implications of Weekend Developments Reviewed by Marc Chandler on February 19, 2012 Rating: 5
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ECB Greek Bond Swap

February 17, 2012
News that the ECB will swap its Greek bond holdings to avoid being subject to collective action clauses that the Greek government is expected to seek parliamentary approval for early next week has stopped the euro's recovery in its tracks.   The euro reached a high of just below $1.32 before the next broke, extending the rally that began yeste…
ECB Greek Bond Swap ECB Greek Bond Swap Reviewed by Marc Chandler on February 17, 2012 Rating: 5
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Great Graphic: Europe GDP Explained

February 17, 2012
Following up from last week's post on US Metropolitan GDP here is a great graphic on the GDP of European countries, comparing the GDP of each country to various things of equal value from the United States. (To see it better click on the image and zoom)
Great Graphic: Europe GDP Explained Great Graphic: Europe GDP Explained Reviewed by magonomics on February 17, 2012 Rating: 5
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Rome Returns

February 17, 2012
There has been a watershed in Europe even if the debt crisis remains unresolved. Since Monti became the technocrat prime minister of Italy an important change taken place. Simply put, Italy has taken significant steps away from the abyss.
Part of the rise of Italy under Monti is a function of how far it had slipped under Berlusconi. Another aspect…
Rome Returns Rome Returns Reviewed by Marc Chandler on February 17, 2012 Rating: 5
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(Not Very) Freaky Friday

February 17, 2012
There are a couple of noteworthy developments today, but the major currencies are confined to fairly narrow ranges in mostly unremarkable price action. 
German Prseident Wulff resigned amid a scandal.  He is the second president to resign in two years.  It is said to be a blow to Merkel, who has been seeing her support grow even after her party …
(Not Very) Freaky Friday (Not Very) Freaky Friday Reviewed by Marc Chandler on February 17, 2012 Rating: 5
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Great Graphic: Tracking How a World Guzzles Water Great Graphic: Tracking How a World Guzzles Water Reviewed by magonomics on February 16, 2012 Rating: 5
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Monday Euro Group Yes, but March 1-2 Summit more Important

February 16, 2012
The Euro group of European finance ministers will meet on Monday. There are to important decisions for it to make. First is whether to approve the private sector involvement initiative. The second is to decide to recommend the second aid package. However, many key issues will remain and it may not be until the heads of state summit March 1-2 befor…
Monday Euro Group Yes, but March 1-2 Summit more Important Monday Euro Group Yes, but March 1-2 Summit more Important Reviewed by Marc Chandler on February 16, 2012 Rating: 5
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China and Europe: Where to Look for Support

February 16, 2012
China President Hu Jintao was very polite in pubic comments as the 14th Sino-EU summit began yesterday. He made pleasant remarks about China's willingness to support Europe. The foreign exchange market initially bought euros on the headlines, but alas the twists and turns of the Greek saga exert the stronger pull. Still, it seems that many obs…
China and Europe: Where to Look for Support China and Europe: Where to Look for Support Reviewed by Marc Chandler on February 16, 2012 Rating: 5
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Thursday's Musings

February 16, 2012
The euro has seen its recent losses extended as the news stream from Europe is poor, even though Spanish and French bond auctions were well received.  Concerns about the dragging out of the Greek negotiations undermines the euro which has now fallen about 2.5% since Feb 9 and has traded below $1.30 for the first time since January 25. 
It has retr…
Thursday's Musings Thursday's Musings Reviewed by Marc Chandler on February 16, 2012 Rating: 5
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CNBC: Greek Drama and the Euro CNBC: Greek Drama and the Euro Reviewed by magonomics on February 15, 2012 Rating: 5
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Letting it Ride on LTRO

February 15, 2012
It appeared that the brinkmanship tactics had pushed Greece over the edge on Feb 12 as Athens was set ablaze in protest. Now it appears that the European finance ministers are slipping over the edge. Strong doubts remain, and are being expressed, about whether a second aid package is throwing good money after bad.
Papademos has failed to deliver. A…
Letting it Ride on LTRO Letting it Ride on LTRO Reviewed by Marc Chandler on February 15, 2012 Rating: 5
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Europe Still Dominates (the headines)

February 15, 2012
The vagaries of Europe's debt crisis continues to be the most important driver of the short-term price action in the foreign exchange market.  Indications that Greek New Democracy leader Samaras would sign a letter of commitment to the aid agreement helped the euro stabilize after the sell-off in response to the postponement of the Eurogroup m…
Europe Still Dominates (the headines) Europe Still Dominates (the headines) Reviewed by Marc Chandler on February 15, 2012 Rating: 5
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Economic Valentines Economic Valentines Reviewed by magonomics on February 14, 2012 Rating: 5
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Bloomberg Radio: Greece and the Euro Bloomberg Radio: Greece and the Euro Reviewed by magonomics on February 14, 2012 Rating: 5
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Quick Thoughts on US Data

February 14, 2012
Business inventory data reinforces the note yesterday warning of sharp upward revision to Q4 US GDP.  We already knew that factory inventories (+0.1%) and wholesale inventories (1.0%).  The new info today is retail inventories (+2%). 
Sales rose 0.7% on the month and that laves the inventory/sales ratio as the lowest since in nearly a year (marc…
Quick Thoughts on US Data Quick Thoughts on US Data Reviewed by Marc Chandler on February 14, 2012 Rating: 5
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European Debt Markets Look Past Moody's, but No Closure in Greece

February 14, 2012
Moody's cut the ratings of 6 euro zone sovereigns late yesterday and gave negative outlooks to the UK, France an Austria.  The euro itself fell a little more than half a cent before stabilizing in late Asia, but the debt markets have taken it in stride. 
There were several sovereign auctions today and the supply was easily absorbed.  Spain'…
European Debt Markets Look Past Moody's, but No Closure in Greece European Debt Markets Look Past Moody's, but No Closure in Greece Reviewed by Marc Chandler on February 14, 2012 Rating: 5
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The BOJ Surrpises, Weakens Yen

February 14, 2012
Central banks' ability to surprise the market remains even in these trying times.  It was the Bank of Japan's turn today.  It surprised the market in two ways.  First, it expanded its asset purchase plan by JPY10 trillion ($128 bln).  Second, it set an inflation goal of 1%. 
As noted yesterday, the BOJ has come under more pressure locall…
The BOJ Surrpises, Weakens Yen The BOJ Surrpises, Weakens Yen Reviewed by Marc Chandler on February 14, 2012 Rating: 5
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French Elections Potentially More Momentous Then Greek Vote

February 13, 2012
There is much talk today about a Greek election in the wake of the parliament approval of the latest austerity measures and PSI. There is concern that the election will result in ascension of Samaras, the head of the New Democracy Party, as prime minister.
Samaras has been quite critical of the various austerity measures, even though he supported …
French Elections Potentially More Momentous Then Greek Vote French Elections Potentially More Momentous Then Greek Vote Reviewed by Marc Chandler on February 13, 2012 Rating: 5
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Ten Observations To Start the Week

February 13, 2012
1.The approval by the Greek parliament of the latest austerity package now shifts the focus to the Eurogroup meeting of finance ministers on Wednesday for their support. The new austerity proved too much for the Greek government and a cabinet reshuffle is needed. Political pressure will mount to set a date for the elections. The successful Greek v…
Ten Observations To Start the Week Ten Observations To Start the Week Reviewed by Marc Chandler on February 13, 2012 Rating: 5
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Schrodinger’s Cat in Athens

February 12, 2012
The Austrian physicist Erwin Schrodinger offered a thought experiment to illustrate the incompleteness of the Copenhagen interpretation of quantum mechanics and sub-atomic particles in 1935. In the experiment, Schrodinger’s cat is placed in a box with a device that is triggered by a single particle’s behavior. If activated, the device kills the ca…
Schrodinger’s Cat in Athens Schrodinger’s Cat in Athens Reviewed by Marc Chandler on February 12, 2012 Rating: 5
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Reflections on the New Collateral Rules

February 10, 2012
It is not just that a Greece deal continues to prove elusive that is challenging the euro.  Market participants are also digesting the implications of the ECB collateral rule changes.  While it appears more likely that the ECB will not cut the main repo rate in March, as previously appeared to be the case, the collateral rule changes mean that the…
Reflections on the New Collateral Rules Reflections on the New Collateral Rules Reviewed by Marc Chandler on February 10, 2012 Rating: 5
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2010 Metropolitan GDP Explained

February 08, 2012
The GDP of the Denver, CO area was about $157 bln, slightly less than the enterprise value of Google.

The GDP of Tallahasse, FL was only 1% more than the net worth of facebook founder Mark Zuckerberg.

2010 Metropolitan GDP Explained 2010 Metropolitan GDP Explained Reviewed by magonomics on February 08, 2012 Rating: 5
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Thursday Promises to be Important

February 08, 2012
There are three key events on Thursday and each has potential to impact the global capital markets.  
First the Bank of England meets.  It is most likely going to announce plans to extend its gilt purchase program.  It will indicate that is has bought about GBP275 bln worth of gilts and will signal intentions on buying at least another GBP50 bln an…
Thursday Promises to be Important Thursday Promises to be Important Reviewed by Marc Chandler on February 08, 2012 Rating: 5
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Great Graphic: Regular Season Performance vs. Post Season Performance in Post Wild Card Baseball Great Graphic: Regular Season Performance vs. Post Season Performance in Post Wild Card Baseball Reviewed by magonomics on February 07, 2012 Rating: 5
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Has the Euro Broken Out?

February 07, 2012
The euro has risen to about $1.3270 today, the highest level since December 12th.  Some observers are attributing the euro strength to creeping optimism that a Greek deal is nearly at hand.  Color me skeptical.  
Fed Chairman Bernanke's comments, the first since the employment report, remains decidedly dovish and this seems to be a better expla…
Has the Euro Broken Out? Has the Euro Broken Out? Reviewed by Marc Chandler on February 07, 2012 Rating: 5
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Tuesday Surprises

February 07, 2012
The US dollar remains confined to recent trading ranges against the major currencies as the European session gets under way.  The Asian session already had two surprises for the market.  The first, that the Reserve Bank of Australia defied expectations and left rates on hold was a genuine surprise and produced a market reaction.  The Australian do…
Tuesday Surprises Tuesday Surprises Reviewed by Marc Chandler on February 07, 2012 Rating: 5
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An Update on Italy and Spain

February 06, 2012
On January 5th I wrote on building a case for the relative out performance of Italian bonds (Why Spain may be more Worrisome than Italy). This was a contrarian view as many feared that the combination of Italy's own poor debt dynamics and the contagion from the periphery were putting the third largest country in the euro zone at risk. Various…
An Update on Italy and Spain An Update on Italy and Spain Reviewed by magonomics on February 06, 2012 Rating: 5
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The Problem with Success

February 05, 2012
Failures are humbling and costly, but ultimately it is success that is more challenging.

The strains which broke the back of the economic and financial system emanated from its successes. Years of economic growth produced surpluses in Asia after the 1997-1998 financial crisis, and emerging markets more generally, that could not absorbed. These surp…
The Problem with Success The Problem with Success Reviewed by Marc Chandler on February 05, 2012 Rating: 5
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Six Observations about the FX Market

February 03, 2012
1. Of the three central banks that meet next week, Australia, UK and euro zone, the first two are expected to ease monetary policy (rate cut and new asset purchases respectively) but those two currencies have easily outperformed the euro over the past week, suggesting monetary policy expectations is not the only driver, or even a significant drive…
Six Observations about the FX Market Six Observations about the FX Market Reviewed by Marc Chandler on February 03, 2012 Rating: 5
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Monster Jobs Report Pits QE3 Risks Ease Against Stronger Economy

February 03, 2012
The US jobs data blew away market expectations with the private sector posting 257k job gain, more than 50% more than the consensus expected. Manufacturing added 50k jobs, more than 4x more than expected. The unemployment rate fell to 8.3% from 8.5%. Hourly earnings rose 0.2% and the work week remains at 34.5, where the Dec figure was upwardly rev…
Monster Jobs Report Pits QE3 Risks Ease Against Stronger Economy Monster Jobs Report Pits QE3 Risks Ease Against Stronger Economy Reviewed by Marc Chandler on February 03, 2012 Rating: 5
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Friday's Thoughts and Seven Investment Themes

February 03, 2012
The US dollar is softer ahead of the employment report, but largely within yesterday's ranges, which themselves where inside Wednesday's ranges for the most part. Prior to the jobs report, the euro is the weakest G10 currency, off about 0.4%. The strongest has been the New Zealand dollar, up 0.7% and the British pound up 0.65%, followed by…
Friday's Thoughts and Seven Investment Themes Friday's Thoughts and Seven Investment Themes Reviewed by Marc Chandler on February 03, 2012 Rating: 5
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Great Graphic: Energy Use in New York Great Graphic: Energy Use in New York Reviewed by magonomics on February 02, 2012 Rating: 5
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Great Graphic: 2011 Ninth-Warmest Year on Record

February 02, 2012
The current heatwave in New York is more proof of global warmingclimate change. Check out this Great Graphic on Global Warming from NASA.

In this animation of temperature data from 1880-2011, reds indicate temperatures higher than the average during a baseline period of 1951-1980, while blues indicate lower temperatures than the baseline average.
…
Great Graphic: 2011 Ninth-Warmest Year on Record Great Graphic: 2011 Ninth-Warmest Year on Record Reviewed by magonomics on February 02, 2012 Rating: 5
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Swiss Miss: 2011 Trade Surplus Jumps, Market Careful of SNB

February 02, 2012
Switzerland reported a CHF2.07 bln trade surplus in December. Although this was somewhat less than expected, the trade surplus for the year was about CHF24 bln which is almost 20% larger than 2010. Of note, half the export growth appears to be accounted for by German demand. Also luxury watch exports to Asia were up strongly.
The strength of the f…
Swiss Miss: 2011 Trade Surplus Jumps, Market Careful of SNB Swiss Miss: 2011 Trade Surplus Jumps, Market Careful of SNB Reviewed by magonomics on February 02, 2012 Rating: 5
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Changing Rules of Engagement

February 02, 2012
(For more on this topic check out this piece I wrote about what Europe can learn from the Mets)
Europe has set some difficult targets for itself in terms of fiscal targets, all the more challenging given the recessionary conditions, and bank capital requirements. There is increasing pressure on officials to relax the targets. Investors need to be a…
Changing Rules of Engagement Changing Rules of Engagement Reviewed by Marc Chandler on February 02, 2012 Rating: 5
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