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‘The Curious Case Of The Missing Defaults’ – Carmen Reinhart Fears What Happens Next

Authored by Carmen Reinhart via Project Syndicate, Usually, a sudden stop in capital inflows sparks a currency crash, sometimes a banking crisis, and quite often a sovereign default. Why, then, has the worldwide incidence of sovereign defaults in emerging markets risen only modestly? Booms and busts in international capital flows and commodity prices, as well […]


Oil Jumps To $56, Highest Since July 2015 On Saudi Turmoil, Venezuela Default

With the launch of electronic trading, WTI crude has jumped from the highest close since July 2015 amid Saudi turmoil which over the weekend included a crackdown on 11 Saudi princes – including billionaire Alwaleed – and dozens of current and former ministers as Saudi Crown Prince Mohammed bin Salman, i.e. MbS, who’s backed policy […]


Spanish Bond Yields Spike As EU Washes Its Hands Of Catalonia, Puigdemont Demands Spanish Police Withdraw

After an unprecedented 2 million Catalans voted for independence during Sunday’s referendum, larger than the number who voted for independence during a prior independence referendum in November 2014, the will of Catalan people has been made abundantly clear: The regional government of Carles Puigdemont has an overwhelming popular mandate for independence. And in spite of […]


Venezuela Bankrupt? Caracas Fails To Make Sept 15 Interest Payment

Exactly one week ago, we wrote that a “Venezuelan default is only a matter of time”.  We said that “while debt servicing has been a government priority, declining external liquidity and a deteriorating domestic situation (three-digit hyperinflation, shortages, and a political crisis between the government and the National Assembly) make it a daunting task. By […]


“This Is Where The Next Financial Crisis Will Come From”

In an extensive, must-read report published on Monday by Deutsche Bank’s Jim Reid, the credit strategist unveiled an extensive analysis of the “Next Financial Crisis”, and specifically what may cause it, when it may happen, and how the world could respond assuming it still has means to counteract the next economic and financial crash. In […]


Next Up For Venezuela: PDVSA’s Inevitable Default

Authored by Saxo Bank's head of macro analysis Christopher Dembik via TradingFloor.com, A Venezuelan default is only a matter of time. While debt servicing has been a government priority, declining external liquidity and a deteriorating domestic situation (three-digit hyperinflation, shortages, and a political crisis between the government and the National Assembly) make it a daunting […]