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’CDS report: Greek default not an issue?
“A default is not an issue for Greece”, ECB President Jean-Claude Trichet declared this afternoon. The activity in the CDS and government bond market this morning suggested otherwise. Greece’s CDS spreads reached 470bp at one point,
ECB liquidity monster demands good euro collateral, soon
The Kraken is a mythical deep-sea monster immortalised in the original 1981 version of Clash of the Titans.
As Wikipedia notes the monster is said to dwell off the coasts of Norway and Iceland. However,
Trichet: ‘Default is not an issue for Greece’
European Central Bank president Jean-Claude Trichet gave his traditional post interest-rate decision press conference on Thursday in interesting circumstances.
While rates were left unchanged, Trichet spoke amid record plunges for Greek bonds in the markets — and in advance of a new haircut policy which may help Greece.
‘This might just be one of the most important communications by the ECB in its short existence’
The pressure is on Jean-Claude Trichet.
On Thursday at 13.30BST, the ECB president is due to explain the euro central bank’s new-fangled collateral policy, which is of some relevance to Greece and its stressed banks.
My Big Fat Greek Collateral Conversion
Happy National Day, Greece!
Here’s your present from the European Central Bank — some collateral flexibility.
Remember that in the beginning, the Bank’s collateral requirements for its repo operations were firmly set in stone at securities rated A- and above.
Greek crisis averted. Markets move on…
It came at a cost, but it worked.
On Thursday, Greece returned to the bond market with the successful placing of a 10-year benchmark issue which — shock, horror — even managed to attract foreign investors in sizeable sums.
Nowotny talks contagion, exit strategies and all things peripheral with FT Alpha
European Central Bank (ECB) governing council member, Ewald Nowotny , sat down with FT Alphaville to talk Greece, exit strategies, speculation and contagion in the eurozone.
In addition to being an ECB member,
ECB snooze news, and Greece
As expected the ECB left rates on hold at 1 per cent on Thursday, in line with what 80 economists surveyed by Reuters had forecast.
No surprises there, then.
The euro, nevertheless, fell to session lows following comments from ECB president Jean-Claude Trichet reiterating that a strong US currency was important.
Trichet on the ECB’s rubbish assets
As Maverecon professor blogger Willem Buiter has been writing for a while, the ECB is uniquely different to other central banks in terms of the unconventional credit easing operations it has been conducting during the crisis,
Trichet defends ECB independence
The head of the ECB on Thursday stressed the bank’s “fierce independence” in a thinly veiled rebuke to Angela Merkel after the German chancellor accused it of bowing to international pressure. Jean-Claude Trichet said he and Merkel had spoken on Wednesday and she had respected the ECB’s freedom to act.
Unconventional conventions at the ECB
While the ECB’s rate-cut announcement at 12:45 BST didn’t contain any surprises (a 25bp cut to the core refi rate), comments being made at a 1:30 BST press conference by Jean-Claude Trichet do:
13:39:51 DI !! *DJ Trichet:
QE-fishing in the Eurozone
European Central Bank president Jean-Claude Trichet was pretty sharp to Chatham House attendees on Monday this week, declaring in his keynote address on the ECB’s response to the financial crisis, that:
Quote du jour, touché Trichet
From a speech by ECB President Jean Claude Trichet (H/T Alea).
Related links:
The financial crisis and the ECB’s response so far – Jean-Claude Trichet speech
QE and the ECB? – FT Alphaville
ECB rate-decision reaction
Euro/Sterling reaction to the ECB’s rate cut decision:
ECB President Jean-Claude Trichet will explain the rationale for Thursday’s rate cut at 13:30 BST. All eyes, however, are likely to be on any comments on the possibility of Eurozone QE.
You can tell by the way I use my walk…
…I’m a euro financier, no time to talk.
At least that comes to mind as tensions run ever higher at this year’s Davos World Economic Forum.
On Thursday Turkish Prime Minister Tayyip Erdogan stormed out of a debate on the Middle East.
Trichet warns on capital hoarding
Jean-Claude Trichet gave a stark warning to financial markets on Thursday to stop putting pressure on banks to hold more capital, insisting that such ideas were exacerbating the global recession. The president of the ECB said the view that banks should hoard funds provided non-financial companies with incentives to postpone investment.
Trichet warns on fiscal indiscipline
European policymakers must not tear up the rule books when launching emergency economic rescue packages, Jean-Claude Trichet, the European Central Bank president, has urged in video and newspaper interviews with the FT.
Alors Jean-Claude! Voici le Crunch…
Last week, from Trichet:
We see no credit crunch, certainly not when you look at the figures that have been published… Since mid-September we have a very, very, big, significant intensification of intentions which are associated in particular,
Hear no crunching, see no crunching… Trichet lost in translation?
Courtesy of Reuters, but with a ruthless FT Alphaville edit, we bring you the president of the European Central Bank. (HT Bohemia)
TRICHET ON WHETHER THE ECB SEES A CREDIT CRUNCH
We see no credit crunch,
ECB says will do what it takes to restore confidence
The head of the ECB on Sunday pledged to do whatever it takes to restore confidence to rocky markets, Reuters reports. In an interview with French media, Jean-Claude Trichet said Europe faces a “very important growth slowdown.”
Banks tapped ECB for €215bn in 2007 using structured debt
Eurozone banks made heavy use of mortgage-backed debt and similar structured bonds last year in order to raise money from the ECB, new figures show. Scurities pledged as collateral soared to €215bn by end-December.
Do central bank governors matter?
When Alan Greenspan left the Fed chairmanship, many wondered what would happen in markets. When Jean-Claude Trichet took over at the ECB and Toshihiko Fukui at the BOJ, policymakers – and others - wondered whether they would have to act “tough”
Trichet warns on derivatives as ECB plays down private equity risks
Jean-Claude Trichet, president of the European Central Bank, on Wednesday called for concerted market action to improve transparency in global credit derivatives markets, where he said “opacity” made it difficult to assess risks to the financial system.
ECB chief warns on ‘unstable’ markets
Conditions in global financial markets look potentially “unstable”, suggesting investors need to prepare for a “repricing” of some assets, Jean-Claude Trichet, president of the European Central Bank, said over the weekend in Davos.