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’…And Justice for All (in emerging Europe)
CEE Banker: If everybody agrees I’m innocent, how come I’m going BACK to the market jailhouse? The ECB is guilty of failing to shore-up monetary conditions in the CEE!
European policy-maker: You are out of order! We have provided a liquidity backstop for eurozone banks that operate in the region!
CEE :
That Greek bank risk in New Europe, continued
If there’s something Greek and strange in your neighbourhood (bank contagion risk to sovereign credit in emerging Europe, to be precise)…
…Who are you going to call?
In Nomura chart form:
Click to enlarge.
Old Greek bank risk in New Europe, again
In which FT Alphaville gets to ask once more why the sovereign crisis in Greece, where Greek banks are in danger, isn’t setting off contagion in Emerging Europe.
Where exposure to Greek banks happens to be rife.
Norway doesn’t need no stinkin’ stress tests
The European Union’s banking stress tests cover 91 banks in 20 countries.
Seven of those financials are Nordic — but none of them are Norwegian.
Norway is of course, not a member of the EU, but it keeps close ties,
Where’s the Greek CΣΣ contagion?
FT Alphaville mentioned on Monday that the CDS market did not appear to be implying much of a contagion-effect for Central and Eastern Europe in connection with troubles in the Hellenic Republic.
And having on Thursday noted the widening spread between Greek government bonds and German bunds,
A CEE stress snapshot
A quick overview of the situation facing CEE on Wednesday:
Latvia
- The government’s latest debt auction fell flat on Wednesday, with investors picking up only 2.04m of the 24m lats worth of debt on offer.
CDS report: Ireland, Romania move wider
Markit’s Gavan Nolan wrote this CDS report
European credit spreads continued to widen as the market reacted negatively to yet more disappointing economic data. The Markit iTraxx Europe index closed at 92.26,