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  • Saxo TV / 8 hours ago

    Koefoed: Why the markets don't fear Greek contagion

    Mads Koefoed
    There's still so much uncertainty over what will be the final outcome for Greece. Saxo's Mads Koefoed says that what's been surprising is what little market reaction there has been. Risky assets led by stocks sold off on Monday's open, but they came back fairly quickly. The same went for Eurodollar.
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  • Editor’s Picks / Yesterday at 6:02 GMT

    No vote means bank failures, more poor leadership

    Business Spectator
    At least one, if not all, of the major Greek banks are likely to fail early this week. When this happens, the Greek economy will essentially come to a halt. Nobody knows what will happen, but it surely won’t be good. The other depressing consequence is that finance minister Yanis Varoufakis won't have to carry out his promise to resign. Syriza representatives have been miles out of their depth from the time they took office. Everyone with real knowledge and experience of financial markets and liquidity crises told the Greek government to stop playing chicken with the IMF and ECB. They should start listening immediately.
    Read article on Business Spectator
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  • Editor’s Picks / Wednesday at 23:00 GMT

    No one innocent in Eurozone blame game

    Business Spectator
    Everyone involved has to take their share of the blame for the Greek crisis. The whole idea of uniting vastly different economies under one currency, one interest rate and one exchange was madness. Various Greek centre-left and centre-right governments that overspent, fiddled statistics and found ingenious ways of clandestine borrowing deserve a lot of the blame. But to be fair, Tsipras inherited their mess. And the IMF paid too much attention to Greece and invested way too much money in it. Now that Greece is officially bankrupt, perhaps we might see a solution. How about Greece exiting the Eurozone, devaluing the Drachma, defaulting on its debt and reforming its economy?
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  • Article / 30 June 2015 at 6:39 GMT

    Beyond the brink

    Chief Economist & CIO / Saxo Bank
    Beyond the brink
    There is exactly the same feeling in the air as before the Lehman default. The market is chasing "good hedges", which don’t exist, and my advice of taking a six-month holiday from markets unfortunately looks like good counsel.
    Read the article
    30 June
    peter peter
    why not to short?
    30 June
    Martin O'Rourke Martin O'Rourke
    Read what Saxo Bank head of forex strategy John Hardy has to say about the impact on the euro and how the common currency is so far...
  • Editor’s Picks / 24 June 2015 at 12:10 GMT

    Tough on Greece, weak on Russia

    The International Monetary Fund has shown it's not to be messed with on the global stage, giving the Greek negotiators a clear hardline on the June 30 repayment obligations. And yet, says Leonid Bershidsky, it's an altogether much limper stance towards Russia and Vladimir Putin from the august body which is siding with the Kremlin and against Ukraine ludicrously leaving the latter owing Russia billions despite the expropriation of territory in the Crimea alone amounting to $3 billion. This "might makes right" mantra is a recipe for disaster in which "the bear gets fed, while the herbivores get fleeced."
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  • Article / 24 April 2015 at 5:23 GMT

    3 Numbers: Talks but no fix for Greek debt, German Ifo, US durables

    Blogger / MoreLiver's Daily
    3 Numbers: Talks but no fix for Greek debt, German Ifo, US durables
    There are hopes that today's Eurogroup talks will lead to compromise that give Greece access to the final payment in its second bailout programme. Approaching debt repayment deadlines could otherwise force the country into a default. In Germany, the Ifo business climate index may fall short of expectations; yesterday's purchasing manager index was a negative surprise. In US, there are hopes for a turnaround in the long-term downtrend in durable goods orders.
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  • Editor’s Picks / 21 April 2015 at 10:05 GMT

    Fed gives emerging markets due warning

    The Telegraph
    The New York Federal Reserve chief Bill Dudley has given emerging markets due warning that "the normalisation of US monetary policy could create significant challenges" for those in deep dollar debt and that the Fed understands it has "a sense of special responsibility...given the dollar's role as the international reserve currency." Dudley's intervention seems to be in response to IMF fears last week of the impact on emerging markets when the Fed raises rates, writes Ambrose Evans-Pritchard, but with Dudley anticipating interest rates at 3.5% once inflation has returned to 2%, it is a clear warning to markets to take steps to get their houses in order to help cut that $9 trillion dollar debt mountain as, when push comes to shove, the Fed will act in the US interest.
    Read article on The Telegraph
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