It is the 19th of November 2019

News

Kyle Bass Is Having A Bad Day - Greek Bank Stocks Crash To 16-Month Lows

Just over a month ago, Kyle Bass discussed why he was long effectively "long Greece."

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Why Madrid Will Never Let Go - Catalonia Is Closer To The Eurozone Than Spain

As we have detailed previously, the Spanish region of Catalonia in the North-Eastern corner of Spain will attempt to hold an independence referendum tomorrow, against the will of the central government in Madrid.

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Fitch Downgrades Italy To BBB From BBB+

Having largely disappeared from the market's scope for the past 6 months, ever since Europe "bent" its rule allowing the bailout of Monte Paschi and several smaller banks despite Italy having the greatest amount of disclosed NPLs of any European nation, moments ago Fitch decided to drag Italy right back in the spotlight when it downgraded Italy to BBB from BBB+, citing "Italy's persistent track record of fiscal slippage, back-loading of consolidation, weak economic growth, and resulting failure to bring down the very high level of general government debt has left it more exposed to potential adverse shocks. This is compounded by an increase in political risk, and ongoing weakness in the banking sector which has required planned public intervention in three banks since December."

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Greece Is In Trouble Again: Bonds, Stocks Plunge As Bailout Talks Collapse; IMF Sees "Explosive" Debt

It may - or may not - shock readers to learn that Greece is once again on the verge of collapse.

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Moody's Cuts Italy Ratings Outlook To Negative

Moody's has cut Italy's long-term senior unsecuredd government debt rating outlook from 'stable' to 'negative', leaving it at Baa2 for now. Citing "slow and halting progress" on economic and fiscal reform in Italy, noting that reduction in Italy’s large debt burden will be further postponed given subdued medium-term growth prospects, recent fiscal slippage.

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