Epstein Secrets

ovember 29,2011 January 24. 2012 5Y 10Y 20Y 30Y Source: Bloomberg. Source: Bloomberg. It should not be lost on anyone that first prize in the Central Bank balance sheet expansion race is not necessarily one you want to win. After all, Europe is poised to surpass Japan, whose (admittedly belated) Centra

chael Cembalest Chief Investment Officer 1991 1994 1997 2000 2003 2006 2009 1985 1988 Source: European Commission. Postscript: As a reminder, the Institute of International Finance is attempting to corral private sector Greek bondholders into a voluntary exchange, with losses ranging from 60%-70% on an NPV basis. Private sector

s, perhaps by converting the EFSF into a government-owned bank which would buy government-issued bonds using debt financing from the government-run Central Bank (1 know, the government is sitting in all the seats; don't ask). Commissioner for Economic and Financial Affairs Olli Rehn acknowledged that the EFS

bank debt markets, and rising pressure on the ECB to finance European banks (Spain and Italy have been very active borrowers recently). According to the Institute of International Finance, European banks have raised 320 billion Euros in capital since 2008, but the EBA's view of capital sufficiency is in the minority. Most sell side re

s, perhaps by converting the EFSF into a government-owned bank which would buy government-issued bonds using debt financing from the government-run Central Bank (1 know, the government is sitting in all the seats; don't ask). Commissioner for Economic and Financial Affairs Olli Rehn acknowledged that the EFS

bank debt markets, and rising pressure on the ECB to finance European banks (Spain and Italy have been very active borrowers recently). According to the Institute of International Finance, European banks have raised 320 billion Euros in capital since 2008, but the EBA's view of capital sufficiency is in the minority. Most sell side re