Finito?

[KrazyHorse]

Anybody who blames a banking crisis in 2008 for a sovereign debt crisis 3 years later deserves to have his brain removed, as he's obviously not using it.

Capital markets are forward looking.

The Irish national debt is high due to their ill-advised decision to guarantee the debts of their banks. None of the other sovereigns can blame their problems on banks (other than Iceland, which I'm assuming sank back into the atlantic 3 years ago).

In order of "blame":

1) The ECB, for running monetary policy tighter than anybody would reasonably have believed
2) Sovereigns for SPENDING TOO MUCH MONEY AND PUTTING THEMSELVES IN THE POSITION OF ENORMOUS DEBT-GDP RATIOS

[C0ckney]

anyone who blames hitler coming to power in 1933 for the second world war six years later needs to have his brain removed, as he's obviously not using it.

nations are looking forward.

[KrazyHorse]

Is that supposed to make some sort of sense as an analogy, you ****ing idiot?

[DanS]

Hold on, KH. This crisis has been running for some two years already. It's not as if the crisis just popped up now.

Of course, leaving Spain aside, I more or less agree with you.

[C0ckney]

it's not a perfect analogy but it serves well enough to show how stupid and lacking in thought your statement was.

seriously, why don't you come back when you've got something meaningful to say.

edit: obviously responding to kh.

[DanS]

What he's saying is quite meaningful enough in order for me to welcome his contribution.

[KrazyHorse]

Do take a look at timeseries of government bond yields, Dan.

This crisis has NOTHING to do with a banking crisis in 2008.

[Dinner]

A re-election would solve nothing. Flanders would vote a little bit more right. Wallonia would vote more left. And again we would face half of a legislature without a governement.

The problem is you only have regional parties in the federal parliament. This de facto means belgium as a unity doesn't exist. It is just a collection of diametrically opposed interests.

Maybe it is time for Flanders to become part of Holland again while the French are forced to take the welfare queens in Wallonia.

[C0ckney]

What he's saying is quite meaningful enough in order for me to welcome his contribution.

what he's said has been either the well known (ireland - everyone knows this, i've written about it extensively in previous threads on this subject for example), an over simplification, or just plain wrong.

maybe you should consider raising your bar for meaningful.

[C0ckney]

Maybe it is time for Flanders to become part of Holland again while the French are forced to take the welfare queens in Wallonia.

belgium has a new government as of this month.

[DanS]

KH: While Spain has been profligate, it has not been nearly as profligate as some other countries. To what do you ascribe the outsized yields for Spain?

[Az]

Spain seems to be an exception to the rule ( Greece, Portugal, Italy to a lesser extent ). The fact that stopped "Exporting" real-estate is, from what I see, the main problem of the Spaniards.

In any case, Spanish bond yields are falling following a very successful issuing today. Yay!

http://www.bloomberg.com/quote/GSPG10YR:IND

[DanS]

I'd imagine that was due entirely to Spanish banks borrowing three-year money from the ECB at ultra-low rates and then lending it out to the Spanish gov't.

[Kuciwalker]

C0ckney, you have no idea what you're talking about.

[C0ckney]

I have nothing to say, but I do like the taste of KH's bumhole.