Creditors

'Supervolcano' Alert - Not Just In Yellowstone

"Supervolcanos take no prisoners. When this one erupts, it will obliterate the rickety superstructures of global governance, finance, and economic....giving the green shoots of decentralized freedom a chance to poke here and there through the ash. It’s about time."

Emerging Market Debt: Dumb, Dumber, And Dumbest

One of the classic signs that the credit cycle is nearing the end is that borrowers that shouldn’t be getting financed not only get funded, but get it at terms that seem crazy...

Greeks Rejoice - Government Scraps Controversial Wine Consumption Tax

While austerity still reigns supreme over Greek society, amid resurgent refugee arrivals, still near-record high youth unemployment, record-high suicide rates, and a constant brain-drain exodus of young talent, this weekend saw a brief silver lining as the government decided to scrap the controversial special consumption tax on wine.

Venezuela Bonds Tumble On Report U.S. To Ban Trading

Venezuela bonds are tumbling after the WSJ reported that the US government was considering a ban on trading in the country's debt. The unprecedented move would temporarily ban U.S.-regulated financial institutions from buying and selling dollar-denominated bonds issued by the Republic of Venezuela and state oil company Petróleos de Venezuela.

Frontrunning: August 18

  • Hunt for Driver Widens as Second Attack Hits Spain, Five Suspects Are Killed (WSJ)
  • FT loses it over bitcoin's relentless rise (FT)
  • China Codifies a Crackdown on ‘Irrational’ Outbound Investment (BBG)
  • U.S. Navy, citing poor seamanship, removes commanders of warship in deadly crash (Reuters)
  • ACLU Will No Longer Defend Hate Groups Protesting With Firearms (WSJ)

A Venezuelan Tanker Is Stranded Off The Louisiana Coast

A tanker loaded with 1 million barrels of Venezuelan heavy crude has been stranded for over a month off the coast of Louisiana, not because it can't sail but as a result of Venezuela's imploding economy, and its inability to obtain a bank letter of credit to deliver its expensive cargo.

WTF Chart Of The Day: Draghi's 'Markets' Have "Totally Gone Nuts"

If you want to earn a yield of about 2.4%, which instrument would you rather have in your portfolio, given that both produce about the same yield, and given that one has a significant chance of defaulting and getting you stuck with a big loss, while the other is considered the safest most boring financial investment out there?

Russian PM: "The U.S. Just Declared Full-Scale Trade War On Russia"

"The signing of new sanctions against Russia into law by the US president leads to several consequences. First, any hope of improving our relations with the new US administration is over. Second, the US just declared a full-fledged trade war on Russia. Third, the Trump administration demonstrated it is utterly powerless, and in the most humiliating manner transferred executive powers to Congress."