17/1/2015: Russia is not Greece...

On foot of sovereign downgrade of Russian debt back on January 10, Fitch cut ratings for some Russian regions and banks last night.

Here's Interfax link to banks downgrades: http://www.interfax.ru/business/418387 and regional ratings downgrades: http://www.interfax.ru/business/418377.

Note: Moody's also issued a sovereigns bet downgrade for Russia - details here: http://trueeconomics.blogspot.ie/2015/01/1612015-moodys-get-double-moody-on.html

Meanwhile, another downgrade is coming - S&P said yesterday that it will review Russian ratings before the end of January. Interfax report here: http://www.interfax.ru/business/418357

The season of 'Get Russia' continues. With uninterrupted success… oh yes, the dim sum markets will be fun in 2015.

Note: I must say I have not seen such rapid fire downgrading any time in my memory, with exception of Greece and Cyprus where, in both cases, the ratings agencies were literally racing each other and themselves to catch up with the reality.

25/4/2014: ECB, Denmark & Negative Rates, 'Peripherals' & Russia: today's links

Rumours mills been busy of late with all the talk about ECB doing 'whatever it takes' to get inflation going again. See this for example: http://www.spiegel.de/international/europe/ecb-prepares-measures-to-combat-possible-deflation-a-965636.html

Here is the best take on Denmark's brief brush with ECB's (allegedly) favourite weapon: the negative deposit rates:
http://www.bloomberg.com/news/2014-04-24/danish-central-bank-exits-negative-rates-first-time-since-2012.html


But while we are on topic of things monetary and fiscal, here is Euromoney take on what's been happening in the markets for 'peripheral' sovereign debt (note: my comment at the bottom): http://euromoney.msgfocus.com/c/123DSxhABTIFoVxuegyp64hKZL and alternative link: http://www.euromoney.com/Article/3334400/Category/14091/ChannelPage/8959/Ireland-and-Spain-lead-the-way-on-a-long-road-back-for-the-eurozone-periphery.html

To give you more context, here is the full comment I made:

The numbers cited are even better summarised in my earlier post on the subject here: http://trueeconomics.blogspot.ie/2014/04/2342014-some-scary-reading-from-eurostat.html

Meanwhile, here's what has been happening in the sovereign debt markets today - CDS spreads:

And finally, Russian credit downgrade: http://in.reuters.com/article/2014/04/25/russia-economy-ratings-idINL6N0NH19I20140425