Who cares about the fiscal debauchery of the PIIGS (Portugal, Ireland, Italy, Greece and Spain)?
Germans want to intimidate banks, traders and speculators from short selling PIIGS debt and EU stocks.
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Many German leaders blame investment banks for helping PIIGS cheat on their reported budgets and selling short.
Last year we were fixated on Congress with health care and Dodd-Frank concerns and PIIGS contagion and double-dip recession fears.
Of the heavily-indebted so-called PIIGS (Portugal, the Irish Republic, Italy, Greece and Spain) countries, Irish shares fared best.
Who is most at risk under the stressful market conditions of the current Greek and PIIGS debt crisis?
Special Offer: Forbes Gary Shilling has been warning that the PIIGS could cause a stock market collapse for months.
Who is selling the most CDS protection on PIIGS sovereign debt, and are they sufficiently capitalized for current market risk conditions?
Special Offer: Forbes economist Gary Shilling was right on PIIGs woes, now he is saying that housing has further to fall.
Yes, some PIIGS lied about their budget deficits to enter the euro and they may not rein in their corrupt government practices.
FORBES: While Europe Slides, Germany Plays Hardball On Financial Transaction Tax
They were talking about the PIIGs (Portugal, Italy, Ireland, Greece and Spain).
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Unlike its PIIGS cohorts, Italian home prices were stable until relatively recently.
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While a reasonable argument, Bernanke debunked it by citing the case of European PIIGS, where a loss of confidence led to spiking yields.
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Germans insist that PIIGS and other weak euro zone countries pass crippling austerity measures otherwise they will be penalized (and, therefore, further weakened).
FORBES: While Europe Slides, Germany Plays Hardball On Financial Transaction Tax
The EU is in the grips of a major financial crisis with out-of-control PIIGS debt and deficits, especially with Greece at the moment.
Not accounted for in these sovereign debt numbers is the banks' exposure to off-balance-sheet items, equities and commercial and residential loans in PIIGS countries.
Ackermann and other EU bank CEOs are playing a leading role in the decision making process for the Greek and other PIIGS debt crisis.
It might even have anticipated some kind of devaluation in Europe, where the ECD may need to eventually monetize some of the bad PIIGS loans.
While not a PIIGS member, or even a member of the Eurozone for that matter, Hungary has been a European problem child for most of 2010.
The verbal intervention, coupled with the unveiling of an open-ended sovereign bond-buying program (Outright Monetary Transactions, or OMT) pushed skyrocketing yields across the PIIGS down dramatically.
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The PIIGS countries include Portugal, Italy, Ireland, Greece and Spain and are grouped together by many analysts because of their similar high levels of debt and spending.
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Unless they are given complete control of the PIIGS spending and taxing authority, the Germans will most likely abandon their parenting role in Europe in due course.
Perhaps we do need Greece, and the rest of the PIIGS (Portugal, Italy, Ireland, Spain, Greece) to leave the Eurozone, and create a North and South Euro.
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Add in Italian and Spanish sovereign debt, too (hence, the PIIGS acronym) and, as the table shows, exposure is still below 1% at six of the banks.
If Europe can hold it together with the Greece and PIIGS fiscal-train wreck, then Franco-German-Brussels EU federalists may get their FTT in the euro-zone or entire EU-wide.
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The only real solution for insolvent Europe is to explicitly default on the debt to a level that brings PIIGS countries to a debt to GDP ratio below 60%.
If there was a split, the PIIGS would also certainly crash and burn, but it would eventually allow for the dust to settle, and the problems to be addressed.
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Lagarde and her European colleagues will continue to rally in support around the PIIGS, hoping for the best with austerity plans and preparing for the worst with bailout options.
DB, Societe Generale and BNP Paribas clearly own significant amounts of PIIGS debt and seem to be at risk with a restructuring or default, in addition to risks of potential wider contagion.
The one-two punch of PIIGS nations debt woes and the offshore platform explosion in the Gulf of Mexico has crushed BP to the tune of a 36 percent haircut since April 23.
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