Debt Management
Eurozone may need to rethink strategy on Greece
Brussels and the European Central Bank have underestimated the potential for contagion from Athens’s fiscal woes, argues Marco Annunziata, the chief economist at UniCredit
Mexico shrugs off S&P downgrade
Peso down marginally and Mexican stocks up despite second downgrade in less than a fortnight
Argentina to plunder central bank to pay off debt
Argentine government announces plans to create a fund to repay creditors which would use central bank’s reserves
Abu Dhabi bails out Dubai
Richest emirate agrees to provide $10 billion to Dubai World; central bank to support local banks
Using inflation to erode the US public debt
Paper examines relationship between size of debt and the temptation to inflate
Greece downgraded; remains on negative watch
One of the big-three ratings agencies downgrades Greece and keeps outlook on negative
Turkey gets sovereign debt, currency upgrades
Fitch Ratings raises Turkey’s long-term sovereign debt and currency ratings to BB+, taking them just outside investment grade
Debt managers responded to crisis with flexibility
National Bank of Denmark’s Jens Thomsen says debt management offices better accommodate investors’ needs as a result to the crisis
UAE backs banks as Dubai fears spark local sell-off
Commentators praise pre-emptive move on back of uncertainty in global markets following fears of Dubai World default
Instability hampers finance: IMF
International Monetary Fund looks at market access for the world’s poorest countries
World Bank unit launches $5 billion bad-debt fund
Debt and Asset Recovery Program (DARP) will debt and asset recovery in both middle income countries and in smaller, poorer developing countries
How to drive debt long-termism in emerging markets
World Bank’s studies the extent of emerging-markets’ domestic demand for long-term debt instruments
Monetary policy must inspire confidence to counter debt fears
Kate Barker, a member of the Monetary Policy Committee, argues central bank must be sensitive to changes in attitudes towards debt and investment
Remittances a potential tax base
International Monetary Fund investigates the impact of remittances on public-debt sustainability
ECB’s González-Páramo cautions on fiscal burden
European Central Bank's José Manuel González-Páramo says fiscal exit strategies need to start alongside economic recovery
Triple A ratings safe for now
Moody’s says Aaa countries have stable outlooks
Malaysia’s Zeti: bond market key to keeping savings
Bank Negara Malaysia’s Zeti Akhtar Aziz says a robust Asian debt market is crucial for investments to remain region
Nigeria downgraded on banking, fiscal fears
Standard & Poor’s lowers Nigeria’s sovereign credit ratings on concern over fiscal flexibility on back of bank bailout
S&P downgrades Latvia, Estonia
Latvia’s and Estonia’s long-term sovereign ratings downgraded, Lithuanian rating’s outlook put on negative watch
Fed rate setters impact US Treasury market
New York Federal Reserve assesses the microstructure if the US Treasury securities market
UK public borrowing soars to June high
Public-sector borrowing soars to £13 billion from £7.5 billion in June 2008 on back of financial rescue
UAE’s Al Suwaidi: we could buy more Dubai debt
Governor Sultan bin Nasser Al Suwaidi indicates central bank may purchase more Dubai bonds after buying $10 billion-worth of debt from the emirate earlier this year
NZ placed on negative watch on growth fears
Fitch switches outlook from stable to negative on concerns over medium-term outlook
Bank of Estonia – Annual Report 2008
Bank of Estonia’s Andres Lipstok notes the importance of euro adoption