In keeping with its promise to deliver an emergency budget within 50 days of coming to office, the UK’s Conservative-Liberal Democrat coalition government today unveiled a painful package of fiscal reforms to get public finances back on an even keel. Delivered by Chancellor of the Exchequer George Osborne before parliament, the budget proved to be… [Read more]
The fixed income investment community has been shaken up by growing concerns over Greece’s creditworthiness, which appear to be spreading like a bush fire across eurozone peripheral states. While concerns over significant sovereign credit risk are currently limited to the euro area and Dubai, my colleagues at BMI believe that Latin American government credit, too,… [Read more]
Sovereign risk roared back on to the agenda this week after Fitch Ratings agency downgraded Greece’s sovereign issuer default rating to ‘BBB+’ on December 9. We discuss the tactical market implications for the eurozone and the strategic risks posed by further downgrades in the region going forward.
