Goodbye from the land of 15% resi yields

Reading through the thread of comments on our latest post, one common theme emerged: there is Greece-fatigue. As one commenter succinctly put it: “I’m sick of hearing about Greece and will not read any more articles about it”.

Greece—now what?

For those of you who like fast-forwarding to the end of the film, here it is:

Grexit was never on the cards. Even less so after the recent European Summit decisions and the Greek bank […]

Attention Greek bankers: Bridge in Brooklyn for sale on the cheap!

First of all, the facts. According to Ms. Danièle Nouy, head of the Single Supervisory Mechanism, Greek banks were proclaimed as recently as 7 June “to be solvent and liquid”. Ms. Nouy went on to say that “[t]he Greek supervisors have done good work over the past years in order to recapitalise and restructure the financial sector. […]

Ci sono dei giudici a Lussemburgo!

Today Alcimos commenced proceedings before the General Court of the Court of Justice of the European Union, requesting the annulment of the decisions of the Governing Council of the European Central Bank taken, on 28 June 2015 and 6 July 2015, rejecting the Bank of Greece’s requests for increases in Emergency Liquidity Assistance (ELA) offered […]

Our heretical (and not-so-simple) views on the Greek referendum

Conventional wisdom has it as follows: Tsipras is a hardline communist, who overplayed his hand with the troika (or “the three institutions”, as he calls them). The referendum was a last-ditch play to retain power by stoking a nationalistic response to the stand-off with creditors. Our analysis suggests, however, that the referendum is part of […]

Valuing (Greek) banks: a sum-of-the-parts approach

“What’s in a name? That which we call a bank By any other name could do the same thing”

Blowing our own trumpet

We told you on 10 January Greece would not exit the Euro—but that was an easy call. However, we also told you that:

Greece’s Excess Burden, by Paul Krugman

Nobel Prize winning economist Paul Krugman uses his New York Times blog to discuss the current economic state in Greece, which is depicted in the charts attached below. His thoughts are very interesting as usual, but those charts stand out.

Grexit: How feasible?

Yet again, and somewhat suddenly, a possible exit of Greece from the eurozone is en vogue. To determine what the likelihood of that is, perhaps it would be worth looking at the mechanics.