In September 2005, long before the eurozone sovereign crisis, Euromoney warned that EU countries were using ever-more complex means to hide their real levels of debt.
Now we know why.
In fact, Euromoney has been ahead of the curve throughout the financial crisis: from our December 2006 article Has Wall Street gone subprime at the wrong time? to our seminal April 2011 cover, Banking isnt working.Get ahead. Stay ahead. Subscribe to Euromoney.
Euromoney September 2005
Europe's government bond markets are built on a lie. Ministries of finance have adopted corporate financing techniques to give a false impression of their true debt levels. Regulators appear unwilling or unable to do anything about it. Investors and taxpayers ought to know. Mark Brown and Alex Chambers reveal all.
Euromoney December 2006Wall Street is praying that the US economy will land softly now that the Federal Reserve has pricked the housing market bubble, because it will be bad news for mortgage origination if house prices stall for long or, even worse, fall. Already there are early signs of credit deterioration in some of the riskier mortgage securitizations. It can only be a matter of time before subordinated CDO tranches start to take a hit. Alex Chambers reports from New York.
Euromoney January 2007
Another record year for financial institutions suggests no end to the boom in financial markets. But a correction in the global imbalances that have so far sustained the boom threatens economic growth and could have painful consequences for global capital markets. Are we on the cusp of a downturn?
Euromoney October 2008
Hank Paulsons desperate attempts to keep the world financial system afloat show that, despite his many qualities, he is the wrong man for the job. Clive Horwood and Peter Lee report.
Euromoney June 2010
European governments are layering new levels of debt onto their stricken economies in a doomed attempt to solve a problem that was created by debt in the first place. Their measures are little more than confidence tricks. Widespread sovereign debt restructuring looks increasingly likely. Peter Lee counts down to the inevitable day of reckoning.
Euromoney April 2011
Many of the worlds leading banks are struggling to cross a key threshold in their business where their return on equity exceeds their cost of equity. Thats only likely to get worse as their capital requirements rise. The hopes of the industry are based on an improvement in market conditions. Right now, its struggling to make a convincing case for itself. Peter Lee reports.