Greek debt

Revisiting the uncertainty from a year ago, it’s worth asking who owns Greek debt?

greek debt


It’s interesting to see France growing faster than the US last quarter


QE !

Major central banks now hold over USD 7 trillion in QE-purchased assets :


Debt / GDP

Here is how the government debt-to-GDP ratio changed recently for a number of emerging economies :

debt gdp


The 30yr Swiss government bond yield is probing the 20bp support again. Will the whole Swiss curve push into negative territory at some point?


Struggling Switzerland

In Switzerland, government bond yields remain firmly in negative territory as deflation sets in. Here is the 10-year yield. The government is making money on its “interest expense” category – time for some fiscal stimulus?



Turning to China, Credit Suisse shows us which nations are most impacted by China’s devaluation – both as competitors as well as exporters to China.


Here is why some argue China will not go through with a significant devaluation. A weaker yuan increases the debt burden on China’s firms who borrowed in dollars.

China debts

Iran flooding !

To make matters worse for the oil market, Iran is unleashing its massive crude oil inventories (in storage). It will take it some time to return to production levels that existed prior to the sanctions, but when it does, the markets are going to be even more oversupplied.

pétrole Iran

Bearish Oil

Crude oil turned decisively weaker in the last few days. Both fundamental and technical factors are not great.

crude oil

Swiss National Bank

SNB is buying euros to weaken its own currency, the Swiss Franc, is so huge quantities that she has currently the biggest balance sheet (by far) among the major western central banks !

banques centrales