Most media optimism, both in the US and Europe, continues to focus on the dizzy levels of stock and bond markets, but in our view these index levels have been driven up by professionals front-running QE in the US and Europe. In the past month, a Bulgarian court appointed two experts to liquidate the assets of CCB (known also by its Bulgarian initials KTB). This marked the end of a rather remarkable story that began in June 2014, when the rest of the Eurozone banking system was enjoying a period of relative calm.
iref_fffn_15-05_bez.pdf “Financial and Fiscal Features” Newsletter is a monthly publication by the IREF. It brings latest inside information from the world of central banks and financial markets, both of which are increasingly intertwined with fiscal issues. You can find the latest issue in the .PDF file. It can be either read on your screen/e-reader or printed out. You can print it out either on normal A4 sheets or on a single double-sided A3 which can be folded to make a simple “newspaper”. The last page has been specially formatted so that it can be printed separately on a self-standing single sheet and pinned to a public notice-board at your place of work or learning, if you think it is appropriate and if you think others would also benefit from what we have to say.