News Headlines. What really went down in spain….corruption and collusion fuelled an epic asset bubble. China Stops Buying Europe Government Debt on Crisis Concern. Gao Xiqing, president of China Investment Corp., said the nation’s sovereign wealth fund has stopped buying European government debt on concerns about the region’s financial turmoil.
CIC will continue to look for new investments in Europe as part of its strategy to boost allocations to infrastructure, private-equity assets as well as emerging markets to help boost returns, Gao said. CIC, with an estimated $440 billion in assets, is the world’s fifth-largest country fund, according to Sovereign Wealth Fund Institute. “What is happening in Europe right now is of course of concern,” Gao said in an interview in Addis Ababa, Ethiopia, during the World Economic Forum on Africa. “We still have our people looking at opportunities in Europe, even though we don’t want to buy any government bonds.” Europe’s turmoil is reigniting on the second anniversary of policy makers’ first attempt to prevent Greece’s woes from spreading. Bloomberg Poll European Infrastructure Bailout Funds Africa Investments. Public Sector Credit Framework. Public Sector Credit Framework Bond investors, policy makers and the general public deserve transparent, objective and up-to-date government credit ratings.
The issue of public debt is simply too important to be handled by traditional rating agency practices. This is why we have launched the Public Sector Credit Framework (PSCF). The framework allows an analyst to set up and run a budget simulation model in an Excel workbook. The analyst also specifies a default point in terms of a fiscal ratio. On May 2, we released the initial version of the software and two sample models - one for the US and one for the State of California - which are available on this page, along with a preliminary Italy analysis published in July.
Download the Preliminary Italy Model (Excel) and Research Note Download US Federal Sample (Excel) PSCF Version 1 Release Notes The PSCF installation has only been tested on Windows 7 in environments with Micosoft Excel 2007 and 2010. Europe Seeks to Restore Calm After Spanish Downgrade. A recession in Spain and forecasts of rising unemployment in the 17-nation euro area are amplifying criticism of the German-led austerity agenda in election campaigns this week in France and Greece.
With Spain’s largest unions leading marches involving thousands of protesters in 55 cities yesterday, Prime Minister Mariano Rajoy’s government battled to prevent Spain from becoming the next country to seek a bailout. In France, where the presidential-election runoff is set for May 6, Socialist frontrunner Francois Hollande pushed back against German Chancellor Angela Merkel’s focus on deficit reduction. “Watching Spain now is exactly like watching Ireland around October 2010 before Ireland was forced into its bailout,” Megan Greene, a senior economist at Roubini Global Economics LLC, told Bloomberg Television’s “Street Smart” on April 27. “The government can’t win no matter what it does.” Socialist Party candidate for the 2012 French Presidential election, Francois Hollande...
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