Debt Management
Treasury bills are superior liquidity instruments, says IMF paper
Fund study says Treasury bills are more secure than central bank bills in performing debt and liquidity management functions
ECB faces pressure to take haircut on Greek debt
Institute of International Finance and International Monetary Fund discuss option of official sector involvement for Greek bondholders, as negotiations with private sector fail to reach conclusion
NY Fed paper identifies illiquidity issues in Tips market
New York Federal Reserve study says benefits of inflation-protected Treasury securities are not being fully reaped
Noyer blasts ratings agencies on Twitter
Banque de France verified Twitter page publishes stream of comments from governor Christian Noyer; criticises credit ratings agencies and slams UK economic performance
Sri Lanka eases rules on foreign investments
Central Bank of Sri Lanka changes regulations on foreign investments and domestic firms taking out foreign loans; aims to support expanding economic activities with additional financing
Avoid short-term ‘euphoria’ of excessive leveraging: HKMA’s Chan
Norman Chan, chief executive of the Hong Kong Monetary Authority, calls excessive leveraging the 'root cause' of the global financial crisis; tells of Asian experiences of crises
EBA finds €114.7 billion capital shortfall in Europe
European Banking Authority publishes recommendation and final results of bank recapitalisation plan; part of co-ordinated measures to restore confidence in the banking sector
Cyprus governor warns country has 'lost credibility'
Athanasios Orphanides tells parliamentary committee that budget measures must be pushed through quickly to restore confidence in Cyprus; warns the country has lost credibility
Expert group calls for launch of Eurobond fund
European League for Economic Co-operation publishes proposals requesting the establishment of eurozone bond fund; would issue paper with maturities of up to two years
Greek central bank issues government with ultimatum
Bank of Greece tells newly formed government that unless structural reforms are implemented on schedule, Greece risks being thrown out of the eurozone
Yields soar as Portugal is downgraded
Ten-year yield on Portuguese debt rises sharply as Fitch downgrades Portugal's credit rating to junk status, sparking renewed concerns over the sustainability of the sovereign
Commission unveils contentious Eurobond proposals
European Commission unveils three options for Eurobonds in bid to restore stability in Europe; analysts say the measures are politically unviable and ineffective
Eurozone crisis altered sovereign spreads: IMF paper
Fund study says risk assessment of sovereigns and banking sector gradually converged as sovereign debt crisis evolved
IMF paper on how to negotiate a debt restructuring
Fund study shows full creditor participation requires haircuts and probability of successfully holding out for entire repayment is not too high
Ireland releases agreement on split of banking oversight responsibilities
Previously confidential memorandum of understanding between department of finance and central bank shows split of responsibilities; document forms part of bail-out programme
Trichet says China funding request is right thing to do
Outgoing ECB president denies it is embarrassing or humbling for Europe to have to ask other countries for financial support; insists it is "absolutely normal" in today’s global world
ECB’s Noyer says larger EFSF ‘unrealistic’
ECB governing council member says EFSF will not be made bigger; is open to schemes that would offer greater leveraging opportunities for money already committed
Government debt no longer risk-free: Canada’s Macklem
Bank of Canada senior deputy governor Tiff Macklem says government debt in advanced countries is unlikely to regain its risk-free status
NY Fed paper highlights risky debt management strategies
New York Federal Reserve study says high levels and maturities of debt risk increasing macroeconomic instability
Italy unfazed by S&P downgrade
Standard and Poor's downgrades Italy's credit rating by one notch to A; Italian government slams move, reaffirms confidence in fiscal reforms
IMF concern over ‘critical juncture’ of programme in Greece
IMF rejects criticism of economic programme to date; highlights areas that need attention to ensure recovery
Semi-government bond markets provide liquidity benefits: RBA paper
Reserve Bank of Australia study says semi-government bond market is important feature of Basel III liquidity reforms
European Commission to consider euro bond options
European Commissioner José Manuel Barroso says options for common eurozone bond will be reviewed; Bundesbank's Jens Weidmann says bond would lead to "socialisation" of debt
Bank of Israel paper reviews bond market reforms
Bank of Israel study shows success of reforms to local secondary government bond market were mixed