The euro/dollar one-year cross currency basis swap , which widens when lenders charge more for swapping euro interest payments on an underlying asset into dollars, was at -104 bps — close to expensive levels of -115 bps in late 2008.
The deterioration in cross currency swaps has to do with the deepening of the sovereign crisis. Now we are entering into a new phase, where it is really moving to the core, so I think European banks … will struggle more to get money,” Alessandro Giansanti, strategist at ING.
Contagion has recently spread to triple-A rated debt such as that of Austria and the Netherlands. This week market pressure turned on Germany after one of its worst bond sales since the launch of the euro.
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He gave the recent keynote presentation at Monte Jade event with a talk entitled the Future for You. He gave an annual update on molecular nanotechnology at Singularity University on nanotechnology, gave a TEDX talk on energy, and advises USC ASTE 527 (advanced space projects program). He has been interviewed for radio, professional organizations. podcasts and corporate events. He was recently interviewed by the radio program Steel on Steel on satellites and high altitude balloons that will track all movement in many parts of the USA.
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