Euro mess: Dr. Ed Yardeni highlights the work of IMRA's chief strategist

Sailesh Radha's (chief market strategist of IMRA LLC) recent analytical work on the "Euro mess" has been highlighted in today's Morning Briefing that Dr. Ed Yardeni sent to his clients.  Also read about it in his blog entry today.

Here's the text from the Morning Briefing referring to IMRA's research -

"Euro Mess. On July 26th, ECB President Mario Draghi promised to do “whatever it takes” to defend the euro. It may take a lot, especially to keep Spain in the euro zone. The latest data, compiled by our clever consultant Sailesh Radha from original central bank sources, show that non-performing Spanish bank loans rose to a record 9.9% during July. Spanish bank deposits continued to fall sharply in July, down €74.2 billion m/m and €207 billion y/y. The ECB lent Spain €411.7 billion through August, mostly through the LTRO facility. Pour another glass of sangria for Mr. Draghi."

"The TARGET2 imbalances continued to worsen in August as capital flowed from the south to the north of the euro zone. Last month, Spain had a record debit balance of €434.4 billion. Italy’s debit balance was a record €289.3 billion. Germany’s credit balance rose to a record €751.4 billion. The M2 monetary aggregates continued to fall y/y during July in Greece (-15.0%), Spain (-6.8), and Portugal (-6.1 in June). M2 was up in Germany (9.0), France (5.1), and Italy (3.8)."