International report on Kyrgyz June violence released. EUCAM Commentary No. 12, May 2011

After months of delays, leaks and rumours, the Kyrgyzstan Inquiry Commission (KIC) has finally published on 3 May its report looking into the events of 10-15 June 2010 in the Kyrgyz oblasts of Osh and Jalalabad, which led to the death of 470 people, 74 percent of them ethnic Uzbeks. The Kyrgyz authorities have reacted to this report arguing that the report's authors relied too much on accounts by Uzbeks and that the research was incomplete.

Why an ESM programme could be a kiss of death: Recovery values and subordination. CEPS Commentary, 27 June 2012

Spain, needing a bailout for its banks, was granted a vague promise by EZ leaders for up to €100 billion. The details remain obscure, yet they matter enormously. This column argues that the so-called ‘subordination effect’ of fresh official lending could put Spain on the slippery road to ruin. It argues that if sovereign bonds must be bought, this should be done in the secondary market which, would be on an equal footing with private investors and thus avoid the subordination trap.