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.

A traitor's death? The identity of a drawn, hanged and quartered man from Hulton Abbey, Staffordshire

Analysis of a set of bones redeposited in a medieval abbey graveyard showed that the individual had been beheaded and chopped up, and this in turn suggested one of England's more gruesome I execution practices. Since quartering was generally reserved for the infamous, the author attempts to track down the victim and proposes him to be Hugh Despenser, the lover of King Edward II.