20th Sep Extra - IMF reports, eat my shorts

Summary: Varied headlines from cooked up Greek stats,  CDS intervention, copper as a leading indicator for China, and then standard Fed watch and Greek misery. IMF reports came out, but nobody cares. Instead, leave a comment, follow me on Twitter or email me. UBS rogue trader updated

Today's Headlines – Between The Hedges

FX options 20^th Sep 12:30 GMT

Vols, Risk Reversals & Pin Risk – tradingfloor.com

EURO CRISIS

 ** Europe: Why the One-Size-Fits-All Solution Won’t Work – EconoMonitor

coming payments for PIIGS

** It's Only Just Beginning In Europe As Principal and Interest Payments Rise From Here – ZH

TH Market Advisors’ Tchir reminds that the market did not bottom until 6 months after the “Lehman moment.” Today everyone knows Greece will default, but markets take their time to drop.

The "Lehman" Moment – ZH

On the Bank of China’s move to close swap lines with some eurobanks

Bank of China Puts Further Strains on Currency Markets – The Source / WSJ

Chinese Shunning Trade with French Banks – EconoMonitor

Germany has been leading the opposition in the European Union to any write-down of troubled eurozone members’ sovereign debt. That is wrong.

The Consequences of Angela Merkel – Project Syndicate

Ex-finmin of Greece says Eurobonds should not be dismissed.

Decision Time for the Eurozone – Project Syndicate

Banks are going to get deeper into trouble.

Spain Has Its Own Set of Problems Nowhere Near Being Solved – MarketBeat / WSJ

TH Market Advisors’ Tchir: CDS intervention?

CDS Traders Haven't Lost Their Shirts, But They Can Be Naked – ZH

Interview from 15^th, published today

(pdf) Jean-Claude Trichet: Interview with Expansión – BIS

Greece

“We find that the data reported by Greece shows the greatest deviation from Benford's law among all euro states.”

Fact and Fiction in EU-Governmental Economic Data – Wiley

Fitch: Greece Will Default But Won't Leave The Eurozone – ZH

German Government Advisor Lars Feld Tells Rundschau Greek Default Would Have "Limited" Impact – ZH

FINANCIAL CRISIS

** PIMCO Warns Global Central Banks Are Now Openly Defecting From The Status Quo's Prisoner's Dilemma – ZH

Twist coming, says GS

Goldman On What To Expect From Tomorrow's Fed Announcement – ZH

FOMC preview: Twist light now, nominal jobless/CPI targets later? – tradingfloor.com

Weakness in copper prices interesting, as Chinese have used warehoused copper for debt collateral, estimated amounts $7-10 billion. Bruce suggests watching copper price as a leading indicator of a funding problem in China.

Red Alert on the Red Metal? – Bruce Krasting

IMF

Commentaries on the WEO/IMF, second is nasty.

Mind the forecast error – Free exchange / The Economist

Get your half-yearly dose of hopium from the IMF – Lighthouse I.M.

Strong Policy Action—The Essence of Restoring Global Economic Hope – iMFdirect

World Economic Outlook: Slowing Growth, Rising Risks – IMF

Fiscal Monitor: Addressing Fiscal Challenges to Reduce Economic Risks – IMF

Global Financial Stability Report: Grappling with Crisis Legacies – IMF