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Thursday, December 29

29th Dec - Weak Italian auction

News (Thu evening) – BTH
Recap (29-Dec) GMT
FX option vols – Saxo
Markets Live – alphaville / FT
Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ

Dithering at the Top Turned EU Crisis to Global ThreatWSJ
A look back to the year in the euro crisis. Very nice.

Two Models for EuropeHans-Werner Sinn / Project Syndicate
Either the American way (states can default) or the socialist way (risk of all public debt is socialized)

Yes, the Market is Getting What it Wants. The ECB is Easing.MarketBeat / WSJ
Of course, you can’t escape the cyclical nature of this solution. The ECB is propping up the banks, and the banks  are keeping the euro zone governments afloat by buying their debt. If it doesn’t sound sustainable. And it might not be. But it seems that the markets at least see a path for muddling forward in
Europe, which wasn’t clear just a few weeks ago.

European Fiscal ZombiesKrugman / NYT
What we have now is the result of the crisis, not of fiscal profligacy before the crisis.

Italy Sells Long-Dated Bonds To Weak Demand, 10 Year Prices Just Inside Of 7%, Bids To Cover MissZH

Wall Street Response To Italian AuctionZH

Gartman: Europe At Its Own ‘Lehman Moment’MarketBeat / WSJ

2011 & 2012
Goldman Says Good Riddance to 2011ZH
Adverse shocks weighed on global growth in 2011…A fragile global growth picture for 2012, still vulnerable to shocks

2011 in 11 chartsWonkblog / WP

What to expect in 2012 (and stress indicator charts)Saxo / The Trader
Risk of ECB QE, Greece falling apart, stronger USD, economy and companies slowing down.

My global macro take on 2012...Veksler’s Forex blog / Saxo

In love as in equities, we are fooled by randomnessJohn Kay
I should have consulted the poet Wendy Cope, who wrote that: “Bloody men are like bloody buses – / You wait for about a year / And as soon as one approaches your stop / Two or three others appear”.

Kremlin’s Concessions Don’t Appease Russia’s OppositionJeffrey Tayler / BB View
The protest movement, born from outrage over apparently manipulated parliamentary elections earlier this month, has gained both momentum and magnitude across Russia. The ruling tandem is taking note and, without admitting it, making concessions.