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Friday, February 24

24th Feb - More lipstick needed

Nice long piece from PIIE and more bad news from Portugal. ECB's Mario interviewed not once, but twice! 

Hommasta tulijat: tervetuloa ja toivottavasti tykkäätte!

News roundup – Between The Hedges
Emerging London Headlines – beyondbrics / FT
Morning Briefing – BNY Mellon
Market Preview – Saxo
  -focus on weekend's G20-meeting
Press digests by Reuters: FT, WSJ, NYT

Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
Tracking Europe’s Debt Crisis – NYT

Brinkmanship in Brussels, Sturm and Drachma for Greece and EuropePIIE
The Greek
PSI Deal, Greece’s New IMF Program Deal, Brinkmanship Between the Euro Area and the IMF, Austerity in the Euro Area

Portugal missing a quarter of their funding needs from the official debt/GDP ratioSober Look
BNP Paribas estimates funding needs to 2015 are €45bn and could rise to more than €60bn.

More Pain, No Gain for Greece: Is the Euro Worth the Costs of Pro-Cyclical Fiscal 
Policy and Internal Devaluation? – CEPR (pdf)
24 pages, but luckily with a summary: The authors conclude that the default/exit option should be taken seriously for Greece as an alternative to the current projected scenarios.

Belgians Get Cold Feet As Bailout Queen Dexia Drags Them Toward AbyssTestosterone Pit
This mayhem could have been avoided. Regulators weren’t blind. Unbeknownst to the public at the time, French regulators had been investigating Dexia for years and had sent its executives numerous warning letters. In the summer of 2010, they finished a report chock full with damning results and threatened to put the bank "under special supervision." And then? Nothing.

Interview with Frankfurter Allgemeine ZeitungECB
Interview with Mario Draghi, President of the ECB, published 24 February 2012

Interview with The Wall Street JournalECB
Interview with Mario Draghi, President of the ECB, published on 24 February 2012

How The Death Star Will Create JobsThe Daily Capitalist