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Wednesday, February 8

8th Feb - Morning briefs

This is just a quick morning update - main news ECB's participation in bond swap that basically means EFSF recaps the ECB. Politically much easier, I wrote about this (incoherently) earlierFor more, please see last night’s huge post.

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- MoreLiver

News – BTH
News – TheTrader
Morning Briefing – BNY Mellon
  -understanding the impact of Japanese intervention.
Market Preview – Saxo
Press digests by Reuters: FT, WSJ, NYT

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

The ECB starts getting helpful with GreeceFelix Salmon / Reuters
…EFSF, which was created to lend new money to countries in distress, is instead being used to retire debt that Greece issued years ago. That, in turn, hurts the EFSF’s ability to fund Greece — and all the other countries in Europe, for that matter — going forwards.

EFSF used to recapitalize the ECB on Greek debt lossSober Look
In effect the EFSF is being used to recapitalize the ECB.

ECB to Make Concessions on Greek Debt – WSJ
Concession Smooths Way Toward a Greek Debt Deal – WSJ

Three Charts That Confirm Greece's Death Even After Restructuring ZH
Little patents, low corporate birth rate, high legal costs for starting a business, corruption only second to Bulgaria in Europe.

Postponed Due to "Political Suicide"; Flag of Germany Burned, Could This be a Trigger?Mish’s
The only thing missing is a party leader willing to stand up and tell Germany to go to hell…The sad irony of this mess is the flag-burning and latest strike is over the one thing that is needed: work rule reform.

ETF Guide to Investors Morningstar (pdf)
Reg required

The Greedy Bastards Antidote to Rigged Energy The Big Picture
For decades now, fossil fuel company executives and D.C. politicians have worked together to ensure that coal and oil prices stay low enough to keep the American people hooked. In his new book Greedy Bastards, Dylan Ratigan explains