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) earlier. For more, please see last night’s huge post.
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- MoreLiver
News – BTH
News – TheTrader
Daily – Danske Bank (pdf)
Morning Briefing – BNY Mellon
-understanding the impact of Japanese intervention.
Market Preview – Saxo
Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
EURO CRISIS: GREECE
…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 loss – Sober Look
In effect the EFSF is being used to recapitalize the ECB.
ECB to Make Concessions on Greek Debt – 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.
Little patents, low corporate birth rate, high legal costs for starting a business, corruption only second to Bulgaria in Europe.
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.
OTHER
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