 |
| Greek bank deposits |
Frontrunning
– ZH
The Lunch
Wrap – FT
EM New York
headlines – FT
Daily Press
Summary – Open
Europe
Financial
markets rattled as Greece set for new elections
in June; Withdrawal of deposits from Greek banks accelerated following Greek
elections
Overnight
Summary – Bank
of America / ZH
 |
| Spanish bond yields surging... |
Morning
MarketBeat: ‘Sell in May’ Working, So Far – WSJ
Broker Note
Briefing: Wednesday – WSJ
Morning
Take-Out – NYT
AM Dear
Dairy: Calm – Macro and
Cheese
US Open: Fear
Overwhelms Everything – Marc
to Market
The T
Report – TF
Market Advisors
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS: GENERAL
Note to Ambrose Evans-Pritchard at The
Telegraph: You Have Excellent Insight as to What is Happening and Why, But
Please Get a Grip on Reality as to Solutions – Mish’s
As Pritchard suggests, Germany will indeed pay. Mathematically Germany must pay. It's something I have pointed out numerous times over the
years. The problem as Pritchard notes is the flaw in the Eurozone in the first
place.
Can Greek public opinion be turned? – MacroScope
/ Reuters
European
roundup
Hollande or Insurrection? – Project
Syndicate
For better or worse, Europe is now engaged in an revolt against
the fiscal pact condemning EU member countries to austerity without growth.
Will the election of François Hollande as French President shift Germany’s uncompromising stance?
The Eurozone crisis: Fiscal fragility, external
imbalances, or both?
– voxeu.org
Unsustainable debt along Europe’s periphery is bringing the euro to
breaking point. But this column argues that this is not simply the result of
fiscal ill-discipline. After 2010, the Eurozone crisis went from a fiscal
crisis to a balance-of-payments crisis – with different prescriptions for
policy.
James Galbraith on the Euro Crisis – Economist’s
View
Third part
of the discussion
I know, I know, M2 isn’t exactly the right
indicator – Marginal
Revolution
M2 money supply growth rates are plunging in Greece (down -16.8% y/y
through February), Spain (down -4.7%), and Portugal (-3.8% through January). It is up only 1.3% through February in Italy.
Italian 10-year yield back at 6% as euro crisis
continues – ASA
EURO CRISIS: GREECE
BizDaily: Greek exit? – BBC
(mp3)
How much money is flowing out of southern Europe because of a possible Greek exit
from the eurozone? Lesley Curwen talks to economist Gabriel Stein from Lombard Street Research. Plus Carl Elsener, CEO of Victorinox, talks about the Swiss
Army knife without a blade. And technology commentator Jeremy Wagstaff argues
that new technologies don't always mean the death of the old ones.
Europe’s financial crisis lurched into a
perilous new phase as dire predictions emerged of a collapse in Greece’s
economy, with a run on its banks bringing an inevitable end to its membership
of the euro.
Greeks apologise with huge horse – the
daily mash
LOL: The nation of Greece said sorry to the
European Union with a present of an enormous wooden horse.
EURO CRISIS: SPAIN
“Not our
fault”
Spain Potpourri: Official Denials From Finance
Minister; More Nationalizations Coming Up; Banks Use ECB Money to Refinance
Large Enterprises in Dire Shape, New Credit To Households Down 80% - Mish’s
Those charts show the Spain is banking system is
in deep, deep trouble in spite of official denials from the finance minister. Ponzi
financing of the largest enterprises is the name of the game and the bond
market has zeroed in on it. Yield on the 10-year bond has soared to 6.35%. I
expect back above 7% soon.
Like failure, accountability is an essential
principle for the survival of a free-market capitalist system. It is quite
dangerous for the political class to continue to hide its mistakes at the
public’s expense. If markets are not forgiving when trust is gone, the people,
as Greece reminds us, are even less so.
Tis an ugly morning in euroland – alphaville
/ FT
The Greek fall-out continues with Spanish
10-year yields hitting 6.5 per cent, their highest level in almost six months
France's newly elected president and the
German Chancellor on Tuesday said they want Greece to remain in the eurozone. The IMF,
however, said an "orderly exit" must be considered if Greece does not stick to its reform
commitments.
Greece’s economic and financial crisis is quickly deteriorating and there is
no strategy – or even a coalition government – to figure out what to do next. This
column looks at the lessons from Argentina’s default in 2001 and argues that Greece’s road to necessary
economic reforms, fiscal sustainability and recovery may be even more daunting.
Several Athens bankers voiced
concern on Tuesday over a sustained outflow of deposits of more than €5bn since
May 6, reflecting increased political uncertainty. That works out at an average
of €700m per business day, up to May 15.
OTHER
Emerging Markets Briefer - May 2012 – Danske
Bank (pdf)