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Thursday, May 24

24th May - US Close

Here are the evening links for the day.

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News – Between The Hedges
Markets – Between The Hedges
The Closer – alphaville / FT
Market Commentary – A View from My Screens
Asian Morning Briefing – BNY Mellon
Tyler’s US Summary – ZH
  As Reality Recedes, Rumor Rampage Returns... Redux

Debt crisis: live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

Paul Krugman on Euro Rescue Efforts 'Right Now, We Need Expansion'Spiegel
Nobel Prize-winning economist Paul Krugman argues that this is not the time to worry about debt and inflation. To save the euro zone, he argues that the ECB should loosen monetary policy and the German government should abandon austerity.

Hey, Germany: You Got a Bailout, TooView / BB
Before Germany’s banks pulled back their funds, they stood to lose a ton of money if Greece left the euro. Now any losses will be shared with the taxpayers of the entire euro area -- particularly France, whose banks still have a lot of outstanding loans to Greece. Perhaps this is what some German officials mean when they say that the euro area is better prepared for a Greek exit.
Euro zone may struggle with its own Lost DecadeMacroScope / Reuters
People are talking that due to the lack of loss recognition, Europe is going to have a Japanese-style 'lost decade'.

SocGen’s Marcussen Says Euro Bonds No Immediate AnswerBB (mp3)

Euro Spikes On JPM Prediction Of 1-Year LTRO, ECB Rate CutZH
JPM: We suspect the ECB's first response will be in terms of new liquidity measures. The committment to supply unlimited liquidity at the regular refis (1-week, 1-month and 3-month) expires in mid-July and an extension of this should be announced at the June meeting… Of course, should stresses build in financial markets, the ECB would respond much more aggressively. In that case further 3-year LTROs and a reactivation of the SMP would come back into play, and further interest rate changes could not be ruled out either.

Presenting The Complete Fed/ECB Response MenuZH
JPM’s short  lists of the  potential policy responses from the ECB and the FED
An ECB perspective on key issues of the crisis ECB
Jörg Asmussen, Member of the Executive Board of the ECB 24 May 2012

A route for EuropeECB
Mario Draghi, President of the ECB 24 May 2012


Euro Zone Developing Grexit Contingency PlanSpiegel
With Greeks heading to the polls once again in June, finance ministries in euro-zone member states are preparing for the worst. Several media outlets are reporting that contingency plans are being developed to prepare for a Greek exit from the common currency zone.

The PSI "Panacea": A Greek Asset Neutron BombZH
Greek bonds trading below 12% of par, stocks down.
Spain Plans to Merge All Nationalized Banks Into Gigantic Bad BankMish’s
Allegedly the merger of three cesspools into a bigger, deeper cesspool will make the water drinkable. I have news for Luis de Guindos: It won't.

Spain: ECB cash more important than euro-planseuobserver
Spanish Prime Minister Mariano Rajoy early on Thursday called on the ECB to help lower his country's borrowing costs as a matter of urgency… According to the country's central bank, some €31 billion were withdrawn from Spanish banks in March alone.
EM investing: check out the gridbeyondbrics / FT

HSBC’s View On The Big Four Emerging MarketsForbes

Yen Drivers and CPIMarc to Market

EMEA Weekly, Week 22Danske Bank (pdf)

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