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Tuesday, May 29

29th May - US Open: Bankia Bankia...

Couple of must-reads in today's linkfest, plus the regulars. I just wonder.. everyone knew that Spain is a colossal failure. Why it seems to be a surprise for everyone now is beoynd me. Any ideas? 


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Daily US Opening – RanSquawk / ZH
Frontrunning – ZH
The Lunch Wrap – FT
EM New York headlines – FT
Overnight Summary – Bank of America / ZH
Today’s Front Pages – presseurop
Daily Press Summary – Open Europe
  El Mundo: Spain could seek EFSF aid to recapitalise its banks if borrowing costs remain at current levels; Reuters: ECB not opposed to Bankia recapitalisation plan

Morning MarketBeat: Spain Not Looking So Hot – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Back in the Saddle – Macro and Cheese
US Open: Greece and Spain Compete for Limelight – Marc to Market
The T Report: Where Have All the Cheerleaders Gone? – TF Market Advisors

Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney          
Pre-Market – NASDAQ
US Equity Preview – Bloomberg
Earnings & Events – The Street
MarketCurrents – Seeking Alpha

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

EURO CRISIS: GENERAL
The End Of The Euro: A Survivor’s GuideBaseline Scenario
Peter Boone & Simon Johnson: Forget about a rescue in the form of the G20, the G8, the G7, a new European Union Treasury, the issue of Eurobonds, a large scale debt mutualisation scheme, or any other bedtime story.  We are each on our own.

Euro opinion polls point to more fudgeOpen Europe
a pro-bailout coalition could be formed with a majority of seats in the Greek parliament, something that evaded the parties last time.

The future of the European Union Charlemagne / The Economist
Soviet collapse or Germanic reform?

Ireland LOVES a good referendumalphaville / FT 
Excellent article on what the referendum results – and especially a ‘no’ would mean.

EURO CRISIS: SPAIN
The Eurepo curve spells trouble alphaville / FT
Judging from the shift in the Eurepo curve, the banks themselves don’t believe that any boosts will last longer than a month.

Bankia’s unusual bailoutCity A.M.
Questions and Answers

Spain Delays and Prays That Zombies Repay Debt: MortgagesBB
Rajoy Seeks European Backing as Spain’s Access NarrowsBB
Bankia Bailout Hits Spanish BondsWSJ

Director Of Spain's Failed Bankia To Leave With €13.8 Million TerminationZH
 "Ten Days Later" - Bankia: The Supreme IronyZH
 
OTHER
Macro Tides: Where Are The Super Heroes?The Big Picture

China’s mini stimulus, explainedalphaville / FT
Standard Chartered: The “new” idea in the 2012 package is more private-sector participation, though we are yet to be convinced that enough has been done to make that a reality.

BizDaily: Emerging markets: growth painsBBC (mp3)
Is it a case of Europe sneezing and the whole world catching a cold? With evidence of a slowdown in China, we ask which emerging markets are still on course to emerge. David Roche of Independent Strategy talks to us about China's prospects. We hear from one of Russia's leading investment bankers, Alexei Yakovitsky of VTB Capital. And the BBC's Mark Tully considers the enduring obstacles to trade between India and its neighbour Bangladesh.

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