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Wednesday, May 9

9th May - Morning Briefings

After these morning briefings, please check last night’s long US Close: It's All Greek To Me and follow ‘MoreLiver’ on Twitter or Facebook.

News roundup – Between The Hedges 
News roundup – The Trader
Emerging London Headlines – beyondbrics / FT
The 6am Cut London – alphaville / FT
Press digests by Reuters: FT, WSJ, NYT

Danske DailyDanske Bank (pdf)
Political uncertainty in Greece and possibility of Greek euro exit weigh on  financial markets. EUR and stock markets lower and German bond yields at new record low.  Greeks appear to be preparing for new elections. ECB board member Asmussen raises topic of Greek euro exit. With a light calendar focus will remain on the political situation in Greece.

Morning Briefing: Greece is the word BNYMellon
Whilst the push for a more relaxed interpretation of the EU’s fiscal compact may yet yield some success, Greece will struggle to obtain any new flexibility

Market Preview: Eyes on German bond auction Saxo Bank
European markets are likely to reverse their earlier session losses and open higher Wednesday ahead of a meeting today between Alexis Tsipras of Greece’s Syriza party and leaders of the two main Greek parties. A German bond auction is also in focus.
Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
Tyler’s Overnight Summary – ZH (new!)

Operation Self-Deceit New Documents Shine Light on Euro Birth DefectsSpiegel
Newly revealed German government documents reveal that many in Helmut Kohl's Chancellery had deep doubts about a European common currency when it was introduced in 1998. First and foremost, experts pointed to Italy as being the euro's weak link. The early shortcomings have yet to be corrected.

Why Not to Panic about EuropeA Dash of Insight
Policymakers have been responsive and flexible.  Skeptics have consistently underestimated the willingness and resourcefulness of the relevant institutions.

Spain Appears Unsure What A "Bank Bailout" MeansZH
So, in a nutshell: the Spanish banks got EUR352 billion (via LTRO and loan repayment) and are left with only EUR80 billion (after deposit outflows and sovereign reach-arounds)

Greek Politics: A Step Towards the Exiteconomistmeg
I have repeatedly argued that Greece and the troika will choose to part ways in an amicable divorce as early as next year. The current political situation in Greece means that the divorce may come much sooner, and the split could get very ugly.

3 Numbers to Watch (plus a bonus)Saxo Bank
The biggest number to watch is the recently crossed 1.30 handle in EURUSD as the market mulls the multi-year trainwreck known as the EU crisis.

Central Banks and an Unlimited Asset Purchase PledgeHistorySquared