The evening
regulars are here, plus some minor articles - seems everyone has been busy writing about the bailout, because of its apparent impotence in calming the crisis.
Subordination, not enough, eyes on Italy, eventual CDS trigger, the ESM as a failure
even before it has started, Finland’s demands for collateral and not providing
funds to bad banks… the bailout is just so full of holes at the moment. I
expect negative mood for the rest of the week, but keep an eye on ECB and
possible real plans to address the above issues. For the bailout articles, see Spanish Bailout: The Collection
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer
– alphaville / FT
Market
Commentary – A
View from My Screens
Tyler’s European Summary – ZH
From
#Spailout To #Spanic
Tyler’s US Summary – ZH
Gold
Pops, Stocks Drop, And Oil Plops
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
The 5 possible parts of a “master plan” to save
the euro – Wonkblog
/ WP
The euro as ‘EM currency’ – alphaville
/ FT
a Nomura note arguing that the euro increasingly trades like an emerging market currency — in an emerging market currency crisis.
a Nomura note arguing that the euro increasingly trades like an emerging market currency — in an emerging market currency crisis.
Can someone tell this “EU Source” to shut up? – alphaville
/ FT
Central
bank’s new HQ is due to open in 2014.
Welcome to the 1930s: possible capital control
after Grexit – ASA
OTHER
Week 24 stress indicators and three country
race commentary – Saxo
Bank
Steen
Jakobsen: and a few notes about what is
worrying us. In particular we note how the crisis by the end of this week will
be a three country race.
CHF: Systemic risk and the EU debt crisis – Saxo
Bank
Steen
Jakobsen: The chances of the peg at
1.2000 breaking have increased from less than 10 percent to more than 25
percent. Assuming the downside risk is parity (1.0000), the risk of 20 CHF big
figures gives a weighted risk of peg-breaking of: 5% (20 percent move x 25% chance = 5%).
full pdf and press release
International rules for capital controls – voxeu.org
Do we need international rules for capital
controls? This column looks at the different regimes in countries such as Brazil and China and argues that we
do.
Earlier on
MoreLiver's: