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Wednesday, June 13

13th Jun - US Open: Italy?

The all-seeing eye is turning to Italy. That will be ‘it’, as if Spain was not enough…I am not sure if the ECB will step in, or would that even help at all, as ECB’s credibility is basically Bundesbank’s credibility. Any hints that Germany has had enough would remove the ECB’s temporary reign (10+ years). For the latest on "Bailando", see the updated Spanish Bailout: The Collection.

Greece exit = Grexit
Spain exit = Spexit
Spain bailout = Spailout, Bailando
Finland exit = Fixit

Italy exit =
Italy bailout =

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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

Morning MarketBeat: The Roller Coaster Continues – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy – Macro and Cheese
The T Report – 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

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Roads to survival: How EMU break-up could be avoided ING (pdf)
32-page research report from 5-June.

JPMorgan Explains Why There Is No Deus (gr)Ex Machina For Europe ZH
Full JPM note “Starting to think about the EU summit on June 28/29”

Barroso to unveil 'political union' plan at EU summit euobserver

How the euro will end WSJ
Greece will simply run out of cash. Then Spain’s real-estate bubble will ruin an economy that really matters

BizDaily: Preparing for Eurogeddon BBC (mp3)
Europe thinks the unthinkable - what happens if the Eurozone splits. If Greece left the single currency, what would happen to the banking sector, how would a new currency be put in place, and could the Euro itself survive? Chris Bowlby runs through some of the possible scenarios.

Myers Sees Building Pressure on Core Europe BB (mp3)

Germany Pulls The Punchbowl As Usual ZH
Schaeuble Rejects European Redemption Fund

The takeaway: Germany is pot committed Behavioral Macro

More Gruel, More Gruel Mark Grant / ZH
They can vote all they want in Brussels and draw up all kinds of grand plans they desire but if Germany does not want to accept them then it is little more than semi-polite conversation over well-dressed cucumber sandwiches in various capital of Europe.

More Thoughts on Spain and Italy Marc to Market

Italy denies need for bail-out euobserver

Up Next in the Bailout Line: Italy? The Big Picture

Forget Three Months: Italy May Have Two Weeks Tops, As "It Already Is Where Spain Is Heading" ZH

Necessary But Not Sufficient John Mauldin / The Big Picture
Begins with Spain (too small bailout), but the talk on Italy is the beef.