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Wednesday, June 20

20th Jun - US Open - Waiting for 'The Beard'

See my long post Announcement Games...  from last night for articles and my comments. The FED Watch and Calendar have been updated.
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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
  Large-scale bond purchases by euro bailout funds discussed at the G20; Germany seeks to play down expectations

Morning MarketBeat: Bulls Hope Bernanke Delivers, Again – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Pre-Fed Edition – Macro and Cheese
Marking Time Ahead FOMCMarc to Market
Long and Prepared to React – 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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EURO CRISIS
Mr Barroso, Europe’s crisis has nothing to do with AmericaThe Telegraph

The Eurozone’s May 2010 strategy is a disaster: Time to pay up and end this crisisvoxeu.org
Charles Wyplosz: failed to restore debt sustainability, avoid contagion, or reduce moral hazard. This column argues that a volte face is needed. The debt of Greece, Portugal and Italy – and perhaps Ireland, Spain and France as well – must be restructured to restore growth and end the crisis. All EZ nations should pay since their leaders’ decision to violate the Maastricht Treaty’s no-bail out clause is what brought us here.

That balance sheet recession in GermanyASA
Richard Koo wrote yesterday that basically you really can’t blame countries like Greece for their own competitiveness problem.  It was all ECB’s fault.

The Consequences Of The Rise Of European NationalismZH

EUREPO Curve Inversion Signals Major European Funding StressZH

François Hollande on Collision Course with ... FranceTestosterone Pit

The Germans will payButtonwood’s / The Economist

The Euro Crisis: Why Greece’s Election Doesn’t MatterTIME
Despite all of the attention focused on Greece’s latest election, the results won’t alter the course of Europe’s widening debt crisis.

EURO CRISIS: ECB
Discussion of Target2 and the ELA Mish’s

ECB lending hits €1.2 trillion, a new recordSober Look

Eurozone policy actions vs. the iTraxx spreadSober Look

EURO CRISIS: PIIGS
Spanish Banking Audits Delayed Until September, Another €50 Billion Likely NeededMish’s

LCH has raised margins on Spanish government debtalphaville / FT

As Italy Comes Begging, Germany Says Non-Semi Nein ZH

G-20
Statement by Lagarde on the G-20 SummitIMF

Lagarde Welcomes Additional Pledges to Increase IMF Resources, Bringing Total Commitments to US$456 BillionIMF

Glacial progress flagged at G20MacroScope / Reuters

Perils of a half-baked rescue for Spain and ItalyThe Telegraph
Germany and France are doubling up on a high-risk gamble. The tentative deal at the G20 summit to mobilise the EU's rescue machinery to douse the raging fire in Spain and Italy comes in the nick of time, but is fraught with fresh dangers.

U.S.
Flirtin’ with DisasterJohn Mauldin / The Big Picture

Expect Fed to Twist and keep its big guns silentSaxo Bank
The outcome of this week's FOMC meeting is more difficult to call than most, but my baseline would be for more Operation Twist. Quantitative Easing would be more politically divisive, giving anti-Fed Senators ammunition to spread scare stories.

Is Merkel misinterpreted? Will the FOMC move decisively?Saxo Bank

OTHER
Australia’s inverted yield curve points to recessionASA

If We’re Heading Towards a 1930s-Style Depression, Why Is the Stock Market So Bullish?EconoMonitor
Is it a case of short-term delusions, leading to later major stock market debacles? If so — is it time to go short? Or does the market know something we don’t?