Summit coming closer, but the goals are moving farther. Excellent articles here, but do see last night’s US Close: Best Content Since... as well.
News &
Recap – 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: Housing Offers Glimmer of Hope – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
The T
Report – TF
Market Advisors
EZ remains
on hold – Kiron Sarkar / The Big Picture
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
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
Target2 and the Euro Crisis – Karl Whelan / University
College Dublin (pdf)
Member of
expert panel advising European Parliament ECON committee on monetary policy
dialogue with ECB on possible breakup: will
German citizens have to pay over €700 billion in taxes to recapitalise the Bundesbank?
My answer is no.
Meeting of EU Cardinals around the corner? – Saxo
Bank
Steen
Jakobsen: One of our central premises
during this EU debt crisis has been that it will only end when we have a
‘Meeting of the Cardinals’, a meeting of key EU players once the crisis reaches
a critical phase that results in a dramatic restructuring of Europe.
To Save the Euro, Leave It – Opinion
/ NYT
Griffin (founder of the hedge fund giant Citadel) and Kashyap
(professor at Uni Chicago Booth) suggest Germany should leave.
Save the Euro? Who for? – Golem XIV
So when George Soros and various politicians and bankers insist on exhorting us to ‘Save the Euro’ might it not be helpful if they could at least be clear what exactly they have in mind to be saved, who will benefit if it is, who will lose if it isn’t and who will pay either way? One question we could ask about the Euro is what exactly will be lost if the Euro were not ‘saved’?
So when George Soros and various politicians and bankers insist on exhorting us to ‘Save the Euro’ might it not be helpful if they could at least be clear what exactly they have in mind to be saved, who will benefit if it is, who will lose if it isn’t and who will pay either way? One question we could ask about the Euro is what exactly will be lost if the Euro were not ‘saved’?
Debt crisis: the benefits of selective
eurozone default – Steve Collins’
EURO CRISIS: SUMMIT
EU Summit - another very small step closer – Danske
Bank (pdf)
Market expectations ahead of the EU Summit seem
to be limited this time. Most analysts and commentators appear to be of the
view that this will be another disappointment – which is the main reason we
have seen risk-off moves this week.
Look beyond summits for euro salvation – Martin
Wolf / FT
Pre-summit discord – MacroScope
/ Reuters
EURO CRISIS: PIIGS
Mario Monti and the Limits of Technocracy – View
/ BB
In a broken political system, which Italy’s is, the rule of
technocrats can serve a vital temporary purpose. We applaud what Monti has
done. But as Italy’s economic crisis escalates once again, its leaders can no longer put
politics aside. That’s both understandable and inevitable, if not all that
encouraging.
Italy Pays More For 6 Month Debt Than America Pays For 30 Year, As LTRO Claims Its First Bank Insolvency – ZH
Another EU conference, another round of
'prudent' Germany shaming eurozone underperformers like Spain. Why won't anyone
acknowledge Germany's role in creating economic beartraps like the Spanish housing bubble?
CHINA
Making sense of six Chinas – Foreign
Policy
The best way to make sense of the current state
of affairs in China is to think of not one but several "Chinas" -- each is real,
but none by itself is the full reality.
OTHER
A slowing buildup of global reserves – alphaville
/ FT