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Wednesday, June 27

27th Jun - US Open


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
Narrow Ranges Prevail; Waiting for Godot – Marc to Market
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
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

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EURO CRISIS
Target2 and the Euro CrisisKarl 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 ItOpinion / 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’?

Debt crisis: the benefits of selective eurozone defaultSteve Collins’

EURO CRISIS: SUMMIT
EU Summit - another very small step closerDanske 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 salvationMartin Wolf / FT

Pre-summit discordMacroScope / Reuters

Germany stays tough on eurobonds, opens up on Spaineuobserver

EURO CRISIS: PIIGS
Mario Monti and the Limits of TechnocracyView / 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 InsolvencyZH

Why the Spanish housing bubble was partly Germany's faultSaxo Bank
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
China’s foreign debt keeps risingalphaville / FT

Making sense of six ChinasForeign 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 reservesalphaville / FT