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Thursday, December 27

27th Dec - Abnormal Update

My blog is still in holiday mood and returns to normalcy after the weekend. But just some recent articles to keep up with the world.

In addition to the fiscal cliff excitement, the big move to weaker Japanese yen and the clash between IMF and EU on the bailout of Cyprus seem to be the most important themes. I will do a "2012, 2013"-special during the weekend, just like I did last year (2011 Special and 2012 Special).




Previously on MoreLiver’s:





EUROPE
Ireland & Cyprus: subjects of revisionist euro history?Brussels blog / FT
One of the hardest things about keeping on top of the eurozone crisis is the tendency for issues once regarded as done and dusted to re-emerge months later as undecided. In the new year, there are two places where this revisionism will be thrust back into the limelight: Cyprus and Ireland.

The Passion of Monti: A Christmas StoryMarc to Market
Monti was looked upon as the savior of Italy after Berlusconi had undermined its gravitas on the world stage with his antics that are unbecoming of a man of his stature.   Yet Monti took his role too seriously and not seriously enough. 

Greece not doing enough against rich tax dodgers, say EU/IMFReuters
Greece's drive to crack down on flagrant tax evaders such as doctors and lawyers is flagging and must be reinvigorated, a report by the European Union and International Monetary Fund said on Monday.

Greece Will Miss 2012 Tax Reform Targets — EU/IMF ReportWSJ
Greece will miss tax reform goals set for this year and needs to do more to chase down wealthier tax cheats, a report by the country's international creditors said

UNITED STATES
Washington stirs for "fiscal cliff" talks as Obama heads homeReuters
Efforts to prevent the U.S. economy from going over a "fiscal cliff" stirred back to life on Wednesday with less than a week to go before potentially disastrous tax hikes and spending cuts kick in at the New Year.

ASIA
Missing The Big Japan StoryTim Duy’s Fed Watch

The yen lost its status as a "safe haven" currencySober Look

OTHER
Global Macro UpdateThe Short Side of the Long
When I look at the overall global macro picture for risk assets, I get a picture of an ending investment cycle. Let us understand that the majority of risk assets have bottomed between October 2008 and March 2009. What followed next was a dramatic reflationary bull market, which has lasted for some 4 years… I'd argue that the majority of the equity gains are now just about done.

The Ultimate Global Risk Matrix - In Seven DimensionsZH
BBVA’s “distance to risk”-map

A decisive year for ‘deglobalisation’The A-list / FT
Since the crisis cross-border lending has fallen sharply and the ambitions of major American and European banks have been scaled back. HSBC has withdrawn from a number of countries; Citibank and Barclay’s have other preoccupations. The continental European banks are struggling to strengthen their capital bases, and emerging market assets have been realised to bolster the parents’ balance sheets. So are we entering a new age of financial deglobalisation? If so, should we care?