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Wednesday, February 13

13th Feb - US Open



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Previously on MoreLiver’s:

Roundups & Commentary
Frontrunning – ZH
Overnight: Cable Snaps As Bank Of England Welcomes The Currency Wars – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe

Morning MarketBeat: The State of Consumer Spending is Not Strong – WSJ
Broker Note Briefing – WSJ
Choppy FX Conditions in the Fog of War – Marc to Market
Morning Briefing (EU/US): Popular delusions and the blandness of accords – BNY Mellon
  The G7 statement: a camel is a horse designed by a committee


EUROPE
Rajoy unconfined? – Free exchange / The Economist
As in other countries in Europe, it is hard to unravel weak demand for credit from feeble supply. But speaker after speaker pointed to credit availability as a big problem. Spain's banking system is slimming down, as failed banks are restructured.

Two EU countries shut down money laundering probes – euobserver
Austria and Finland have said their companies did no wrong in a case of suspected Russia-EU money laundering. But victims of the crime disagree.

Cyprus a “Laundry Machine for Dirty Russian Money” – GFI
Russia Hemorrhages at Least US$211.5 Bln in Illicit Financial Outflows from 1994-2011, Illegal Inflows of Capital Estimated at US$552.9 Billion; Driving Underground Economy, Crime, Tax Evasion. US$764.3 Billion in Total Illicit Flows (Inflows + Outflows) Measured. Russia’s Underground Economy Averages 46% of GDP, 35% in 2011; Weak Governance and Endemic Tax Evasion Lead to Increasing Outflows

OTHER
Market tries to recover from G7 fallout – here comes G20 – TradingFloor
John J Hardy: The G7 confusion yesterday leaves the market uncertain on the G20 outcome. Remember that the G20 is a much larger and more unwieldy body. The meeting will be important for the JPY trajectory from here.

G-20 Has Little Chance of Preventing a Currency War – WSJ

CDS committee is having a seriously bad month – alphaville / FT
Whether the nationalisation of SNS Bank counts as a “credit event”...reveals some of the problems that might crop up in future bank rescues and bail-ins of debt while demonstrating yet again that CDS don’t appear to do what a reasonable person would think they do.

IN FINNISH
Saiko Bryssel tarjouksen, josta ei voi kieltäytyä? – Jan Hurri / TalSa
Kyproksen "pelastaminen" voi olla europäättäjille yhtä kuin tarjous, josta ei voi kieltäytyä. Mafiaelokuvassa uhkaava tarjous kuuluisi: te pelastatte Kyproksen tai sitten itkette ja pelastatte. Oikea valinta ei ole sen helpompi: europäättäjät joko pelastavat rahanpesijöitä tai sitten he syövät sanojaan – ja ottavat riskin pääomapaniikista.

EU-maksukiista sekavoituu entisestään - Suomi poikkeaa itse tekemästään päätöksestä – YLE
Hallituksen ilmoittamat maksuluvut on laskettu valtiovarainministeriön omilla laskukaavoilla, vaikka EU-ministerivaliokunta päätti jo kesällä 2007 soveltaa komission laskutapaa.