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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

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 probeseuobserver
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

Market tries to recover from G7 fallout – here comes G20TradingFloor
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 WarWSJ

CDS committee is having a seriously bad monthalphaville / 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.

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 päätöksestäYLE
Hallituksen ilmoittamat maksuluvut on laskettu valtiovarainministeriön omilla laskukaavoilla, vaikka EU-ministerivaliokunta päätti jo kesällä 2007 soveltaa komission laskutapaa.