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Tuesday, March 5

5th Mar - US Close

Interesting! Italy's Five Star-party hires Stiglitz to write their economic program. Something that the EU commission should have thought about. Add to that the 5* has stated it will not accept a technocratic government, and it could very well be that Italy will end up having a sane, debt-restructuring, euro-exiting and fiscally less austere government at some point. 

Also, plenty of Finnish stuff: the antieuro True Finns have made statements that do not suggest demands for an immediate euro exit. This somehow is big news, though nothing has changed policy-wise.

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT

Tomorrow’s Tape: ADP Jobs Report, Beige Book – WSJ
US: "Mission Accomplished" – ZH

Morning Briefing (Asia): Rallies Into Record TerritoryBNY Mellon
  It’s time to update our risk calendar through until the end of March

When economists attack: Paul Krugman vs Olli RehnBrussels blog / FT

Draghi Will Need to Push the Euro Down Some MoreWSJ
With the euro-zone recovery proving weaker than hoped, Italian politics proving as intractable as feared and the euro itself failing to fall far, there is every reason for Mario Draghi to hint at more monetary-policy easing this time round, writes columnist Nicholas Hastings.

Italy to Keep ECB On Hold Despite Gloomier Outlook ThursdayWSJ
The ECB is unlikely to provide further stimulus to the euro-zone economy on Thursday, but persistently weak economic growth has some economists looking for a rate cut later this year.

The Spanish unemployment mystery (part 1)ibexsalad
Lower wages, part time work and a generalized downsizing being subsidized by unemployment insurance.

EU Calls on Spain to Hike Taxes Again, Economic Stupidity at its FinestMish’s

"Grillonomics" Beppe Grillo Exchanges Emails with Krugman, Calls on Stiglitz and Fitoussi to Create Five-Star Economic PlanMish’s

Italy update: Uncertainty here to stayNordea

Reform denial poses bigger threat to Italy than austerityThe A-list / FT
An apparently obvious conclusion from last month’s Italian elections is that citizens – ie, voters – don’t like austerity programmes. The question that voters, especially in Italy, may not yet have reflected upon is what is the alternative in order to reduce the excessive burden of the debt, public or private, which has been accumulated over the past. There are at least three choices.

Why Don’t We Have Deflation?Krugman / NYT
Nominal rigidity e.g. sticky wages

The wealth (declining?) effectalphaville / FT
The recovery of household wealth, if it continues, is a countervailing force against the decline in disposable income resulting from the payroll tax cut expiry and the parts of ongoing government austerity measures

361 Capital Weekly Research BriefingThe Reformed Broker

Timo Soinin lausunto ihmetyttää – Soini myöntää muutoksen: ”Ei Suomi voi yksin lähteä”US

Soini, PTT:n tutkimus ja eurointoilijoiden todellisuusToimi Kankaanniemi / US Puheenvuoro

Kuka ajoi PTT:n miinaan?Henri Myllyniemi / US Puheenvuoro

Puheeni London School of Economicsissa (suomennos)Timo Soini

Talouskuripolitiikka on pitkittänyt taantumaaRiikka Söyring / US Puheenvuoro

Euro - torakat jäävät laivaanJuha Lehtinen / US Puheenvuoro

Demarivaikuttaja: Brysselin politiikka johtaa vaikeaan valintaan – ”Kipupiste lähenee”US
Valtiotieteiden tohtori Seppo Lindblomin mukaan Euroopan unionin politiikka ja viimeaikainen kehitys ovat asettaneet ihmiset ikävän valinnan eteen. Lindblomin mielestä EU:n yhdentymistä ollaan viemässä niin pitkälle, että siihen on EU-kriitikoiden lisäksi tyytymätön myös moni myönteisesti unioniin suhtautuva.
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