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Thursday, April 11

11th Apr - US Close: Portugal & Slovenia?



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EUROPE
Eurozone Math; One Size Fits Germany; Door Number Two Mish’s

Tobin Tax is madness for Europe, and economic war against BritainThe Telegraph
France's experiment with the Tobin Tax has proved a spectacular flop. Its finance ministry admits that the scattershot levy on financial transactions has raised just a third of the money expected since August.

Chancellor Merkel Tells Euro Zone to Stop Being AnnoyingWSJ
Merkel's latest message to the embattled euro zone? Stop being annoying—it’s getting on emerging economies’ nerves.

  PIIGS
Leaked eurogroup paper: trouble ahead for Portugal?Brussels blog / FT
Although Cyprus has pushed its way back into the news, the main event at Friday’s meeting of eurozone finance ministers in Dublin is expected to be a decision on whether to give Ireland and Portugal more time to pay off their EU bailout loans.


Cyprus forced to find extra €6bn for bailout, leaked analysis showsThe Guardian
Less than a month after deal was agreed the bailout bill has risen to €23bn – larger than the size of the Cypriot economy.


Portugal, Ireland to win time to repay loans: DijsselbloemReuters
CORK, Ireland - Euro zone finance ministers will probably agree on Friday to give Ireland and Portugal seven more years to repay loans from the European Union, a senior official said on Thursday, to help both countries return to financial markets.

Who’s next in line in the eurozone crisis?Open Europe
Portugal and Slovenia are the prime candidates (full pdf)
 
Spanish Home Prices Plunge Most On RecordZH

Analysis: If Cyprus can sell gold to help bailout, why not others?Reuters
Heavily indebted euro zone nations such as Italy and Portugal could come under pressure to put their bullion reserves to work as a result of plans for Cyprus to sell gold to meet its financing needs.

ASIA
Displaced JGB InvestorsMarc to Market
What the Bank of Japan is doing is not unprecedented. Rather it is the pace of its asset purchases that is striking.

Joseph Stiglitz : Why Abenomics will workThe Sydney Morning Herald

Monetary Policy In A Liquidity TrapKrugman / NYT
The hope now is that things have changed enough at the Bank of Japan that this time it can, as I put it all those years ago, “credibly promise to be irresponsible”.

Is the Yen overdone — not even close!Peter Brandt

OTHER
Post BoJ New World QuizMacro Man
Fun!

IMF Global Financial Stability Report (GFSR) April 2013IMF
Summary version: Chapters 2 and 3

EMEA WeeklyDanske Bank (pdf)

IN FINNISH
Puuttuva pätkä putkeaHannu Visti
Esitän tässä suomalaisen julkisen sektorin ongelman, mutta asia on yleistettävissä valtaosaan muistakin länsimaista. Esityksen taiteellinen taso ei päätä huimaa, mutta emme anna sen häiritä.

Säkillä valoa Kreikan pimeyteenJanne Saarikko / Navi Group