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Monday, January 27

27th Jan - Emergency Markets

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Bundesbank calls for capital levy to avert government bankruptcies Reuters
Bundesbank's Stunner To Broke Eurozone Nations ZH
Germany's Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help.

Squaring the Eurozone’s Vicious Circle Project Syndicate
Against this background, European policymakers and regulators must take action to encourage banks to diversify their sovereign-debt holdings. Of course, a common fiscal backstop (along with a single banking supervisor) would eliminate the bias. But there is strong resistance to the fundamental changes to the eurozone’s architecture that this would require. A more feasible solution would be to introduce an explicit regulatory bias against home-country sovereign-debt holdings.

Klaus Regling Talks Bailouts, IMF, Greece and Deflation WSJ
A full transcript of WSJ's interview with the head of the euro-zone bailout funds, Klaus Regling, weighs in on Greece's debt, low inflation and the relationship between the euro area and the IMF.

EU Mulls Faster Pooling of Euro Bank-Resolution Fund’s Resources BB

Euro Jobless Record Not Whole Story as Italians Give Up BB
Bloomberg survey reveals serious labour and social crisis in Europe – New Europe
While economists predict unemployment in December stayed at an all-time high of 12.1 percent, with about 19 million jobless, that tally excludes legions of adults who would also work if they could. Bloomberg calculations for the third quarter show a wider total of 31.2 million people of all ages are either looking for jobs, willing to do so though unavailable, or else have given up.

Five minutes with Nigel FarageEuropp / LSE
“The European Parliament elections may ultimately decide whether we get a referendum on EU membership”

Focus Germany: Onward and upwardDB Research
We see economic growth in the order of 1.5% this year. Continuously strong private consumption and a rise in investment in machinery and equipment for the first time in two years are expected to lay the foundation for this solid performance.

ECB poised for battle to ward off deflationFT
Draghi has signalled that he would be prepared for the ECB to fight deflation in Europe by buying packages of bank loans to households and companies.

Davos 2014: Eurozone inflation 'way below target' BBC
Lagarde: Despite signs of recovery across the world, potential risks must not be ignored. Eurozone inflation, at 0.8%, remained "way below" the 2% target set by the ECB.

ECB Confronted by Banks Testing Exit, Threat to RecoveryBB
Rising market rates are posing a dilemma for ECB officials trying to keep their ultra-expansive monetary policy in place.

ECB's Knot: No need for action to bring down market ratesReuters
The ECB is concerned about volatility in short-term interest rates, but not ready to engage in any policy action to counter it, Governing Council member Klaas Knot was quoted as saying.

Needed in Europe: More InflationWSJ
Stagnant Prices Restrain Recovery in Weaker 'Peripheral' Countries Such as Spain, Italy

Strong Ifo reading increases German growth conundrum – Merkelnomics
German Ifo: Looking good, but open to EM threat – TradingFloor

FOMC Preview: More TaperingCalculated Risk

Janet Yellen Inherits ‘Another Nice Mess’WSJ

Why the Worst May Soon Be Over, in Two ChartsWSJ

Charting New Home Sales: Good and Bad in December Report – WSJ
New Home Prices: New Record for Average and Median in 2013 – Calculated Risk
Existing Home Inventory up 1.8% year-over-year on Jan 27 – Calculated Risk

Japan Has Record Trade Deficit as Rising Fuel Bill Hurts Growth – BB
Japanese Bond Yields Tumble To 9-Month Lows As Asian CDS Surge – ZH
Yen Falls, Ends 2-Day Gain on Japan Trade Deficit; Aussie Rises – BB

China Default-Swap Bets at 14-Month High on Trust Flops – BB

5 Takeaways From the Emerging Market Rout of 2014WSJ
Don’t blame the Fed * Not all emerging markets are the same * Expect investors to discriminate * Countries that dither may need bailouts * The contagion still could spread *

What Blows Up First? Part 3: Subprime CountriesSafe Haven

Emerging Market FX: The Straw That Broke The Carry-Trade's BackZH

Emerging-Market VIX Surges Most in Two Years on SelloffBB

Where Last Week's Selloff Pain Was Most Acute?ZH

HSBC's Four Reasons Why Current EM Jitters May LastZH

The Turkish Lira's Surreal 1500 Pip, Six-Hour RoundtripZH

Emerging Market VolatilityThe Short Side of Long

Are the BRICS in midlife crisis?Nouriel Roubin / Davos

It's like 1997 all over againFree exchange / The Economist

Emerging-Market Stocks Decline as Ruble Breaches Band BB

BRICs under pressureSober Look

Eurostako hyötyä Suomelle? Akateeminen talousblogi

Kauma: Yritysten liikevaihdon alarajat tulee päivittää nykypäiväänVerkkouutiset
Orpo: "Yhdenkään veron korottaminen ei ole voitto"Verkkouutiset
First North -aloite keräsi laajan tuen eduskunnassaVerkkouutiset

Kruunu ottaa omansa – viisi havaintoa kiristyvästä verotuksesta EVA
EVA: Verojen korotuskierre kurittaa Suomea – EK
EVA: Yli 5 mrd:n veronkorotuksista vain kolmannes "hyvää verotusta" – Verkkouutiset

Kuluttajien näkemykset yleisestä taloudesta kohentuivat – Tilastokeskus
Kuluttajabarometri: Suomalaisten luottamus talouteen kohentui – YLE
Luottamusindikaattorit kääntyivät laskuun – EK
Yritysten luottamus talouteen heikkeni – YLE