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| Source: Reuters by Flasseur & Donovan |
Previously
on MoreLiver’s:
Roundups & Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer
– alphaville
/ FT
EZ
confidence declines further – Kiron
Sarkar / The Big Picture
Roundup – A
View From My Screens
Bernanke to
Preach not Print Tomorrow – TF
Market Advisors
Is this the
Price Signal We have been Waiting For? – Marc
to Market
Tyler’s European Summary – ZH
Spanish
Bonds Slump Most In A Month As Europe Turns Red
Tyler’s US Summary – ZH
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
Morgan Stanley: Concerns about the German Constitutional Court? – ZH
40% Chance German Court Does Not Ratify ESM
40% Chance German Court Does Not Ratify ESM
Europe’s Crisis Goes to Court – Project
Syndicate
Economists almost everywhere are debating
potential solutions to the euro crisis, while failing to account for one
crucial element of any resolution: the German Constitutional Court. But, given that no solution can be implemented without the court's
approval, debates that disregard it are meaningless.
EU commission gears up for banking union
legislation – euobserver
Legislation to establish a banking union for
the eurozone will be tabled on 12 September, European Commission President Jose
Barroso said Thursday.
In Germany, once thought to be almost invincible and somehow outside the recession
that is raging in Europe, the crisis is just beginning
Portugal and a second bailout – alphaville
/ FT
A second bailout may well be on the cards if the Troika is genuinely convinced that the government cannot do more to reach the agreed targets and that further austerity measures will just exacerbate the recession.
A second bailout may well be on the cards if the Troika is genuinely convinced that the government cannot do more to reach the agreed targets and that further austerity measures will just exacerbate the recession.
Another southern front – The Economist
As Greece fights to stay in the
euro, Spain moves closer to a bail-out
Goldman Sachs: Three Rationales For Sovereign
Debt Purchases – ZH
As a flexible and immediately available source
of sovereign funding, central bank financing is a powerful tool to deal with
crisis situations. But it lacks political legitimacy and can blunt the
incentives for more fundamental consolidation and reform to take place, helping
to transform a crisis into a chronic problem.
High gloom – The Economist
Don’t expect the ECB single-handedly to save
the euro
Eurozone Retail Sales Decline 15th Month,
Plunge Led by Italy, France; German Sales Contract Slightly – Mish’s
OTHER
One More Bear Market, Please – The
Short Side of the Long
I plan to respect both the time and inflation
adjusted price of the current equity bear market. Relative to previous
historical patterns, my secular bear market model shows that an expected bottom
should be somewhere in the middle part of this decade.
There is a great deal at stake as German trade
deficit with China has basically disappeared this year - for the first time since the 90s.
Germany can not afford to jeopardize its sales to China which have been a key
driver of Germany's export growth.
Chan’s analysis suggests that those big
arguments over how China defines “cities” are
missing the a key point. It’s how you define urban people that matters…research
suggests China’s urbanisation to date hasn’t created a booming middle class
EMEA Weekly: Week 36 – Danske
Bank (pdf)
Commodities Forecast Update – Danske
Bank (pdf)
On track for a decent H2 - but still waiting
for China
IN FINNISH
Rakentajien
hintaodotukset laskussa – euroetana
Irlannin asuntomarkkina kolkuttelee pohjaa – euroetana
EU:n komission
ehdotus luottolaitosten ja sijoituspalveluyritysten elvytys- ja kriisinratkaisudirektiiviksi
eduskunnalle – Valtiovarainministeriö
Hallituksen vuoden
2013 talousarvioesityksen tunnuslukuja ja katsaus talousnäkymiin – Valtiovarainministeriö