31st Jan - LTRO counterproductive?

Good luck getting a decent living when older. Source

Several interesting articles on how the LTRO is not as great as it originally was thought to be. More LTRO will just crowd out proper holders of the debt and make everyone reliant on ECB. The more the LTRO size is increased, the more strained the bank balance sheets become as all bonds will be pushed to ECB for some 1% money. 

Peter Tchir points out that the recent moves seen in Italian and Spanish bond yields are nothing spectacular, and similar relief moves were seen twice in the past 6 months. Is LTRO the solution, part of the solution, a partial but inadequate solution or part of the problem?

Surprisingly the Greek PSI negotiations are in a stand-still, and Greece suggested an extra EU summit for February on related matters. No wonder Greece is in a such a trouble - they still believe in EU summits! 

Today I've spent four hours combing through the daily articles, from 204 feed subscriptions and roughly 500 articles I present the ones below. Leave a comment, share the MoreLiver, follow me on Twitter or Facebook and email me for suggestions.

31st Jan - When even UK looks sane

I wrote about the evils of Sarkozy last night. I still wonder these selfish bureaucrats who needed the help of their class mates with their course work in their elite universities, but were very good at looking and feeling convincing and trustworthy (=your typical politician). How much are they prepared to destroy the national wealth and competitiveness just to get re-elected? I repeat my FU to Sarkozy. UK is probably the only country in Europe with somewhat sane and sober leaders. And that is a lot for a country where cabinet members are found dead in their closets with an orange in their mouth.

30th Jan - Sarkozy's Crazy FTT

Spot the odd one out. Source: Bespoke

Sarkozy is trying his best to look electable against that stinky socialist who is leading in the polls. The French little man's plan is to push through  a watered-down financial transaction tax (FTT) scheme that would make him look tough on banks. More importantly, this is something his opposition has promised to do as well, so by establishing the tax he is taking away one reason to vote his adversary. 

30th Jan - Germany pushed Greece

Kiel Institute did some calc for Der Spiegel

Weekend's main discussion topics were German demands for Greece to give up its fiscal sovereignity. This would be meaningless in the real world, where Greece has been completely reliant on foreign aid for centuries. The real signal that commentators are reading from this is that...

29th Jan - Guest: Great Expectations

A guest post by Martin from Macronomics. Oh yes, I just updated the Calendar page.

Markets update - Credit - Great Expectations

"Take nothing on its looks; take everything on evidence. There's no better rule."
Charles Dickens, Great Expectations

Another reference to Charles Dickens, following on our conversation "A Tale of Two Central Banks", given the importance of the rally year to date in the credit space. Indeed, it seems to us markets have "Great Expectations", and although Charles Dickens decided to rewrite the end of his book as the ending was deemed too sad, we think it would be preposterous for us to revise our negative stance on Europe, given the current PSI overhang reminiscent of a Damocles sword and the acceleration in the deterioration of the Portuguese situation (which warrants cautious monitoring in the coming weeks/months).

In our credit conversation we will go through the significant tightening witnessed since the implementation of the LTRO supported by the latest FOMC decision by the FED.

28th Jan - Weekender: Blue horseshoe loves Portugal

Weekender is here! Again a massive load of interesting articles. To the right a video from Stratfor. They think Greece is toast: since ancient times the country has never been anything  without an outside sponsor. Who will be their sugar daddy after the EU? NATO? Russians? China? 

As Greece is about to default and exit the euro zone, same ideas will come up or be forced upon other countries as well. Obviously this implies that Blue horseshoe loves Portugal. 

28th Jan - Weekly Support

Here are the links to the ending week’s summaries and the next week’s previews. I've made some changes - from now on the regular posts with weekly reviews and previews will be called Weekly Support, while the actual linkfest will be posted separately under the name Weekender. This post will be updated later.

You can follow me on Twitter or Facebook and email me for suggestions and requests. I also have an automated publication based on the twitter feeds I follow at paper.li

To the links:

27th Jan - Press Digest

Here are some weekend reads, almost all of them on European crisis from my "big three".

- MoreLiver

27th Jan - Best of The Week

Here is a fine selection of this week's best blog writings. Coming up next: Press Digest, Weekly Support and Weekender-posts. I'm thinking of experimenting with not inserting a break to the posts - meaning that the front page of the blog would show only one post fully. What do you think?

- MoreLiver

27th Jan - Lagarde's road show

Just a quickie morning brief list. Up next are the usual weekend posts.

26th Jan - Risk-on lasted four weeks the last time

My BS is bigger.

Nothing terribly special. General feel-good after easier-sounding Fed and Apple's astounding quarterly earnings, but the Portugal is still there. I think we've seen this earlier: EURUSD (and US stocks) rallied the whole October on the idea that "Europe finally gets it", only to reverse quickly.  

After the Greece is solved, either by demoting it to "a country in Sub-Alpine African region" or by making the whole country pensioners without voting rights in European matters, Portugal is next. And I am not terribly convinced that the austerity measures in Spain and Italy can and will be solved by the constant recycling and leveraging of the ultimately German guarantee. Sometime soon, perhaps mid-Feb, another round of risk-off is coming. 

To the links: 

26th Jan - Guest: The Law of Unintended Consequences

After yesterday's morning briefer, I posted Assault on Default (why are they so afraid of sovereign defaults) and ECB drawn in to restructurings (IMF suggests ECB should also take a hit on Greece).

You can follow me on Twitter or Facebook and email me for suggestions and requests. I also have an automated publication based on feeds I follow at paper.li

Now to morning links, followed by a guest post by Martin from Macronomics.

25th Jan - ECB drawn in to restructurings

Greek decision tree from Barclays via alphaville / FT

Main news of the day – IMF is suggesting that the ECB should also participate in the Greek restructuring, as possibly the debt level cannot be lowered enough with only haircutting private investors’ holdings. ECB does not like the idea one bit, but hey, IMF is more senior. The market week surprised just when I least expected it.

Attention all European national central bankers! Prepare to recap your holding company on three! One….Two….Recap!

25th Jan - Assault on Default

Assault on Default

Why are the eurocrats so scared of triggering the CDS-contracts? I think pretension.  The current Basel-accord and ECB collateral practice accepts any OECD bond without haircuts or perceived risk.  Even though Greece has for all practical purposes defaulted, it will set a precedent – that no-one is safe. It would be much harder to insist that sovereign debt is risk-free. No wonder this is exactly what the IMF thinks is the top priority in order to solve the crisis: the sovereigns must again become risk-free. I don’t think that is possible anymore, the genie is out of the bottle and will not go back.

25th Jan - Briefs

Morning briefing links below, for other readings see last night's post.

24th Jan - PSI? Bank plans? Stability Widget Funding?

Excellent articles, several must-reads in this post. I had something to say earlier today, but I believe your interests are best served by reading the material and just thinking about the below three-point crisis map. 

MoreLiver’s Crisis Rules

1. Do they have a plan – if not, the leaders have trouble sticking to the same story

2. How they are looking – when the game is up, it is visible on the face of the leader.

3. End near – when they begin to tell the same stories.

Quote of the Day: Last week a journalist conducted a poll asking if the euro crisis was over. Far from it – the ECB has just bought a bit more time for European leaders to waste. – Lombard Street Research

Joke of the YEAR: Guess who was hired to head the fund-raising of ESM? Jacques Santer, previously the president of the EU Commission that resigned in 1999 amid allegations of corruption. An independent panel at the time noted that "it is difficult to find anyone who has even the slightest sense of responsibility" in his institution. – euobserver.com

24th Jan - AFK

I have several thoughts that I will put into my evening post. Just the regular links: 

23rd Jan - Portugal and Germany's 'Ausstieg'

Insert your ridiculous phallus joke right here. FT

After a busy weekend, again a surprising number of interesting articles.  Two of my favorite authors on euro crisis (see e.g. this pdf) have come up with a new one, claiming that to be effective, required size of the 'bazooka' is €2.5 trillion (that's in a good scenario. If SHTF, it would go up to €5trn. 

23rd Jan - Just sign here and don't think

Portugal -a closet Greece?

Interesting spectacle on Sunday: Italian PM suggested doubling the ESM from current plans of €500bn to full 1trn, and got a no from Germany immediately. The ESM should be agreed upon on Monday and signed on 30-Jan. There is the possibility of increasing ESM’s size later, so why the rush? 

22nd Jan - Weekender

Get back on the boat, for fuck's sake

While the real too-big-to-fails, Spain and Italy, have been relatively calm after the LTRO injection, Portugal's bond yields have had a very Greekish fever. The Greek PSI negotiations have just been halted, right before the eurocrat techno raves on Monday and Tuesday. The deadline is approaching, but it would not be the first time when the dates are pushed forward until a satisfactory solution is at hand - namely, more muddle-through.

22nd Jan - Weekly Support

Here are the links to the ending week’s summaries and the next week’s previews. I've made some changes - from now on the regular posts with weekly reviews and previews will be called Weekly Support, while the actual linkfest will still be posted separately under the name Weekender. This page might be updated later.

You can follow me on Twitter or Facebook and email me for suggestions and requests. I also have an automated publication based on the twitter feeds I follow at paper.li

To the links:

21st Jan - Best of The Week

Here are the best links from the past week. Weekender-post coming on Sunday. I highlighted the really good and the timeless ones.  

You can follow me on Twitter or Facebook and email me for suggestions and requests. I also have an automated publication based on feeds I follow at paper.li

To the links:

21st Jan - Press Digest

Here are selected press articles on the Euro Crisis from the past week. I will next post a Best of the Week and a Weekender.

-MoreLiver

 

The Telegraph

France and Germany plan for EU-wide tax regime – The Telegraph

20th Jan - Guest: The European Overdiagnosis

A long Weekender-post coming up - or possibly two. Meanwhile, here's a very nice guest post by Martin from Macronomics.

Markets update - Credit - The European Overdiagnosis

"Analysis does not set out to make pathological reactions impossible, but to give the patient's ego freedom to decide one way or another."
Sigmund Freud

Following on our meditations on Bayesian outcomes, and the "European Principle of Indifference", it appeared to us appropriate this time around to focus on the unintended consequences of applying nonsensical decisions to nonsensical results, hence, we have decided this time around to use the analogy of overdiagnosis relating to our European issues:

20th Jan - Treaty treats

Greek negotiation flowchart by BNP, source WSJ

Here's a shorter morning post: last night's Croatian warning basically ate up all the good material.

You can follow me on Twitter and Facebook and email me for suggestions and requests. MoreLiver’s Daily is now also on paper.li

To the links:

19th Jan - Croatia: Go back, it's a trap!

For my three regular readers in Croatia, please remember my post Msg to Croatia & Guide to naked beggars.Vote wisely next weekend. Two articles linked below.

Markets are in a risk-on mode ahead of the PSI- and treaty results. Remember what I told you about markets driven by news?  Or earlier today on Merkel's end game posture? I think it will soon be time for another "buy the rumor, sell the news".

 

MoreLiver’s Daily is now on paper.li

 To the links:

19th Jan - Saving Faces

Crack of light, but is it enough? Source

For the past couple of months the thinking has become more varied. This is a good trend, as any policy choice or forecast cannot reasonably be evaluated alone. First the euro and convergence were the dogma, but reality quickly dispatched those dreams. Then austerity as a necessary and only solution became the official line, only to be proven ineffective. Now that almost everyone is broke and those with money left do not want to play the game anymore, we are getting  more coverage of alternative views.

Voices that perhaps Germany is also to blame have become stronger. While being intellectually honest usually is a good thing, there are basically two scenarios with radically different outcomes that will follow from this: either Germany admits that the ECB policy and the trade imbalances have basically made Germany what it is today, and the imbalances need to be addressed through monetary and fiscal policies and a German trade deficit with the rest of the EU, or Germany leaves the EU in order to avoid facing the awkward truth.

Politically, I see zero chance of Germany understanding, admitting and acting on the reality. They would rather just leave the club and later blame the balancing of European internal trade- and debt imbalances on everyone else. Of course, this would make the eventual cost to Germany much larger, but at least they would have saved faces.

- MoreLiver

To the links:

18th Jan - PSI happens

World Bank released some nasty projections, while the world's second-most dangerous man announced that he would like to run it. IMF came up with a new bazooka rumor of a nice, round 1 trillion dollars that nobody believes anymore. PSI negotiations are still going on. 

I'm planning putting together couple of specials, current ideas are: 

•  Nuclear / Middle East review
• Greek default primer
• Euro Breakup reads
• ECB in the End-Game.

Any other ideas or wishes? - MoreLiver

Joke of the Day: Papademos asked Greeks to put their sacrifices in perspective. If all goes well, he said, they could expect “an end to austerity” next year

To the links:

18th Jan - Muddle for now

We're all in this together P = 37% - source: toughmudder

Last  night's post had some nice reads and included my incoherent rant on how the news are currently traded. I'm on Twitter and Facebook,  email me for suggestions and requests.

- MoreLiver

To the links: 

17th Jan - Ranges, until LTRO

Chinese bad GDP figures spurred a rally, as the media said this surely pushes the Beijing to go monetarily easy for a while. This is a familiar phenomenon to market veterans – bad news are actually good, as they allow more TROLOLO (sorry, LTRO) and QE. But it is important that the news are not terribly bad. Just baddish enough to give a reason for the central bankers with the money hose.

I feel the today’s rally was more or less the buy the rumor, sell the news in reverse: the downgrades happened on Friday and everyone (+ their grandmothers) knew for weeks that they were coming. The follow-through on today’s risk-on rally was very weak and markets turned sour towards the close. 

17th Jan - Guest Post: The European Principle of Indifference

Guest post by Martin from Macronomics:

Markets update - Credit - The European Principle of Indifference

"Insanity: doing the same thing over and over again and expecting different results."
Albert Einstein

17th Jan - Morning posts get shorter

Monday’s holiday kind of killed the supply of quality writings. Due to my obligation schedule, I am shortening my morning posts starting from today and occasionally even posting only once a day. Yesterday's evening post had some very good reads on the crisis.

16th Jan - Holiday is Roundup Day

Market holiday, less quality material. Starting from tomorrow, I am shortening my morning posts and occasionally only posting once in the evening.

To the links:

16th Jan - More on Greece and Downgrades

We can kick it!

Another massive linkfest to start another week of kicking the can. My Weekender-post was heavy on Greece and the downgrades, as well as weekly reviews and previews of this week – strongly suggest you take a look at it. I’m on Twitter and Facebook. The few missing links will be updated later.

- MoreLiver.

Quote of the Day: “Instead, the commitment to the fixed exchange rate combined with Germany's failure to recognize that their current account surplus must turn to deficit if they ever hope to be repaid promises to lock the Eurozone on the path of ongoing recession.” – Tim Duy’s Fed Watch

To the links: 

14th Jan - Weekender

Sacré bleu!

Hello, this weekend's links are dominated by the S&P's downgrade of several European countries late Friday and Greece's halted PSI negotiations. The weekly links will be updated during the weekend. Earlier today: Best of The Week and Press Digest. MoreLiver is on Twitter and Facebook.

Quote of the Week: "S&P's report is the most honest, politically incorrect report on the Eurozone debt crisis I have seen in a long, long time." - Steen Jakobsen / Saxo Bank

-MoreLiver

To the links:

14th Jan - Best of The Week

Here are the best reads from my this week's posts. Weekender-summary and preview coming later today. Imminent failures on the Greece (PSI, next tranche, meeting budget limits, having enough aspirine - you name it, they did it), ECB's ever-crazier collaterals and the show in the Middle East were the main events. The euro downgrades came late on Friday and the final word on them has not been written yet. Expect more on the topic in my next post

14th Jan - Press Digest

Here are some recent press articles on the European crisis. I'll post a Weekender-linkfest later today. 

-MoreLiver

 

13th Jan - European downgrade

Friday 13th surprise: Greek negotiations in trouble (no surprise there) and the rumor of S&P downgrading half of Europe after the close. Expect a lot more on these issues tomorrow on my Weekender post. Edit: updated the regular links.

Quote of the Day: So much for those "fantastic" Spanish and Italian auctions: with one simple announcement, S&P is about to generate substantial losses for all those brave few European banks who took out some of their hard embezzled and repoed cash from the ECB, and bought Italian and Spanish bonds. – ‘Tyler Durden’ / Zero Hedge

To the links:

13th Jan - Guest Post: Credit by Macronomics

Guest post by Martin from Macronomics:

Markets update - Credit - Bayesian thoughts

"In the Bayesian (or epistemological) interpretation, probability measures a degree of belief. Bayes' theorem then links the degree of belief in a proposition before and after accounting for evidence. For example, suppose somebody proposes that a biased coin is twice as likely to land heads than tails. Degree of belief in this might initially be 50%. The coin is then flipped a number of times to collect evidence. Belief may rise to 70% if the evidence supports the proposition." - source Wikipedia

Today's analogy refers to our rising degree of belief courtesy of Bayesian statistics but also to the well-studied "optimism bias" which most of us are affected by:

13th Jan - Jason Takes

Coming: guest credit post, possibly an evening post later, and surely a Best of The Week and Weekender tomorrow. 

News 13-Jan morning – BTH

News 13-Jan – the trader

Press Digest 13-Jan: WSJ, FT, NYT, British

Morning Briefing – BNY Mellon

Daily 13-Jan – Danske (pdf)

Market Preview 13-Jan – Saxo

Tape 13-Jan – MarketBeat / WSJ

FX option vols – Saxo

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

Europe Crisis Tracker – WSJ

12th Jan - Livermore!

Jesse Livermore (1877 - 1940)

The auction went ok, but as the maturity was short, this was quite expected. ECB (and BoE) met and did nothing, as things are somewhat more stabile now, with LTRO and all,  but Monti stated there are still downside risks - so nothing much, the obvious was said and vigilance and possibility of further action was signaled. Note the book link at the bottom of the post.

- MoreLiver

To the links:

12th Jan - Waiting...

Good morning! Added a new line to the regular links: press digests by Reuters. Most of the stuff was covered in last night’s post. The ECB previews and euro crisis porn were there, have a look. I'm making a plea: I know from the statistics that I have a very regular audience. Feedback on why you're here would be very helpful. MoreLiver is on Twitter and Facebook and "noproblemanon" at gmail.

- MoreLiver

11th Jan - Is that PSI in your pocket?

A lot of articles for today's second post.  The news are dominated by the Thursday's ECB meeting (expect nothing) and Spanish auction, followed on Friday by an Italian auction. The true main event, slithering behind the curtain, is of course the beloved Greek PSI negotiation. The check has arrived, but nobody wants to pay. I outlined some of this in Greece next March?. The real black horse is Iran, and I've included some fresh reads on the topic. No oil shock expected, whatever happens, as the Saudis are more than happy to enlarge their current account surpluses, so they can buy some pre-IPO Facebook.  Did you know that there is a CDS market on the Saudi sovereign? Funny, as their public debt is so small you need lab equipment to see it.


To the links:

11th Jan - Muddle Through?

Next stops in the opera are ECB (nothing expected), Spanish auction tomorrow and Italian on Friday. Somehow I feel that the whole Financial Transactions Tax is just a smoke screen to play on the electorate and the banks - something to keep everyone occupied and thus participating in the muddle through and not writing or caring too much about the stealth QE, the 'crazy collateral' parked to the ECB or the Greek PSI. Are the eurocrats getting ready to send money to Greece without the PSI? IMF is not going to do it, so perhaps even lower collateral standards on Greece would be the solution? 

10th Jan - Greece next March?

The deposit run from the Greek banks continues

Plenty of talk on the PSI agreement. The risk seems to be that some investors are not taking the voluntary bond swap deal, instead pushing for a CDS-triggering credit event. It would make it very hard for the banks and especially the ECB to pretend that all is well and no losses need to be marked to market. 

As the next bailout payment ought to be coming in March and the Troika of IMF, ECB and EIB have stated that the PSI resolution is a prerequisite, something has to give. Scenarios are:

10th Jan - Crazy Collateral

From the FT's article

News 10-Jan morning – BTH

News 10-Jan – The Trader

Market Preview 10-Jan – Saxo

Morning Briefing 10-Jan – BNY Mellon

  The winter months could prove particularly harsh for Greece.

Daily 10-Jan – Danske (pdf)

FX option vols – Saxo

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

Europe Crisis Tracker – WSJ

9th Jan - Negative Yields

News 9-Jan evening – BTH

Recap 9-Jan – GMT

FX option vols – Saxo

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

Europe Crisis Tracker – WSJ

Quote of the Day: How long until LCH wakes up again and hikes margins sending the entire European bond complex a step function lower? – “Tyler Durden” / Zero Hedge

9th Jan - Middle East, US jobs, Europe's Beast

The ECB's losses from bond purchases €30b

Howdy-ho, a new week, the first proper week of the year. Previously posted Best of The Week and Weekender. If I would read only two posts from my blog every week, these would be them. 

I will later update the Calendar and an evening post is due later. You can follow me on Twitter and Facebook and email me for suggestions and requests. 

To the links:

7th Jan - Weekender

Weekend! Some of the collateral-manufacturing for the ECB has been really absurd, as Peter Tchir's two posts point out. Greece's PSI and elections are a complete mystery. This week's price action confirmed the fears - markets saw through the bluffs and muddle-through attempts, LTRO was okay but does not solve the problems and Sarkozy is lagging in the polls. The next president of France will be, ahem, less pro-Brussels.

7th Jan - Press Digest

Some worthy articles from the past few days. A Weekender-post coming later today.  

- MoreLiver

The Economist

Summit for one – The Economist

The self-delusion of European leaders as they wrangle over yet another treaty

6th Jan - Best of The Week

Here are the best links from my previous week's posts, in no particular order. My “editorials” of the week were Bimodal Future, Addicts in Recovery, The Beatings Will Continue.

To the links:

6th Jan - The beatings will continue

Christmas is over. Time for the eurocrats to start fiddling again. LTRO was a last-minute save for the European banks, given their refinancing needs ahead of 802bn of maturing debts this year. Greece, Spain, Hungary and Portugal look truly hopeless. 

5th Jan - Hungary in Eurovision

Click for a larger one. You know the drill.

I posted earlier today an editorial in "Addicts in Recovery" and a quick European Meltdown Roundup. 

- MoreLiver 

News 5-Jan evening – BTH

Recap 5-Jan – GMT

FX option vols – Saxo

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

Europe Crisis Tracker – WSJ

5th Jan - European Meltdown Roundup

Just a quickie linkfest after today's "developments"

- MoreLiver

Quote of the Day: But all hell is breaking loose this morning in Italian financial stocks - complete with rumors of an emergency Mario Monti trip to Brussels, a massive sell-off in the euro and halted bank stocks. – The Reformed Broker

5th Jan - Addicts in Recovery

I posted some of my thoughts on yesterday's post. After I've reviewed and updated the scheduled events, I will write more on the euro crisis. I don't think the current muddle-through of "wait til the fiscal treaty" will work and the pressure will be back on in the coming days. 

4th Jan - Bimodal Future

I am still updating the 2011 and 2012 posts. Bond auction day on Thursday and Iran is still very much on the table. As a solution to the debt crisis, there are only inflation or deflation. Bond markets are assuming it will be deflation, so the element of surprise is with the inflation scenario. 

Until there are clear signs of inflating the debt away, I really don't see how gold could begin a serious rally to new highs, unless it is thought of as the ultimate counterparty risk hedge. I really don't understand who would be buying US, EU core or Japanese bonds at the current yield levels. 

4th Jan - Greek Ultimatum

Daily 4-Jan – Danske (pdf)

News 4-Jan morning – BTH

Preview 4-Jan – Saxo

Daily 4-Jan – BNY Mellon

 The Euro-zone’s first big hurdle is far from being its last

FX option vols – Saxo

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

Europe Crisis Tracker – WSJ

 

To the links:

3rd Jan - Even Calmer

I am still updating the 2011 and 2012 posts, have fun with these reads!

- MoreLiver

News (3-Jan evening) – BTH

Recap (3-Jan) – GMT

FX option vols – Saxo

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

Europe Crisis Tracker – WSJ

Then to today's links:

3rd Jan - Keeping Calm

From the alphaville's article.

Wonderful, voxeu.org and FT's alphaville are both back from the holidays. I am still updating the 2011 and 2012 posts as new material comes along.  EUR stable, nothing going on in PIIGS yields or CDS's (remain at elevated levels but under control), interbank markets strained.

- MoreLiver

Then to the links:

2nd Jan - Back to Biz

Okay, holidays are over and a short week is ahead of us. The French bond auction on Thursday and  Merkozy meeting next Monday are the most important events for now. Any action on periphery bonds is of course closely watched. I've updated the 2012 post and made some entries to Calendar.

- MoreLiver

Daily (2-Jan) – Danske (pdf)

FX option vols – Saxo

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

Europe Crisis Tracker – WSJ

Then to the links: