Roundups &
Commentary
Frontrunning – ZH
Overnight: Rumor Ex Machina Sticksaves Futures – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Midday Express (EU daily
news) – Europa
Daily press summary – Open Europe
Irish government to launch inquiry into
Anglo-Irish bailout; Senior bankers knew initial bailout would be insufficient
Morning MoneyBeat: Short Sellers Aren’t Pouncing on Pullback – WSJ
Morning Bond Update: Bonds taking a breather after onslaught – TradingFloor
Calmer Markets, but Precariously So – Marc
to Market
EUROPE
Benoît Cœuré: Duration Risk in the Financial
System – ECB
Mr. King Blasts the Banks – WSJ
When Mervyn King,
departing governor of the Bank of England, took the podium at last week’s
Mansion House dinner, he pulled few punches with regards to the U.K’s banks.
“It is not in our national interest to have banks that are too big to fail, too
big to jail, or simply too big.”
Much pain for small gain: difficulty of cost
adjustment in the euro area – Bruegel
Hans-Werner Sinn: The
German Constitutional Court's decision last year to allow Germany's government
to accede to the European Stability Mechanism should leave little doubt about
how it will rule on the ECB's pledge to purchase distressed eurozone members'
sovereign debt. But, in courts, as in the open sea, predictions often prove
unreliable.
Those who think that
the eurozone is one German election away from a full banking and fiscal union
(which includes a surprising number of British eurosceptics) should have
another look around Europe.
IRELAND
Inside Anglo: the
secret recordings – Irish
Independent
Exclusive: Tapes reveal the lies and deception that led to the bank
bailout
Abuse the bank
guarantee, don't get caught – David Drumm – Irish
Independent
Anglo bank chief's extraordinary comments to staff after bailout
Top executives
laughed off concerns about abuse of bank guarantee – Irish
Independent
Irish Government to
Push for Banking Inquiry – WSJ
Irish blood is boiling: the second installment – alphaville
/ FT
It’s round-two of the
Irish Independent’s release of the Anglo tapes — the recorded gigglings of
Anglo Irish boss David Drumm and a colleague or two during the bailout of Ireland’s most borked bank. It follows Monday’s
recordings of Anglo luring the state into pumping €7bn into Anglo.
UNITED STATES
Two Fed Presidents Emphasize Stimulus to
Persist After QE Taper – BB
ASIA
Credit Crunch Spells More Trouble for Chinese
Businesses – WSJ
A liquidity squeeze in
China’s financial system is making banks even more cautious about lending to
the private sector—bad news for small businesses already finding bank loans
hard to access.
OTHER
Quick Sentiment Summary (June Week 3) – Short
Side of the Long
FINNISH
Onko maahanmuutto hyvä bisnes? – Sampo Terho
Suomen lakien alaisten velkojan ja saamisten
osalta käytettävän valuutan päättää suomalainen lainsäätäjä – tyhmyri
Ruotsin tie olkoon vielä Suomenkin tie – Olli Herrala / KL
Säästöpankkiryhmän
markkinastrategi Miska Kuhalampi on huomannut, että Ruotsi onnistuu
perusremontissa. Länsinaapuri on menneen 20 vuoden aikana pudottanut julkisen
sektorin osuuden yli 67 prosentista nykyiseen 49 prosenttiin. Onhan se vieläkin
tolkuttoman korkea, mutta Ruotsi vähentää julkista velkaansa.
Irlannin kalsarinvaihtotarve – Juhani
Huopainen / US Puheenvuoro