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| Remember the summit in July? Markets don't. |
Summary: Whole world vs. Eurocrats in denial continues. Spanish bond auction went miserably, talk of Greece utterly failing to meet fiscal targets. French banks under fire. Read today’s earlier linkfest for more, and follow me on Twitter!
EURO CRISIS
Questions about the Greek restructuring? – alphaville FT
ECB Scrambles To Prevent Another Market Rout Following Abysmal Spanish Auction, Disappointing PMIs – Zero Hedge
Marking sovereign bonds to market would reduce bank equity by €200bn = 10-12%, shows draft of IMF’s Global Financial Stability Report, to be published in three weeks.
IMF Estimates Show Damage To European Banks – gfmag.com
UBS’s report: French banks are particularly vulnerable to funding problems. Central banks provide funding, but confidence is gone while costs are up.
Un petit French funding problème – alphaville FT
“The debate should be just how "Gadaffi" the Eurocrats go in defending what they see as theirs. They may well end up holed up in Brussels (like Sirte) denying the obvious and fighting to the death.”
New Month, New Euro Break-up Talk. – Macro Man
Interesting point from Citi: in addition to ‘bond vigilantes’, there are powerful ‘equity vigilantes’.
Battle of the vigilantes – Buttonwood’s Notebook / The Economist
French politics at its finest
France: Libya war marks new chapter in EU-US relations – euobserver.com
FINANCIAL CRISIS
Citi’s and UBS’s response to the upcoming report from Independent Commission on Banking
ICBaiting – alphaville FT
“Take account of true stress correlations”
Tail risks and contract design from a financial stability perspective – Bank of England
Revisiting Capital Controls, Capital Flows and Financial Stability, Q&A on Post
(pdf) IMF Research Bulletin / Sep - IMF
OTHER
Order book spoofing, FSA took it to court
Algos & Demons – alphaville FT
Data Mapper - IMF
Google public data explorer – Google Labs
Visualising European Sovereign Debt Crisis – Also Sprach Analyst
The future of the Asian growth miracle – Gavyn Davies FT
DIVERSION
Seeds of a revolution – Humble Student of The Markets