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| SocGen: earnings expectations just like in... |
LTRO getting closer - while the Greek details are still undone. What happens after the demand for bonds eligible for LTRO collateral runs out? Where will the demand to replace the one-off LTRO come? The only possibility is either coercion or a threat of new LTRO's in the not-too distant future. A special post on the acronym beast coming up this weekend. 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
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| This one pretty much sums up this blog. Source: EC |
News – Between The Hedges
Markets – Between The Hedges
Recap – Global Macro Trading
EZ crisis press summary – openeurope
-Germany resists calls to boost eurozone bailout funds; Only six coalition German MPs have said they will definitely vote against second Greek bailout
Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
EURO CRISIS: GENERAL
2012 – The Year We All Learn To Live Dangerously – A Fistful of Euros
The Euro Area’s two largest economies look set to escape “the worst of the worst”, but remain dependent on factors outside their control, in the US, in China, and in the Emerging Market world as a whole, all of whom could in their turn be badly affected by the impact on risk sentiment of any unfortunate “accident” in the Eurozone itself.
Michel Barnier’s Bank-Regulation Team – The Source / WSJ
The EU internal markets commissioner, has today appointed the members of his “high-level expert group” to look into possible reforms in the European banking sector.
Euro Agonistes – Krugman / NYT
…you wait for things either to get gradually better via “internal devaluation” or to get worse and provide the economic and political environment in which euro exit becomes a real possibility. It’s a hell of a way to make economic policy…
…you wait for things either to get gradually better via “internal devaluation” or to get worse and provide the economic and political environment in which euro exit becomes a real possibility. It’s a hell of a way to make economic policy…
EURO CRISIS: GREECE
Money vs Democracy – openeurope
What the European press said of the second Greek bailout
EURO CRISIS: ECB
Will LTRO Spoil The Risk Rally? – MarketBeat / WSJ
Mark Nash, a London-based bond fund manager for Invesco, says that while the LTRO was important in reducing fears of systemic risk, he also thinks any additional positive impact from the next LTRO will quickly fade.
Mark Nash, a London-based bond fund manager for Invesco, says that while the LTRO was important in reducing fears of systemic risk, he also thinks any additional positive impact from the next LTRO will quickly fade.
Watch how the ECB acts, not it says – Humble Student of The Markets
Rumors that LTRO will be smaller, that it will be the last. Article thinks not true.
Entwining bailouts and eurozone central banks – alphaville / FT
ECB and the Greek default, the second LTRO. EZ central banks, governments and banks are becoming very, very tangled.
ECB and the Greek default, the second LTRO. EZ central banks, governments and banks are becoming very, very tangled.
EMERGING
EMEA Weekly – Danske Bank (pdf)
EM Bond Snapshopt Feb 2012 – Danske Bank (pdf)
OTHER
Nice newsletter – begins with good macro analysis, (Europe, China, US) and highlights some interesting analysis on stock markets: dividend stocks were underperformers until 2000, became fashionable and are now...expensive?
The Specious Economics of Wars – HistorySquared
Wars do boost the economy, but the increased government spending, debt and inflation will follow sooner or later.
AQR’s Aaron Brown on Red-Blooded Risk – Institutional Investor
“Our financial system has become so complex that it has no meaning anymore. It’s a system that doesn’t work.”
OFF-TOPIC
Citigroup’s FX trader has a strange hobby.
The Book of Jobs – The Great Debate / Reuters
Apple must make Macintosh a standard – Letter of Note