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Monday, November 26

26th Nov - US Close: Greek talks go on and on...






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Roundups and Commentary
Markets – Between The Hedges
The Closer – alphaville / FT

Tomorrow’s Tape: Durables, Home Prices, Consumer Confidence WSJ
Europe: Equities Catch Down To Credit's Deterioration – ZH
US: Light Volume Lifts Equities To Exuberant Unch Close – ZH

Reference
Debt crisis live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices
Economic Calendar – Forexpros

EUROPE
Political Developments in EuropeMarc to Market
Catalonia election, Italy’s spring election, Hollande's support has slumped, but the center-right UMP can't quite figure out its strategy.

Spurred by crisis, euro zone is shaping up: studyReuters
The euro zone is turning into a more balanced and potentially more dynamic economy thanks to market pressure and the constant demand for structural reforms, a study showed on Monday.

  BUDGET TALKS
Commission redrafts 2013 EU budget, numbers stay the sameReuters
The EC submitted a new proposal on Monday for the EU's 2013 budget, just days after the bloc's leaders failed to agree a separate long-term spending plan for 2014-2020.

Britain’s bluster serves the eurozone wellFT / presseurop
The EU leaders' failure to find an agreement on the budget is largely symbolic as negotiations concern only a very small part of the Union’s wealth. More important to the EU’s future is the efficiency of the single market and relations between the countries inside and outside the currency bloc.

  GREEK TALKS
Comments from euro zone finance ministers, officials Reuters
EZ finance ministers and the IMF will seek to unfreeze the second bailout package for Greece in talks on Monday, but they must first agree if some of the official loans to Athens might eventually be forgiven to cut Greek debt.

Euro zone to seek Greek aid deal without write-off Reuters
EZ finance ministers and the IMF made their third attempt in as many weeks to agree on releasing emergency aid for Greece on Monday, with policymakers saying a write-down of Greek debt is off the table for now.

IMF wants 40 billion euro cut in Greek debt, more later-sourceReuters
The IMF wants euro zone finance ministers to agree to cut Greece's debt by 20 percent of GDP now and commit to further debt reduction in the future to get the country's finances back on a sustainable path, a source familiar with EU-IMF talks said on Monday.

  CARNEY TO HEAD BOE
Quick Thoughts on Carney's Move to the BOE – Marc to Market
A global market in central bankers – The World / FT
Bank of England’s New Leader, a Member of the ‘Government Sachs’ Club – DealBook / NYT
Meet the Canadian who just became Britain’s top central banker – Wonkblog / WP
Bank of England Finds a New Goalie – MarketBeat / WSJ
Mark Carney named new Bank of England governor – BBC
Profile: Mark Carney – BBC
Carney named Bank of England chief – Reuters
Carney Leading Bank of England Seen as Scandal Remedy – BB

UNITED STATES
Could the private sector stage a stimulus plan?MacroScope / Reuters

There’s No Such Thing as a Painless Fiscal-Cliff DealMarketBeat / WSJ

Morgan Stanley 2013 Market Call, Three Big IdeasBI

ASIA
The Australian Dollar: A Global Currency?The Diplomat

The East Asian Miracle 2.0EconoMonitor

The Confusing Outlooks for China’s GrowthDealBook / NYT

OTHER
Global Central Bank Focus: Déjà Vu All Over AgainPIMCO
​If the eurozone is to endure, it will require reduced economic differences among countries and larger common fiscal capacity…While central banks in advanced economies have not traditionally used explicit policies to target exchange rates, the European debt crisis may change all that.

Morning Briefing (Asia): BOC's Carney Replaces King as Next BOE GovernorBNY Mellon
Recent developments only bolster the view that oil price dynamics are in a state of flux

Score Card for 2012 Trade IdeasGlobal Macro Trading

IN FINNISH
Romahdus ja DevalvaatioJarmo Korhonen / IL blogit

JP Morgan: Suomi eron jälkeen Juhani Huopainen / US Puheenvuoro

Käsittämätön tilanne Suomessa: ”Päättäjät valvovat itse itseään ja päättävät, mitä kerrotaan poliisille”Uusi Suomi