Summary: Nothing solved, only postponed. Yields, CDSs’ are telling the story as it is.
My View: Brazil is in for a hard landing in 3 to 6 months. (hot money, inverted curve, real estate bubble, household debt, dependence on commodity prices). Paper trade short on, took profits on half days ago. Hire me. All links safe for work
EUROCRISIS
Analysis of Greece’s “Trichet Plan” Restructuring – The Big Picture
Fitch First To Downgrade Greece To Speculative Default As Greek CDS Tumble By Most Ever, Analysts Balk At Bailout – Zero Hedge
Spain, Next Focus of European Attention – The Trader
Greece’s Brady Plan, Finally – The Big Picture
“In other words, the EU is saying, ‘Portugal and Ireland are out of luck. Don't expect anything from us.’”
Thermopylae or Crete? – Humble Student of The Markets
Citigroup’s quick & dirty calc on PIIGS banks + some on RBS
Piggy banks – alphaville / FT
The Cost of Credit Swaps When a Nation Defaults – Businessweek
Small Economies, Big Problems, and Global Interdependence – Kemal Dervis via Project Syndicate
GENERAL
The Lesser Depression – Krugman / NYT
Pity the Policymakers – PIMCO CEO El-Erian via Project Syndicate
DIVERSION
Consumers ditching Windows, increasing reliance on biz users, xbox. Real men play CivIV on pc.
Low-tech hacking
Falun Gong uses Rmb to spread the word – beyondbrics / FT
(youtube link on page) Tilt: Visualize your Web page in 3D