I'm throwing more and more material out. I believe most of the stuff on blogosphere today has already been said, and I am not going to waste my or your time on repetition.
- MoreLiver
Recap – GMT
FX option vols – Saxo
Markets Live – alphaville / FT
Debt crisis: live – The Telegraph
EZ crisis Live blog – The World / FT
EURO CRISIS
What the European Union Did and Did Not Accomplish – PIIE
The rally in Italian and Spanish bonds after Draghi’s initial misunderstood pledge of "other things to follow" suggests that a credible financial commitment of support for Italy and Spain is all that markets need to swing to a more positive equilibrium. The IMF might soon be able to deliver those resources. Thus the euro area is hardly at the brink of collapse. More likely it is just one more (large) rescue package away from stabilization.
The rally in Italian and Spanish bonds after Draghi’s initial misunderstood pledge of "other things to follow" suggests that a credible financial commitment of support for Italy and Spain is all that markets need to swing to a more positive equilibrium. The IMF might soon be able to deliver those resources. Thus the euro area is hardly at the brink of collapse. More likely it is just one more (large) rescue package away from stabilization.
Former chairman of FSA: From a UK perspective, the FTT is highly unattractive. Between 60% and 70% of the revenue would be raised in London, yet the EU would spend most of the money to shore up eurozone finances.
The political endgame for the euro crisis – Goodhart & Schoenmaker / voxeu.org
The euro crisis continues to deepen, as European leaders continue with their ‘too little too late’ policy reforms. This column argues that fixing the Eurozone problems requires a strong direction of fiscal and banking policy, but that this in turn requires deeper political integration including an elected president of the European Commission and a two-chamber parliament representing EU citizens and EU member states.
Blame the European banks – alphaville / FT
Credit crunch in US because of the euro crisis? First from European banks in US, then by US banks that have European exposure.
Mario and the Confidence Fairy – Krugman / NYT
I guess in Europe today “technocratic” is a synonym for “delusional”.
GREECE
Bloomberg headlines that ZeroHedge speculated could be “it”:
GREEK CREDITOR COMMITTEE SAID TO BE NEAR HIRING BLACKSTONE
GREEK CREDITORS SAID TO WORK WITH WHITE & CASE, ALLEN & OVERY
GREEK CREDITOR COMMITTEE MAY FORMALLY HIRE BLACKSTONE THIS WEEK
The economy had turned downwards sharply in 2011…Struggles in Greece to implement and assemble political support for the programme…Structural reforms have not yet delivered expected results, in part due to a disconnect between legislation and implementation. For example, the reforms of fiscal institutions are advancing slowly, held back by limited administrative capacity and institutional resistance.
Not a lot of cash in the Attic – alphaville / FT
OTHER
The conflicted Isda committee – alphaville / FT
More on the conflicted Isda committee – alphaville / FT
Sometimes there is uncertainty if an event is a credit event that triggers CDS contracts. The refereeing process uses parties that often have interest in the decision.
Who is cheating on their Opec production quota? – Sober Look
Every OPEC member exceeds their production quotas.
The Ten Biggest Market Moments of 2011 – The Reformed Broker