19th Jun - US Open: Blame Game

G20 seems utterly useless - yes, new money pledges to IMF, but a lot of it from countries like Spain, Italy, and even Cyprus. Barroso blames Americans for the Europe's problems, and U.K.'s prime minister welcomes rich French ahead of possible marginal tax rate hikes in France. I have been saying it all along and I am saying it again... these people cannot solve the mess we're in.

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Daily US Opening – RanSquawk / ZH

Frontrunning – ZH

The Lunch Wrap – FT

EM New York headlines – FT

Overnight summary – Bank of America / ZH

Today’s front pages – presseurop

Daily press summary – Open Europe

Morning MarketBeat: Relief Rallies Are Fleeting Lately – WSJ

Broker Note Briefing – WSJ

Morning Take-Out – NYT

AM Dear Dairy: Between Greece and the Fed – Macro and Cheese

Calmer Markets, No Resolution – Marc to Market

G-20 Orders Fiddles for Everyone – TF Market Advisors

Pre-market Commentary – Marketwatch

Pre-Market Trading – CNNMoney          

Pre-Market – NASDAQ

US Equity Preview – Bloomberg

Earnings & Events – The Street

MarketCurrents – Seeking Alpha

TV: Bloomberg, CNBC, BBC

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

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EURO CRISIS

No Greek relief for pain in Spain – MacroScope / Reuters

Greece, Spain, G20, IMF

Spain delays publishing the results of the audit on their banks – Kiron Sarkar / The Big Picture

Market wrapup (G20, Spain...)

The Euro crisis is all their own doing – billy blog

It is only when the prospects of growth are good and tax bases strong that the bond markets will take the risk and lend at low yields to governments that use a foreign currency (the Euro). That is because they always know there is solvency risk. Thinking that austerity will solve a sovereign debt problem in a monetary union where all the member states face solvency issues is like thinking that pigs might fly. It is a fantasy.

European Redemption Fund: Unlikely to Work – economist meg

the ERF addresses the debt crisis in the EZ, but nothing to address the banking crisis or the balance of payments crisis. Just as importantly, it is going to be impossible for Spain and Italy to hit the conditions required to avail of the ERF.

A union to bank on – FT

The difficulties of forming a banking union.

Greece has won Europe a respite – now it must use it – The World / FT

Greece Gives Europe A Chance – Daily Capitalist

Greece Out in Legg Mason Stress Test Drawing Lesson From Lehman – BB

Counterparties: Euro next – Felix Salmon / Reuters

The euro’s future begins now – voxeu.org

Your D.I.Y. Eurozone Bulletin – Daily Capitalist

Cameron Says Rich French Tax Exiles Welcome in the U.K. – The Source / WSJ

EURO CRISIS: SPATALY

Spain pleads for ECB rescue as bond markets slam shut – The Telegraph

Spain is doomed, in three charts – Wonkblog / WP

Italy proposes 'semi-automatic' funding to avert bail-out – euobserver

Six Reasons Why Italy May Exit the Euro Before Spain – Mish’s

G20

EU to G20: We will not take 'economic lessons' – euobserver

At G-20, Europe Leaders Fend Off Pressure; EU's Barroso Lashes Out at U.S. – WSJ

The G-20 Farce: Saving The Eurozone From Collapse – Testosterone Pit

G-20 Summit in Flames Already as EC President Blames US For Financial Crisis in Europe – Mish’s

CHINA

Debating growth in China – mpettis

Greece > China – Free exchange / The Economist

Since Lehman’s collapse, China’s money supply has doubled – Also Sprach Analyst

China in deflation, and how to reflate it at all costs – Also Sprach Analyst

China continues to record capital outflow in May 2012 – Also Sprach Analyst

FED

The Fed: Once Again Behind the Curve and Scrambling to Catch Up... – Brad DeLong

How big a bazooke does the Fed need? – Humble Student

Fed Seen Twisting to Risk Management to Spur U.S. Growth – BB

Looking Forward to the FOMC Meeting and Beyond: Speculations – Daily Capitalist

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