Archive - Jul 26, 2012

• Draghi Says ECB To Do Whatever Needed As Yields Threaten Europe (Bloomberg)
• Spain not mulling seeking further EU help (Reuters)... and it won't need a Bank bailout either. Oh wait
• Weak lending adds pressure for ECB action (Reuters)
• Sweden's economy still resilient to eurozone woes (Reuters)
• Bo Xilai’s Wife, Zhang Xiaojun, Prosecuted for Homicide (Xinhua)
• China’s Changsha City Unveils $130 Billion Investment Plan (Bloomberg)
• Foreclosure Filings Increase in 60% of Large U.S. Cities (Bloomberg)
• Free ECB’s hand to aid states, says minister (FT)
• Hungarian Premier Says Aid Deal Not Near (WSJ)
• Nomura Chief Resigns Over Insider Trading Scandal (NYT)

When you can't act, you talk. Sure enough, here we go again:

• DRAGHI SAYS ECB WILL DO WHATEVER NEEDED TO PRESERVE THE EURO
• DRAGHI SAYS THE EURO IS IRREVERSIBLE
• DRAGHI SAYS YIELD DISRUPTING POLICY TRANSMISSION ARE IN ECB REMIT
• DRAGHI SAYS SHARING SOVEREIGNTY ON EU LEVEL TO COME
• DRAGHI SAYS LAST EU SUMMIT WAS MOMENT OF RECOGNITION

And of course the weak hands cover until they realize Draghi just said absolutely nothing, as at this point everything is  in Germany's hands. And not only has Germany not said anything, and won't until September when the constitutional court will approve or deny the ESM, but in fact they have been saying overnight that Spanish bonds are not eligible for EFSF purchases. In the meantime, Europe has devolved from a continent of coordinated action to coordinated jawboning.