Leading all others “by the nose through the ring.”
From Deutsche Bank, below is a list of key events to watch over the next several weeks – events that could have bearing on how the euro sovereign debt crisis evolves. Of particular note: in the next 6 weeks there are 18 or so days on which Spain, Italy or, yes, Greece will be issuing debt. Have that espresso machine ready.
Gold took a tumble for the first time in 7 sessions in Asia as Antonis Samaras, leader of the Greece's New Democracy Party (pro-bailout) was victorious. Today, Samaras plans to form a coalition with other parties backing the bailout – meaning that Greece’s future in the euro is secure – for now. Gold’s dip in Asia was thought to be due to profit taking and increased risk appetite after the Greek election. However, this increase in risk appetite has been quite short lived with Spanish and Italian 10 year bonds again coming under pressure resulting in record Spanish yields over 7.13% and Italian 10 year over 6% again. Initial gains in equity markets have subsided and the lessening of risk appetite is seeing gold supported. Greece’s exit from the Eurozone is no longer a short term risk however it remains a real risk as does the risk of financial contagion in the Eurozone due to insolvent banks in Spain, Italy and France.
As Syriza Concedes Defeat, EURUSD Forgets To Soar - Is A Spanish "Bail Out" Market Response In The Works?Submitted by Tyler Durden on 06/17/2012 17:31 -0400
In a perilous replay of the Spanish bank "bailout", the proxy for bailout sentiment, the EURUSD pair, was up 61 pips to just under 1.2700... and that's it. Naturally, if the world suddenly thought Europe was "fixed", Spain notwithstanding, one would imagine the reaction by the FX market would be just a little more invigorated than merely confirming that what is playing out (namely the lack of a definitive Greek government) has already been priced in. And yet here we are...
While everyone is focusing on Greece, we have news from France:
- FRENCH SOCIALISTS WIN ABSOLUTE MAJORITY IN PARLIAMENT, CSA SAYS
- FRENCH SOCIALISTS WON 320 SEATS, CSA SAYS; MAJORITY IS 289
- FRENCH SOCIALISTS WON'T NEED TO RELY ON LEFT FRONT, GREENS: CSA
So... does that mean that the recently reduced minimum retirement age wil be cut again, thank you Germany?
Four months before the election. And yet, a horrendous migration across the Pacific
- How original: Syria prints new money as deficit grows (Reuters)- America is not Syria
- Former SNB head Hildebrand to become BlackRock vice chairman (FT)
- Osborne says Greece may have to quit euro (Reuters)
- Osborne Risks the Wrath of Merkel (FT)
- China second-quarter GDP growth may dip below 7 percent - government adviser (Reuters)
- Italian Borrowing Costs Surge at Auction of 1-Year Bills (Bloomberg)
- Greeks withdraw cash ahead of cliffhanger vote (Reuters)
- Merkel’s Choice Pits European Fate Against German Voter Interest (Bloomberg)
- Italy Tax Increases Backfire as Monti Tightens Belts (Bloomberg)
- Dimon says JPMorgan failed to rein in traders (Reuters)
- China Cuts Interest Rates for First Time Since 2008 (Bloomberg)
- New Risk to Europe's Growth: Banks Cut Lending to Cities (WSJ)
- Labor Faces New Challenge - Losses in Wisconsin, California Come as Ranks of Government Unions Decline (WSJ)
- Yellen argues for more Fed easing amid Europe risk (Reuters)
- Americans Cling to Jobs as U.S. Workforce Dynamism Fades (Bloomberg)
- Japan’s LDP Agrees to Talks With Noda’s DPJ on Sales Tax (Bloomberg)
- Korean Buying Spree Boosts Brent Price (FT)
- China Delays Bank Capital Rule Tightening as Economy Slows (Bloomberg)
- China CIC Chief Sees Rising Risk of Euro Breakup (WSJ)
The end game of this global monetary crisis is the imposition of a 100% digital monetary system that would permanently end what little economic freedoms we still retain today. Educate. Resist. Fight Back. Win.
Just in case the epic collapse in the NY ISM (an indicator virtually nobody had heard of until today) which tumbled from 61.2 to a 49.9 contraction, was not enough of a hint that the economic virtuous cycle is a myth, and that CTRL-P'ing will be required, here comes the latest rumor via Reuters:
- G7 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS TO HOLD PHONE CALL ON EUROPE TUESDAY MORNING - CANADA FINANCE SPOKESWOMAN
Will they discuss just any old plan, or DAS MEISTER PLAN? Stop talking about and just do it already. It's not like anyone expects it.