Calendar Of Key Events In Europe, Whose President Starting Today Is Broke Cyprus

Tyler Durden's picture

In a development that is too hilarious for even the most hardened cynics to pass by, starting today, the rotating presidency of the EU will be handed over to... broke Cyprus. We learn this and much more about the onslaught of sovereign debt auctions out of Spain and France in the month of July (explaining the urgency to come up with any mechanism to keep Spanish and Italian bond yields below 7% as absent some deux ex, no matter how temporary, the whole charade may have ended as soon as 31 days from today) courtesy of the following calendar of key events out of Europe.

From Deutsche Bank


  • 1 July: Cyprus becomes EU President. Cyprus will resume the six-month rotating presidency of the EU.
  • 4 July: Merkel to meet Monti in Rome.
  • 5 July: ECB Governing Council meeting, followed by interest rate announcement and news conference. We expect a 25bp policy interest rate cut. The ECB may be reluctant to cut the deposit rate to zero. With easier collateral rules already announced on 22 June and the next Bank Lending Survey not due until 2 July, the policy moves on 5 July could be restricted to the cut in interest rates.
  • 5 July: Spain auction. Bonds.
  • 9-10 July: Eurogroup/ECOFIN finance ministers meeting. 9 July is to be the start date for ESM, successor to EFSF. This is also the date on which the Eurogroup is to formally approve the MoU on Spanish bank recapitalisation aid. Additionally, we might get more clarity on the interest rate charge that will come with the capital injection and on the duration of the loan.
  • 10 July: Greece auction. Bills.
  • 12 July: Italy auction. Bills.
  • 13 July: Italy auction. Bonds.
  • 17 July: Spain auction. Bills.
  • 17 July: Greece auction. Bills.
  • 19 July: Spain auction. Bonds.
  • 24 July: Spain auction. Bills.
  • 25 July: ECB lending survey. The ECB is due to publish its third lending survey of the year on Wednesday 25 July. The survey could provide the ECB with a key piece of evidence to justify additional 3Y LTROs — if lending standards tighten again, another liquidity push may be necessary to avert a harsher credit crunch. The ECB plans to publish one more lending survey this year, on 31 October.
  • 26 July: Italy auction. Bonds.
  • 27 July: Italy auction. Bills.
  • 30 July: Italy auction. Bonds.

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veyron's picture

Deutsche Bank is still alive ???

cossack55's picture

Only if you consider zombies as "alive". 

DoChenRollingBearing's picture

Barron's this weekend looked at Europe and Obamacare.

But, they mostly looked at CHINA!  "Falling Star" is their bearish case for China, and I discuss that article at length.  It is the best single article I have read re China and a hard landing.

Mr Lennon Hendrix's picture

China is sandwhiched between the two greatest reserves of oil in the world, they are the number one producers of presious metals and rare earth minerals, they have the world's largest cheap labor, and their stock market is near the '09 lows, and they will have a hard landing? 

Europe is also connected to the greatest oil reserves of the world, and they have a much better infrustructure than America.

What does America have going for it?  It's stock market?  A group of international corporations that do not supply Americans with jobs and pay no taxes? 

The only reason America is still functioning as a State is because it has the world reserve currency, and the pension system is heavily invested in US equity.  When the wheels fall off, where would you want to be? 

It really won't matter if you are poor.  If you are poor in America, you are fucked.  If you are poor in China, you are fucked.  If you have a nipple you can suck off of the global corporate cabal, you may be alright for a time, but if you have no money, meaning no gprecious metal, then you will not have anything after awhile, except maybe that dirty corporate tit.

Good luck to the tit suckers.

DoChenRollingBearing's picture

+ 1 

Predicting the future is hard, I have never had much luck doing that, at least in the short term.  Guys who know a lot more about China than I do say things could get BAD there.

You are absolutely correct that whether you are poor in America or poor in China, you are screwed.

+ $55,000 (or would that be + $200 for Ag) re precious metals.  Those without them will likely have an even worse life when we reset.

HungrySeagull's picture

To understand China you must look at Food.

Everything else is simply a resource, But Food is very Life itself to China.

And what resources!

Europe has been around long enough now to understand what they must do.

The United States still grows the breadbasket of the World. We export Coal and other resources.

You wish to make trade. Not war.

Alas when there is no Trade then there must be war. The United States is deeply divided and will take generations to forge for itself a new future. One I think has already been lost in only 225 years.

As far as the Oil is concerned, it will be well for us to break free from our addiction and turn to the Sun and other resources. However keep in mind I am not a eco-freak. I remember when there were large cars and 30 gallon gas tanks easily filled on a 5 and change with work wages far beyond what is necessary to live.

Now it's the other way around and cutting costs is what must be done. If you cannot afford to live and work in Europe, New York or some other place.. then you must take it to a cheaper land.

Harlequin001's picture

China - 2 billion poor people holding securities just as valuable (and collectable) as those offered by Bernie Maddoff.

and we think they're a rising star?

chinaguy's picture

China has about 1/3 of the world's population but only 1/15th of the world's arable land - they are losing  lots of that to erosion, development and FOOD is a problem like it is to no other large nation.

China is having terrible problems supplying WATER to it's larger cities...

China has allocated ALL of its resources to centrally controlled (and siphoned off through graft) projects which has been a horrible use of it's capital.

China's banks are ALL insolvent - we only don't hears about it because ALL information is centrally controlled .

China's rural population is getting ANGRY...remember these are the folks who feed the country.

China has NO system for peaceful structural change. This is why they only change through revolution.

Their current real estate bubble makes Japan's in the late 1980's seem a joke in comparison...

Add up all of the above and YES hard (very hard) landing


HungrySeagull's picture

The Three Gorges Dam is a step forward.

It took decades to build and every bit of it is a mastery and accommodation at the same time to the water as a force in nature.

One can say the same for the UK Wave Farm project.

I believe the way for China will lie in the Hospitality and Hosting industry when entire cities are built and finished ready for Japan to be evacuated there.

q99x2's picture

Think positive. There are too many people to run China's computerized production machines which will lead to social unrest. The political solution will be to scapegoat the US as the culprit. WWIII will take place. The survivors will learn from the war and live 1000s of happy prosperous and peaceful years into the future.

timbo_em's picture

Douchy Bank is one of the stronghold institutions out there...according to their models

veyron's picture

not as strong as Shittigroup or Goldman sux

El Oregonian's picture

Speaking of Punch and Judy, I was eager to get my Sunday paper for the colorful comic section for the laughs. Now, I can replace that with eagerly turning on the tele and getting my daily laughter watching these cartoon characters perform. Better punchlines, bigger laughs...

HungrySeagull's picture

No, you turn to the Internet and read to laugh over the silly little articles released by MSN and CNN etc.

valley chick's picture

Mamma Mia!!!  :)

sangell's picture

And Cyprus, which sits halfway across Turkey is in "Europe" but Turkey is not?

Abraxas's picture

Turkey is in Asia and it's best to stay that way. Last time Turks entered Europe wasn't pretty (goring alive people on spits and such). You would think that they became more civilized the last 100 years (since they were driven out), but that's not the case. They still deny genocides on Armenians and Kurds, which means they might do it again. Let them stay in Middle East.

stacking12321's picture

cyprus is 80% greek, 20% turkish, so, mostly european


more fun facts about cyprus can be found here:


sangell's picture

Merely noting that EU expansion was undertaken with breathtaking speed. America expansion was leisurely in comparison and we weren't trying to absorb ancient nations just sparsely populated wilderness inhabited by neolithic hunter gather tribes. The British Empire ruled Cyprus and Malta but it never occured to HMG to make them counties of the UK.

Real Estate Geek's picture

I imagine the idea occurred to HMG, but was promptly dismissed as absurd by that very class-conscious entity.  As Churchill said, "the Wogs begin at Calais."

Nussi34's picture

Cyprus is a broke devoloping country. Tha pretty much shows how fucked up the EU is to have something like that heading to whole circus!

Amish Hacker's picture

Cyprus, really? One look at that July calendar and I can see I didn't make nearly enough popcorn.

brockhardman's picture

Italy and Spain just gave new meaning to the word "bail" bonds.

falak pema's picture

Just goes to show democracy if it functions never looks at your wallet but at your heart. Cyprus does have a problem of heart; it is split north to south. Will the Turks and the Greeks of Cyprus play ball as joint and several, without pulling the internal rug apart. Lets hope so as its symbolic of Euro tug of war, north and south. Cyprus is a corrupted country under russian elitist control, which compounds its ethnic divide by Oligopoly clout played via puppet strings pulled from outside. 

Its financial worries place it center stage making the Eurozone mediterranean cauldron simmer into overboil this summer. As nearby Greece will face "do suicide or die-out" from Eurocurrency zone. Democracy is now playing second fiddle to rule of Oligarchy money/law; and its the face of first world going Dorian Gray's picture in Europe. 

luna_man's picture



"falak pema", even more "corrupted" than these "CRIMINALS" right here in the good ol U.S. of A?...


pot calling the kettle black

Grand Supercycle's picture

More Equity Rally Expected.

Any traders predicting a multi month equity rally apart from me ?

As of June 30th I am.

Last week was the turning point.

Further equity upside and USDX weakness expected this year according to my analysis.

However the SPX big picture remains very bearish and unfortunately this will not change.

The Monkey's picture

Watch the spreads in those auctions. They all follow the ECB. If spreads narrow considerably, we're off to the races with a new optimism / credit fueled rally.

TWSceptic's picture

In about 100 years someone in a history classroom will ask "so they gave a bankrupt nation presidency of this European Union???" and the whole class will laugh as if it was a joke.

otto skorzeny's picture

if its a US classroom they will be like "What the f*** is Europe?". Then go back to learning about Abe Lincoln killing vampires or "African Studies" or the trillions(yes-in 100 years it willl be TRILLIONS) killed in The Holocaust or some other liberal bullshit

Savyindallas's picture

There were not trillions killed in the Holocaust. Maybe billions-but you must be confusing the dollar amount paid to the 300 million or so so Holocaust survivors.

Moe Howard's picture

There sure were an awful lot of survivors. WTF? I thought the Germans were supposed to be efficient.  Maybe they were labor camps after all?


HungrySeagull's picture

For every survivor there are entire trains of cremated who are simply reduced to ashes in the corner of the camp.

It is something that must not happen again. Ever. How is it a great Nation such as Germany can be twisted around and ship trainloads of people to the ovens and gas chambers....

Perhaps the United States is being built into a gilded or walled garden. Who knows?

Even then there were people who tried to do what they could. And they were merely a minor annoyance in the gears of the freight train.

If I am not mistaken, a lot of what built America after world war two has come from those who left Germany and other methods.

otto skorzeny's picture

this is like turning over control of US to Puerto Rico

Savyindallas's picture

What a great idea- let's give it a shot. How can we make this a reality?

bugs_'s picture

Too bad the Templars sold Cyprus.

dust to dust's picture

 Curious to hear what Mr. Farage has to say about the timing of this.

Sudden Debt's picture

the king is dead....

shovelhead's picture

He'll be overjoyed at a new pinata to whack. He broke the last one open and it was empty.

Treeplanter's picture

Empty like the ESM which has no money and may get none.  Lucy has the football.

Mr Lennon Hendrix's picture

It is pretty easy.  I figured it out over two years ago and have been writing about it ever since.

If we buy silver, because JPM is short silver, we can crash their bank.  At the same time, since silver trades with oil 1:1 and because of oil's inverse 1:1 ratio, we could crash the dollar, the tool of the financial elite and the MIC.

All while putting real money in our pockets. 

But what the hell do I know.  I'm not a hedge fund heyena.  I ain't no Senetor's Son.  I am Lennon Hendrix.  I ain't no fortunate son.

Treeplanter's picture

Forget JPM.  They're getting shaky and headed for the day when those shorts are too risky.  Meanwhile, Canada is minting quarter ounce silver coins.  Wouldn't a thousand be nice?

HungrySeagull's picture

A thousand?

That's 50 rolls or more/less 32500 USD.

Just a thousand?

Two monster boxes if you prefer.

With the ratio of gold and silver a thousand silver will equal at least 20 gold.

I have less than a hundred myself. A pittance compared to the electronic money that flows through the world each hour.

As long you own physical bullion/coin you should be ok.

It's those who pretend to own gold and silver as Paper investments are who are going to burn.

theTribster's picture

Irrelevent obviously. This is nothing more than a political display, its pretty clear the President has limited power otherwise this wouldn't happen. A figurehead in the truest sense of the word. Europe is a joke, the whole idiocy of what is happening there is almost surreal and it continues day after day after day. Tomorrow will be a new set of bullshit for everyone to sift through trying to find something that is actually real. As of Friday the magic number became 19, that's how many summits it took before they got it right, right? Wrong of course.

I expect more malarchy tomorrow and everyday this week and the week after, etc. They are squeezing a balloon and eventually it will pop. I'm sticking with my timeframe of end of August, early September - just in time to kill financial markets everywhere as well as Mr Obama's chances of being re-elected. I still believe that once this contagion hits America things will go south in hurry and the inevitable implementation of all the bills and executive orders will happen - in force.

I expect the ECB to surprise on the upside this meeting, either with a bigger cut in the rate and or some other combination of other things. Whatever it is they do, it will result in printing more money. Same is true for the Fed, but with Europe still in disarray the Fed can wait until August (Jackson Hole) when something will be needed. Jobs will continue to decline everywhere in the world as manufacturing and consumption continues to fall, nothing being will change that.

We'll have a crescendo in Europe by late August or early September, have lots of popcorn for a delightful show with lots of continued drama that will end in bang with countries defaulting. I'm not sure there is enough political will power to sustain the Euro through this next round of pain and suffering, it will soon be out of the hands of the bankers/politicians and in the hands of the people as they wrestle back control of their country! It should be great fun to watch until we realize that we are ultimately part of the show too.

Most Americans won't wake up until its way, way too late. That's something I'm sure of.

Mr Lennon Hendrix's picture

Most mericans won't wake up to the Europonzi?  That is your point?

What about the shell game that the Federal Reserve is running?  Shouldn't Americans be focused on that?  Telling the media they are thinking about "QE3" all while continuing POMO and OT2, not to mention that there was other QEs after "1" and "2", add Stimulus and Tarp, and we are on QE 8. 

Then add that the Fed flips bills to the PDs T+1 and the Fed Ponzi turns into the same garbage montser that the Europonzi is.  This isn't about this side or that side; all Central Banks are running the biggest shitshow that finance and economics has ever witnissed. 

You try to make it a political issue.  It is not.  The crux of the problem lies at the heart of economics.  The world thinks that issuing fiat is going to spur future growth.  It will not now that what spurs growth, EROEI, has stagnated.  There is no going back for the system, and the system is global.  Do not use the Hegelian dialectic on this one - all falls down.

DoChenRollingBearing's picture

+ QE 8 (although I wish I had had first crack at all that money)

It is nauseating to think about all those interventions.  And you are correct, NOTHING they can do will stop our own Day of Reckoning.

HungrySeagull's picture

That day is rapidly coming.

You can see it in the people when they buy gas or go to walmart for shopping.

The pheasants are not happy.

How they can swipe a EBT card and drive a Escalade with cell phones towing a clutch of whining demanding kids while pushing a cart filled with juice...

It's beyond me.

theTribster's picture

No, most Americans won't wake up to anything that is happening but that is'nt my primary point.

I appreciate that you think it is an issue of economics and fundamentally that is correct but to start and stop the things that make economics happen (or not) you need politics. The Eurozone is there because of politics, that is the glue that holds things together, the Euro itself is nothing more than a fiat currency backed by nothing when it started, I'd guess by traditional measures it is backed by less than nothing now.

Whatever, you can make a correct or incorrect assessment regardless of your point of view, whether economics or politics. I actually hadn't even given it a thought that anyone would see the global situation (and Europe specifically) as based on economics indepeendent of politics, I am surprised.

From my perspective everything sits on an ocean of political interactions, economics represent the motion created by those interactions, waves if you will. Most other things live on top and try to anticipate, influence and otherwise control those underlying interactions. Basically we live our lives navigating the ocean of politics and economics, so in the end they are tightly integrated or even a coupled system.

Multiple points of view make the world go round, I appreciate yours. +1