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Summary Of Key Overnight Events

Submitted by Tyler Durden on 02/14/2012 08:11 -0400

Below are the main overnight catalysts:

ECB won’t take loss on Greek bond holdings - Benoit Coeure, member of the ECB’s executive board
European Industrial Output Declines 1.1%, Led by German Slump
Greece to Cut Ministry Spending for EU325 Million Gap, ANA Says - so... Greek politicians will fire themselves?
EU spokesman Hughes speaks to reporters in Brussels, Says EU still expects Greece to take ‘certain measures’
Spanish Banks’ ECB Borrowings Rise to EU133.2 Bln in Jan from 118.9 billion in December
Banks deposited €510.2 bn with ECB, up from 507.9 bn yesterday
Central Bankers Doubt Greek PSI Deal, Handelsblatt Reports
BOJ Governor Says JGB Purchases Not for Financing Government
Schaeuble Says EU Now Better Prepared Should Greece Default

Source: Bloomberg

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Tue, 02/14/2012 - 08:17 | 2156829 Ghordius

"ECB won’t take loss on Greek bond holdings" - no, the ECB has already enough worries about TARGET2 risks - some fun ahead if Greece really defaults and exits the eurozone. Though I seriously doubt the second part would happen.

Tue, 02/14/2012 - 08:23 | 2156839 FinHits

The correct solution is for ECB to "dividend out" the entire €220 billion SMP portfolio, including the Greek debt holdings to its shareholding central bank according to the ECB capital key. After that, the SMP is stopped.

The national central banks will then collect the money, if they can or want from Greece, Portugal, Spain, Italy, or sell their stake to the secondary market and spend the money on their budgets.

Tue, 02/14/2012 - 08:29 | 2156845 NewThor

They should give Henry Kissinger total power over everything in Europe.

He'd fix everything!*

Tue, 02/14/2012 - 08:33 | 2156848 NewThor

Aww crap. Nostradamus' ghost told me to NEVER make Henry Kissinger jokes.

I'm sorry, Henry! You'd fix everything!*

And thanks for Geithner!* HE IS SO AWESOME AND AN AMAZING AMERICAN!*

Off subject, Obama is doing wonderful!*

Plus, I can feel a total solution to the little Euro snafu coming soon.*

Thank you Central Banks!*

Tue, 02/14/2012 - 08:16 | 2156830 JuicyGrabs

...and still EU stocks are green as grass. Welcome to the "collective madness" asylum.

Tue, 02/14/2012 - 08:17 | 2156831 dcb

european industrail output down, sovreign down grades, futures up. gotta love this bs market.

Tue, 02/14/2012 - 08:18 | 2156834 navy62802

What else could all this info mean except ... RALLY TIME!!

Tue, 02/14/2012 - 08:18 | 2156835 NewThor

six 4.0+ Earthquakes.

four 5.0+ Earthquakes.

two 6.0+ Earthquakes.

That's a good amount for 1/2 a day.

California seems to be rattling around quite a bit.

Tue, 02/14/2012 - 08:24 | 2156838 ConspiracyTheory

And some news as the REAL MAIN catalyst of market MELT-UP

- Italy successfully auctioned 2014 bond with yield dropped to 3.41% vs 4.8% last month and 7% last year.

How come good news seems to always be filtered out at ZH?

BS market? Dun think so. Market is always right.

Tue, 02/14/2012 - 08:26 | 2156843 Sean7k

It's within the 3 year LTRO window. ZH has covered these bond auctions extensively.

Tue, 02/14/2012 - 08:39 | 2156852 NewThor

So have the markets REALLY priced in the $20 trillion dollar 2013 USA debt?

Or, are we fucked because a nation that averages a $12.01 per hour wage across the board AND gives 8.4% of all the money it makes to fill its gas tank to get to work, can't ever fucking pay off a $20 trillion dollar debt.

Oh yeah. And let's throw in some fucking $4.35 gallons of gas for the 'FUCK YEAH S AND FUCKING P party'.

Do you think maybe QE infinity can really LAST for infinity? LOL.

And, ain't no mother fuckers, other than the top .01 % of the Capstone Legacy kids have hedged against what's coming in March.

2012 bitchez, got soul?

Tue, 02/14/2012 - 08:49 | 2156864 Sean7k

Why are you responding to my comment? In a hurry to jump the queue? It can't be for your startling revelation of the US and its' debt problems.

Tue, 02/14/2012 - 09:11 | 2156894 NewThor

Shhhh. I'm listening for Earthquakes.

Why so fussy? Not had your coffee?

Yeah. I jump que for the Fight Club.

I wanted to punch that other dude.

Seriously. We can't pay off our debt. Ever.

Shhhhh. listen for Earthquakes.

Mother Earth > Ben Bernanke and the $$$/Eurosplooog

I've already kinda given my "Startling Revelation!"

In March, Nostradamus says there will be ONE SINGULAR EVENT

that will cause riots all over the USA. For at least a few days.

Total civil unrest. So have a weeks worth of 'I'm staying home and not leaving for a week!' stuff around the house.

Tue, 02/14/2012 - 08:26 | 2156844 Ghordius

because Tyler caters for some specific needs? because many viewers come here because they are looking for "what to short"? because Tyler thinks the good news are fake or irrelevant or ponzi-schemes? because the Italian Bond is LRTO-supported? there might be sooo many answers

Tue, 02/14/2012 - 08:29 | 2156846 youngman

Because that Bond sale was not a market sale...it was an LTRO sale...you give me free money and tell me to buy the bonds...and then I give them back to you as collateral..I will...its a shell game...and a game it is....but as in every game..there are losers...

Tue, 02/14/2012 - 08:33 | 2156850 dcb

"the market is always right. hosuing bubble, dot come bubble. come one, you make a good comment on the bond issue, then blow it with the later comments, esp if you know something about how the markets work and the intellectual theories behind efficient market hypothesis.

I would also tell you to take a look at the ft today, short view cyclical PE values, second section front page. only few times in HX markets this over valued.

Tue, 02/14/2012 - 08:57 | 2156874 ConspiracyTheory

What I am saying is not to fight against the trend, a.k.a. trying to be heroes and picking up top / bottom. Market can be irrational much longer than our ability to sustain losses and not get that margin call, lol.

If the trend is broken, then of course I'll change my opinions. I am not saying this melt up is gonna happen indefinitely. Without any evidence of broken trend line or something like that, keep buying the dips! Unless of course, if anyone doesn't mind to lose their shirt and money fighting against the tide for the sake of proving an opinion, then welcome.

Tue, 02/14/2012 - 08:23 | 2156840 Dick Darlington

Back to pesetas baby!

http://www.dailymail.co.uk/news/article-2100565/Spanish-village-goes-peseta-euro-crisis-takes-hold.html

Tue, 02/14/2012 - 08:34 | 2156849 Ghordius

Dick, do you know that even before the EUR in Continental Europe there were some 30 private money schemes, most of them still in function?

Hell, even the Swiss have 3 alternative private currency schemes!

The most notable is the WIR http://en.wikipedia.org/wiki/WIR_Bank

Your comment just shows that you don't see the horizont beyond your UK/US world...

Tue, 02/14/2012 - 08:41 | 2156854 Dick Darlington

Well, dear know it all, my comment was on that particular little story on that particular trashy paper. Nothing more, nothing less. Lighten up dude, really.

Tue, 02/14/2012 - 08:54 | 2156870 Ghordius

Perhaps you are right and I should lighten up, so thanks for the hint.

I have family and friends in the UK that do read the trashy papers and drive me to near-madness. Is there any non-trashy paper in the UK? Because the family and friends in the US all get their informations about Europe from the UK trashy news that get recycled into US trashy news. And don't get me started on the FT.

When it comes to currency affairs, perception from trashy news counts in spades. Just look at the EURUSD positions.

It's not your fault, I'd just love to read less BS. I beg your pardon, seriously.

----

Perhaps my point on this (I forgot): those alternative currency schemes are quite forbidden/restricted/persecuted in the land of the free, and allowed/tolerated in the eurozone. It's something that makes me quite unhappy.

Tue, 02/14/2012 - 08:50 | 2156868 Clowns to the l...

Clowns to the left_ jokers to the right's picture

All is well, citizen. Pay no attention to that man behind the curtain.

Tue, 02/14/2012 - 09:02 | 2156886 Sandmann

France had insisted, as a condition for approving Italian Mario Draghi as Trichet's replacement earlier in the year, on Smaghi's early resignation so a new French member could be appointed.^[2] In confirmation hearings in December, in line with a position already stated by Draghi, Cœuré said the bank may have to increase its purchases of member-country sovereign debt as part of the effort to combat the European sovereign debt crisis.^[3]

That's Wikipedia but it sums up the man - after all ECB = France therefore France will take no losses on Greek Debt; Germany will.

Tue, 02/14/2012 - 09:10 | 2156900 GeneMarchbanks

You could easily say IMF = France and France = Servitude.

Tue, 02/14/2012 - 09:04 | 2156891 Catullus

Yeah, these guys from Goldman Sachs came by and told us they can guarentee that we won't take any losses on the Greek bonds if we just sign this piece of paper

Tue, 02/14/2012 - 09:09 | 2156899 DarkStarDog