News Links: The only way to save the eurozone is to destroy the EU
News links for 9 December 2011 including posts on the European sovereign debt crisis, politics and elections in the US and Russia, and the situation at MF Global
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currencies
Will the latest deal in Europe solve the debt crisis?
Place your wagers; poll embedded on the site. Answers: Yes; No; It depends on what 'solve' means.
Look for North America to Fade Euro Moves
The dollar is broadly weaker as sentiment improves in the wake of an agreement on fiscal integration. European officials have struck what appears to be significant agreement; one of the costs is a new split in Europe as the UK and others…
Full text: Letter from Angela Merkel and Nicloas Sarkozy on the European debt crisis
The following letter from the German Chancellor and the French President was addressed to European Council President Herman Van Rompuy
Pending EU Summit May Curb Response to ECB
The dollar is trading slightly firmer ahead of today’s ECB rate decision and tomorrow’s summit. We expect the ECB to cut by 25bps, with a possibility of a 50bps cut; look to fade knee-jerk reaction. Australia’s employment much weaker than…
Worrisome Signs
Opinion polls and surveys are finding an increasing number of people expect one or more countries to leave the euro zone. Investors are anxious. What is to be done? What makes this so difficult is that there are so many moving parts and…
Key Disagreements at Late Stage Weighs on Euro
Germany and France are pushing for treaty changes. Under normal conditions treaty changes are a long drawn out process, subject to horse trading and vulnerable to domestic political considerations and the outcome is far from guaranteed.…
Two Developments Push Euro Lower in Europe
Asia extended the euro's recovery, but developments in Europe have seen it surrender the earlier gains and move back toward the lows seen in North America yesterday near $1.3360. The relatively light participation in the ECB's 84-day…
Liquidity is the Word
Tomorrow the central banks will auction dollars for the first time under the lower rates. There was some talk that the lower take down at this week's regular refi operation (about 13 bln less euros than were maturing from last week's…
Euro Recovers After S&P Slam
The euro sold off amid the rumors of the S&P decision to put on credit watch 15 euro zone countries. Spared was Greece, in a world of its own, and Cyprus, which was already on credit watch. It sold off further in Asia, but Europe has…