Europe

In case you have noticed recently the Euro and S&P500 seem to be moving together almost tick for tick. Here are the daily moves in futures over the past month. Makes you think they’re both dancing to the same tune by the Algorithmics,…

France appears to have backed down in the face of a German-ECB joint position that strenuously objected to the EFSF becoming a bank to borrow from the ECB. Instead, it appears that the insurance/guarantee function of the EFSF is going to…

On the Max Keiser show, I said that Greece has been sent to debtor's prison. The goal is for creditors to Greece to get as much out of the Greek government as possible before they default.

The auxiliary objective of QE by the Fed is to weaken the USD. Herein lies the rub. Quite simply, with the recent announcement by the BOE of another round of QE worth £75 billion, with the ECB now willingly or unwillingly being forced into…

Below is the leaked Greek bailout document that everyone has been talking about. Yesterday, the Financial Times first revealed this analysis' existence. Here is Rob Parenteau's understanding of what the Troika analysis demonstrates about…

Now watch the Greek protestors turn on each other. Makes you wonder if an EU plan to be announced Wednesday is really going to solve the core issues of the crisis in the eurozone: 1) too much debt that can't be paid back; 2) debt/credit…

Nicholas Sarkozy has some sharp words about the crisis.

This chart shows how the Italians have suffered in the sovereign debt crisis. It is as if the ECB never bought bonds.

European session marked by choppy macro price action; France and Germany split over EFSF leverage. North American session likely dominated by Greek vote, US reports and headlines surrounding EFSF. UK retail sales beat expectations but…

Spain continues to be vulnerable to market stress and event risk. The already moderate growth prospects for Spain have been scaled back further. Lower economic growth in turn will make the achievement of the ambitious fiscal targets even…