Daily Reading – November 16, 2010
While we wait to see whether Ireland will be bailed out today I’ll post todays interesting reads:
The Guardian: Ireland’s debt crisis – live coverage.
- Irish government under fire after resisting bailout pressure
- EU ‘considering €80bn-€100bn rescue package’
- Greek debt spikes as Austria threatens to block bailout funds
FT Alphaville: Standing up for Ireland ♣
The irony of Ireland moving swiftly to trim its budget deficit — and still ending up as the new centre of a European crisis — makes good newspaper fodder. But there is something rather unfair about the island’s current predicament…
FT Alphaville: Rethinking the ECB exit – yet again.
If the European Central Bank had been trying to stabilise the Euro overnight deposit rate in recent weeks — as most central banks are wont to do during a crisis — then they’ve failed.
FT Alphaville: Spain’s phantom securities – mas phantasmico.
Since we’re talking European peripherals, how ’bout Spain, eh? Just released — a Fitch report on “originators supporting Spanish structured finance Deals.”…
Bloomberg: Austria Threatens to Halt Greek Aid Transfer on Deficit Concern.
Austria threatened to block its share of the next transfer of aid funds to Greece unless the government meets deficit-cutting goals agreed upon six months ago with the European Union and International Monetary Fund…
Calculated Risk: LA Port Traffic in October: Exports increase.
Notes: this data is not seasonally adjusted. There is a very distinct seasonal pattern for imports, but not for exports. LA area ports handle about 40% of the nation’s container port traffic…
Macro Man: Policy Lending May Not be Your Friend.
TMM notes that while the Ring Cycle continues to play out in Europe (with a likely Wagnerian ending long term, but a plug short term) things are looking progressively worse for risk assets in Asia. Today more rumors came of monetary tightening in China across the board as well as a rate rise in Korea…
Slope of Hope: Brazil About to Get Waxed.
Breakout failure (green tint) and trendline failure (magenta tint) means bad times ahead…
The Wall Street Journal: Nokia’s Go-It-Alone Strategy.
DUBLIN—Stephen Elop’s first major decision as Nokia Corp.’s new chief executive could prove the most critical to the cellphone giant’s future: to continue with a go-it-alone strategy for operating systems rather than adopt Google Inc.’s Android…