“Everyone needs the ECB to step up to the plate. The ECB has no excuse not to act. In trying to keep its monetary virginity intact, the bank threatens to de- stroy the Euro Zone. If that happens, nobody will be able to profit from its virginity.”
– PAUL DE GRAUWE
“Simple Math: The total overall cap [of the ESM] is 500 billion Euros 160 billion Euros has been spent
340 billion Euros remains 340 billion Euros + zero Euros = 940 billion Euros”
– Mike Shedlock, on the latest European ‘Masterplan’ to merge the EFSF + ESM
Full must read report Hmmm October 23
News (Fri evening) – BTH
Week in review – DealBook / NYT
Weekly Scoreboard – BTH
Macro: Summary for Week – Calculated Risk
Credit: Weekly Update – Danske Bank (pdf)
Weekly bull/bear recap – Rational Capitalist Speculator
Succint summation of week’s events – The Big Picture
Full weekend reading below.
Another summit, with no clear message, but the usual stuff. Europe seems rather disillusioned, and we are still not receiving any clear messages of how they will fix the mess. Stay tuned as the Euro Circus continues.
“It’s not a Greek crisis, it’s an Europe crisis”-G Papp
“The devil is in the details”-Merkel
It all starts with the Euro…and goes bad in Greece…threatening contagion….that could reach…American shores….unless we get that BIG Bail out….Where this whole Debt mess end, nobody knows, but we know for sure, the World is high on Debt, and needs more to survive. Great infographics by NYT below.