European markets continue to grind higher following the summit, with today's vibe similar to...

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X-terminator Comments (89)
 
Areement?
29 Jun 2012, 10:47 AM Reply Like

Garfield23 Comments (154)
 
yikes!

details everyone:

euro banks cant get money until they create this phantom bank supervisor which is not gonna get created until the end of the year!

what happens in the meantime,

details, details....
29 Jun 2012, 10:49 AM Reply Like

Garfield23 Comments (154)
 
It was Merkel on the issue of direct assistance from the Bank ESM at least on paper, even a back door open. Although they agreed in principle. But they will only be possible if a European supervisory authority is established. And this can take time. It stood still "difficult negotiations" before, she said. "This is not solved in ten days." The reports that Spain's banks could benefit from it already, are therefore incorrect.

http://bit.ly/MFZ1PG
29 Jun 2012, 11:06 AM Reply Like

JasonC Comments (2015)
 

The big benefit was the agreement that aid to the banks from official Eu institutions will not be required to have a senior position over existing creditors. It was that insistence on seniority that told all existing bondholders that even if there was some rescue, it would only benefit depositors, but never bondholders, that drove yields higher even on previous bailout proposals. They finally realized that pushing as many losses as possible onto existing private bondholders is not a way to save money. That was the progress item.
29 Jun 2012, 03:42 PM Reply Like

Losing Paper While Gaining ... Comments (490)
 
no link to a news article so I'll provide this for something to read:
http://bit.ly/KHO3ox

EU giving another 55billion in magic money for "growth"

From Ireland's perspective it looks like this means the EU is now on the hook for the debts incurred by Ireland promising to cover its banks debts instead of Ireland. Needs more analysis though to find out how likely that is in reality. I don't have time.

Italy and Spain not happy. Wants extra unicorns. http://bit.ly/MFXwRv
29 Jun 2012, 10:53 AM Reply Like

vancity Comments (12)
 
....and this dog continues, European two steps back one step forward.
29 Jun 2012, 11:53 AM Reply Like

Losing Paper While Gaining ... Comments (490)
 
Also, gold much higher than markets. A return to fundamentals perhaps? Looks like there's some expectation that there'll be some easy money floating about when this plays out.
29 Jun 2012, 12:04 PM Reply Like

eagle1003 Comments (823)
 
Don't be fooled by any rally in gold. It's going down.
29 Jun 2012, 02:15 PM Reply Like

phdinsuntanning Comments (1057)
 
just noise to hide the Libor scam
29 Jun 2012, 02:44 PM Reply Like