Der Spiegel – Printing Money The European Central Bank’s Discreet Help for Greece – 9 August 2012

The European Central Bank is now taking risky measures to help save Athens from its acute financial emergency. Increasingly, euro-zone leaders are pushing the dirty work on the ECB. In the end, though, they will likely have no choice but to pay Greece the next tranche of its bailout package.

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Mish/ Mike Shedlock – Interview With Roger Bootle, Who Won The Wolfson Prize For Developing A Practical Plan To Dissolve The Eurozone – 8 August 2012

RT’s  Laura Smith interviews economist Roger Bootle, who won the £250,000 Wolfson Prize for developing a practical plan to dissolve the Eurozone.

John Ward – ECB Policy On Greece: Yes, You Do Have To Be Mad To Work Here – 7 August 2012

It doesn’t get much sillier than this.

Earlier on Eurenders, Mario the money-changer told Stavros at the Bank of Greece that he could have more and easier access to the wonga at Mario’s Loans. But Stavros already owes Mario €3.2Billion on a previous Bond.

So Stavros asks the eurozone for a bridging loan from the ECB to pay back the Bond issued to the ECB. Eurozone says no. So Stavros asks the ECB for a further 30 days in which to cough up. Eurozone says no.

Anne Seith – A More Perfect Union – Bank Oversight Plans May Threaten ECB Independence – 9 July 2012

At the last European Union summit, leaders agreed to establish a banking oversight authority. It remains unclear, however, what such a system might look like. The European Central Bank is to play a role, but can it maintain its independence?

Finland Could Leave The Eurozone Rather Than Pay Other Nations’ Debts, Says Jutta Urpilainen – 6 July 2012

Finland would consider leaving the eurozone rather than paying the debts of other countries in the currency bloc, Finnish Finance Minister Jutta Urpilainen has said.

“Finland is committed to being a member of the eurozone, and we think that the euro is useful for Finland,” Ms Urpilainen told financial daily Kauppalehti, adding though that “Finland will not hang itself to the euro at any cost and we are prepared for all scenarios”.

Mish/ Mike Shedlock – Eurozone 1% Shell Game Stimulus Mirage; Meaning Of Necessary; “Real” Stimulus – 24 June 2012

Germany, France, Italy, and Spain have agreed to spend 1% of GDP on new stimulus measures.

Where is the money coming from? They will not say. Most likely from somewhere else, better known as nowhere.

Mish/ Mike Shedlock – Laugh Of The Day: Stress Tests Show Spanish Banks Only Need €16bn And €62bn In New Capital; ECB To Accept ABCP Collateral One Step Above Junk As Collateral – 22 June 2012

The yield on 10-year Spanish bonds has fallen for the second day in a row, and now sit at 6.4% according to Bloomberg.

Yesterday’s news was ECB to relax loan rules for Spanish banks
Benoît Cœuré, an ECB executive board member, told the Financial Times in an interview this week: “We certainly have to make sure that sound counterparties have the means to access our liquidity, including in terms of collateral availability.“

John Ward – Greek Election : The Fate Of The Euro Is NOT In Greece’s Hands – 17 June 2012

The eurozone is doomed whatever happens in Athens

‘Greeks went to the polls on Sunday in an election that could decide whether their heavily indebted country remains in the euro zone or heads for the exit,’ opined Reuters this morning. I do wish the MSM (especially in the States) would stop writing half-baked bollocks about the Greek elections. If Greece leaves the euro next week following today’s election, it will be because other forces want it out, not because the Greeks themselves want to leave.

Mish/ Mike Shedlock – Greece Withdrawals Up Again Due To “Uncertainty”; Situation Not Under Control; US VS. Greece – 13 June 2012

Here is an interesting headline from the Greek website Ekathimerini: Withdrawals up again due to uncertainty.

The political polarization and uncertainty regarding Greece’s position in the eurozone generated a fresh spike in bank withdrawals last week.

In the last few days, withdrawals have increased again as bank clients convert their money into foreign bonds (mostly German) or opt for various alternative investments based on the US dollar in mutual funds.

Mish/ Mike Shedlock – Bailout Lite? There’s Really No Such Thing; €30 Billion Needed? It’s Now €100 Billion; Contagion Of Economic Idiocy – 9 June 2012

A few days ago Spain was purportedly going to need another €30 billion to €70 billion to recapitalize Spanish banks. I suggested the amount would be at least triple that and it did not take long to do so.