Sep 20, 2011
via Felix Salmon

Munchau: “we are moving closer towards an involuntary break-up”

This post originally appeared on Edward Harrison’s blog Credit Writedowns

I just want to highlight three things here from Wolfgang Munchau on the euro zone because he reaches conclusions I have reached.

In an FT article with the pro-European title of “Eurobonds and fiscal union are the only way out”, Munchau writes about a Greek default:

Sep 16, 2011
via Felix Salmon

Why didn’t the Fed release a statement on the dollar liquidity bailout?

Felix here. I'm about to head out of town for a couple of weeks, on a mini European tour. I'll try to check in occasionally, but I'm not sure how often that'll be, so I'm experimenting with guest postings. With any luck, there'll be some fabulous stuff coming up from Mark Dow and Barbara Kiviat. But also, I'm trying to take advantage of all the great blog posts that Ryan McCarthy is finding as he edits Counterparties. The idea is that if we find something wonderful, we'll ask if we can reprint it, while linking back to the original. Edward Harrison has already said yes, so here's his post today on the Fed. Enjoy!

By Edward Harrison

Overnight, a group of us were exchanging e-mails on the recent coordinated central bank action to provide European banks the funding being denied them by the markets. I haven’t been active on the e-mail chain, but I did find some of the commentary interesting.