Still Another Greek Vote to Come; A dollar for your thoughts

 

This post will be brief.

  

Don’t get the champagne glasses out for Greece just yet. Perhaps you may want to send the champagne glasses to Greece as protest weapons. There is still another Parliamentary vote tomorrow in Greece on how to divvy up the austerity agreed to today. While the financial press has sought to put a happy face on the events in Greece, things aren’t all too happy in Athens as the protests grow. This weeks score: Oligarchs 1; Protestors 0.

  

$40 bln in cuts, supposedly real cuts, are in play. Greek CDS is only down 40 as implementation vote lurks.  I’m told that only one member of Papandreou’s Socialist party voted against the austerity law and he was immediately expelled from the party.

  

Wall Street’s Wednesday outlook… expect what this newsletter has been saying like a broken record for weeks. Chop and slop. Support and resistance ranges have been telegraphed in previous reports. Volume needs to come up.

  

There’s a new IMF chief in town. Athens tops agenda for Lagarde (FT)

  

Wen Renews Chinese Vow to Buy European Bonds (WSJ). Mighty significant stuff here as China tries to nudge in to become a banker to the world, or at least to Europe.

  

Not only too big to fail, but too big to prosecute. Bank of America Near a $8.5 Billion Deal on Mortgage Securities – http://nyti.ms/jPfW7c. Just money changing hands, no ‘if you do the crime, you do the time’.

  

While pending home sales may have risen by over 8% in the latest report, the reality for the RE market is glum: Seriously delinquent mortgages, foreclosures outnumber distressed sales 50:1 http://goo.gl/fb/zLJY7 Some of these mortgages can be 4 years delinquent in certain judicial states.  

  

A dollar for your thoughts? How ’bout a billion dollars? Via @nprnews: $1 Billion That Nobody Wants | http://t.co/s16MAEQ. A pretty good scoop by the NPR folks.

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