ECB Emergency Lending Facility Spikes Again

EUR3.386bn was borrowed at a rate of 2.25% yesterday from the ECB's MLF - the highest in over a month. Whether this is related to UBS, we have no idea, but we await the denials form various French banks that they partook of this expensive funding.

Greek FINMIN Extends Time Of Offer to Reach 90% Participation - Though Assumes Success

Imerisia reports that the Greeks are assuming success it seems as the current 82% participation will likely rise to 90% once mutual and pension funds are included after the deadline extension. The Greek 2Y jumped from EUR69.5 to over EUR72.5 before dropping back to the middle of that range.

UBS Down 9.6% As Unauthorized Trade Results In USD2bn Loss

UBS has started European trading off on the wrong track. 'Astonishingly', coming clean to a USD2bn loss on the back of unauthorized trading. No details on whether this was selling Greek credit protection or buying Portuguese bonds (for the yield) but the Bloomberg headlines, UBS equity price crash, and the ES reaction are clear.






And So It Began

Posted by: lizzy36

Post date: 09/14/2011 - 23:40

Three years ago tonight we were all watching a new world unfold.

A Lost Decade Into The Great Middle Class Poverty?

Posted by : EconMatters

Post date: 09/14/2011 - 23:21

While President Obama is pressing the bloc's big countries to show leadership, the U.S. actually is in dire need of extraordinary leadership with a sharp strategic focus to turn the country around....

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