ECB’s Nowotny: More steps needed from Greece before euro zone can pay next tranche
Is that the next tranche of the first bailout or the second? This stuff is so confusing…
EUR/USD is all the way back toward 1.3200 area after the S&P move to downgrade the Spanish banks (following on the heels of Fitch earlier in the afternoon). Greek concerns remain front and center as well…

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Jamie Do you think the longer they drag this Greece thing out, are they risking contagion again or does the LTRO take care of that?
It doesn’t take care of it entirely but it cushions the impact, for sure…We used to have to worry about bank liquidity being shut off in an instant and major institutions failing catastrophically. . We don’t have that concern any more. Now the concerns are more squarely aimed at the sovereigns themselves.
Thanks It is going to be interesting to see how the European banks react in the next couple of days if this thing is still dragging on with the short ban lifted
The EU’s problem is more structural and political than financial.
Spot on, Hawk
Oil and water go together better than Germany and Greece.