Game Over

The final death throes of the euro
The euro crisis is entering its final stages. Economic pain is now interacting with political resistance to produce intense financial pressure. I expect Greece to leave the euro – and perhaps very soon.
Telegraph

Some of us have been talking it over, and here’s what we think the end game looks like:
1. Greek euro exit, very possibly next month.
2. Huge withdrawals from Spanish and Italian banks, as depositors try to move their money to Germany.
3a. Maybe, just possibly, de facto controls, with banks forbidden to transfer deposits out of country and limits on cash withdrawals.
3b. Alternatively, or maybe in tandem, huge draws on ECB credit to keep the banks from collapsing.
4a. Germany has a choice. Accept huge indirect public claims on Italy and Spain, plus a drastic revision of strategy — basically, to give Spain in particular any hope you need both guarantees on its debt to hold borrowing costs down and a higher eurozone inflation target to make relative price adjustment possible; or:

4b. End of the euro.

And we’re talking about months, not years, for this to play out.
Paul Krugman New York Times

S&P annonce une tornade sur le marché du crédit Handelsblatt
Le crédit se fait rare et beaucoup d'entreprises ne pourront plus se refinancer. Ca va licensier sec.

Le CAC a déjà perdu 2% ce matin à 10:00
edit: -2,46 à 10:30, il se CACsse la gueule

Pas de solution en Grèce

Des détails sur le deal de JP Morgan Wall Street Journal ... 150 milliards qui dit mieux?

39.447 eur la barre d'un kilo d'or dans le magasin de référence
Krügerrand 1.255,50 (1.244 le 3.8.2011)

Merci pour le lien:
Britain to share costs of Greek exit
Germany has drawn up plans to make Britain pay a share of the multi-billion pound clean-up costs if Greece is ejected from the euro, risking a clash with Downing Street. Telegraph

Overnight Summary: Perfect Storm Rising ZeroHedge


12h40
La bourse d'Athènes dégringole de près de 5% faute d'issue politique en Grèce
La Bourse d'Athènes (Athex) a dévissé lundi de 4,8% à la mi-séance, minée par la crise politique en Grèce qui pourrait retourner aux urnes faute d'entente pour un gouvernement de coalition après des élections législatives qui ont désavoué la politique d'austérité. TF1