The European Crisis Cycle: Hope, Relief... And Always Disappointment

By now we can only hope (pun intended) that everyone has seen the David Einhorn chart showing the circularity of the European "summit-based" decisionmaking process - somewhat relevant since we have had 21 summits since 2008 and Europe has never been in a condition quite as bad as last week when a... FF News: Fundamental

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JP Morgan Revised Down Its Forecast For Italy's 2012 Budget Deficit

JP Morgan lowered its forecast for Italy's 2012 budget deficit from €45 billion (2.8% of GDP) to €36 billion (2.3% of GDP). JPM still sees the Italian government unable to meet its original deficit target of €27 billion (1.7% of GDP). According to the bank's calculations, "the cumulative budget d... FF News: Fundamental

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