Friday, November 4, 2011

"Making Sense Of The Chaos: Europe's Calendar Of Events For The Rest Of November"

From ZeroHedge:
Since nothing else matters in this market except for what lie Europe's leaders can come up with to mask for a few more hours that they are all insolvent and helpless, a statement validated by today's two ECB interventions in the BTP market which achieved absolutely nothing, and resulted in a close in the Italian 10 Year at just over 89, an all time low, despite the Cannes meeting which naturally was a total flop, below we present the key events in Europe for the remainder of November. Unfortunately traders are unable to leave early today even as the market has effectively closed as one has to wait for the Greek confidence vote which is now expected to pass in favor of G-Pap and lead to his resignation and the creation of a coalition government by Monday, although one can't help but be skeptical just how this particular plan will get messed up in the next 48 hours.
So here are the main events:
  • Friday, Nov. 4: Greek government confidence vote.
  • Monday, Nov. 7: Meeting of Eurogroup finance ministers. EFSF issuance expected within two weeks of this date. IMF/EU officials start second quarterly evaluation of Portugal’s bailout program implementation. Should also last two weeks.
  • Tuesday, Nov. 8: EU finance ministers meeting. Greek T-bill auction.
  • Thursday, Nov. 10: Italian T-bill auction.