Recap 2-8-12

Main Items:

  • WSJ reported that the ECB has agreed to exchange Greek bonds it purchased with EFSF bonds. The EFSF will return the bonds to Greece and Greece will pay the EFSF @ the purchase price. The article goes on to say that this could help reduce Greek debt by 11bn euros, ~5% of GDP.
  • IG Metall union calls for a 6.5% pay rise for around 3.6mn workers in the metal and electronics industry
  • Roubini’s firm is overweight equities.
  • Goldman upgrade BNP Paribas to a Conviction Buy.


  • Swiss Unemployment was stable at 3.1% in Jan as exp.
  • Japan Eco Watchers Outlook Survey improved to 47.1 in Jan vs 45.5 exp and 44.4 prev