Friday, October 7, 2011

One month to save the euro?

Though the markets did rebound today, off the back of yesterday's announcement from the ECB that it will extend its unlimited liquidity provision for banks until at least July 2012 (Bank of England's QE 2 announcement also helped). But amid a series of downgrades, the eurozone crisis continues to throw up more questions than answers.

So what's next? Well, this is a useful eurozone crisis 'roadmap, outlining key events over the next 4-5 weeks, courtesy of Dow Jones:

--Sunday, Oct. 9: French President Nicolas Sarkozy meets German Chancellor Angela Merkel in Berlin

--Monday, Oct. 10: Malta parliament votes on EFSF changes (delayed from Oct. 6)

--Tuesday, Oct. 11: Greek and Italian T-bill auctions.

--Slovakia parliament votes on EFSF changes.

--Thursday, Oct. 13: Italian bond auction.

--Friday, Oct. 14-Saturday, Oct. 15: G-20 finance ministers meeting.

--EUR2 billion of Greek T-bills mature

--Monday, Oct. 17-Tuesday, Oct. 18: EU Council meeting

--Tuesday, Oct. 18: Spanish and Greek T-bill auctions.

--Thursday, Oct. 20: Spanish and French bond auctions.

--Friday, Oct. 21: EUR1.625 billion of Greek T-bills mature

--Saturday, Oct. 22: EUR1.059 billion of Greek bond interest payments due

--Tuesday, Oct. 25: Spanish T-bill auction.

--Friday, Oct. 28: Italian bond auction.

--Monday, Oct. 31: Belgian bond auction.

--Tuesday, Nov. 1: Mario Draghi replaces Jean-Claude Trichet as president of the ECB

--Thursday, Nov. 3: ECB policy meeting

--Thursday, Nov. 3-Friday, Nov. 4: Meeting of G20 leaders in Cannes

--Monday, Nov. 7: Meeting of Eurogroup finance ministers

To cite that old Queen song: "Are you ready, Are you ready for this. Are you hanging on the edge of your seat"

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