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Nicolas Sarkozy endorses Mario Draghi as the next president of the ECB; FT reports that Merkel will also soon come out in favour of Draghi; German commentators grudgingly accept Draghi, but ask for a quid-pro-quo; the ECB now says that a Greek default would be worse than Lehman Brothers; Gerald Braunberger says the ECB is irresponsible; Wolfgang Münchau says Europe's politicians are out of their depth in crisis resolution, and are now vulnerable to hugely expensive quack solutions; Eurostat has revised Greek and Portuguese 2010 deficits upwards; eurozone 2010 deficit only marginally higher than in 2009; Greek two year bonds shoot up to over 24% as the markets now expect a debt restructuring; Spain has to pay a markedly higher price for its latest T-bill auctions; the ECB has not been able to fully sterilise its bond purchases; euro shoots up to near $1.47, as bond spreads deteriorate; the US housing bubble, meanwhile, has now completely reversed according to the latest Case/Shiller house price statistics.
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