Tuesday 12th June

European elites can't stop themselves crashing their own project | Chatham House: Independent thinking on international affairs {http://bit.ly/LULBdu}

Spain’s Vicious Circle of Risky Bond Sales - NYTimes.com
Madrid Leans on Its Troubled Banks to Buy Its Bonds
'Domestic investors, including banks, pension funds and insurance companies, own 67 percent of Spain’s bonds.'
{http://nyti.ms/LUAJwg}

Ex-PBOC Economist Sees ‘Aggressive’ Monetary Easing On Slowdown
China may cut benchmark interest rates up to two more times this year as part of “aggressive” easing to counter the nation’s slowdown
{http://bloom.bg/LUBaGT}

Germany, Not Greece, Should Exit the Euro
All the debate about the pros and cons of a Greek exit from the euro area is missing the point: A German exit might be better for all concerned.
{http://bloom.bg/LUBju9}

Bail Fail
Hurried Spanish banking bailout fails to calm market nerves
Spain's borrowing costs rise closer to levels considered unsustainable – dragging Italy towards danger zone
Guardian {http://bit.ly/LUFF4s} Also Telegraph gives it a month {http://bit.ly/LUHk9Z}

The World from Berlin, Spain Bailout 'Won't Buoy Sentiment for Long'

he hastily arranged bailout of Spain's banks on the weekend won't calm financial markets for long, write German commentators on Monday. The move exposed shortcomings in Europe's crisis-management system and is already being overshadowed by the make-or-break election in Greece next week, they say.
{http://bit.ly/LUBvJL}

A Sneak Peek at Tomorrow's Europe
European leaders have long insisted they will do everything to save the euro. Now, a plan is forming that would dramatically change the architecture of the European Union. Brussels would be granted a significant say in national budgets and debt would be communalized. But the hurdles such a plan might face are high.
{http://bit.ly/LUBHbQ}

Goldman Sees A 29% Return From Commodities Over 12 Months
{http://bloom.bg/LUG2Mg}

China and India 'heading for economic slowdown'UK Telegraph on the Chinese and Indian slowdowns - Note the OECD in the story talks about how things have changed in the “past month”. {http://bit.ly/LUGA4N}

UPDATE 3-India could be 1st BRIC to lose investment grade-S&P
While we all focus on the European mess India is slowing falling in a hole. S&P says India could be the first BRIC to lose investment grade – Reuters {http://reut.rs/LUGvOB}

LOL
THE country of Wales has returned it to its natural submerged state. {http://www.thedailymash.co.uk/news/environment/wales-returns-to-being-an-undersea-kingdom-2012061230079}