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Greece: reckoning postponed: The lights are still on in Athens. Greeces parliament approved a proposal on Wednesday to pursue additional austerity and fiscal adjustment measures.Show off your injectionmoldes favorite photos The European Union and the International Monetary Fund can release 12 billion of additional funding, enough to allow the government to repay debt maturing up to the end of August. The parliamentary vote was actually the second piece of good news on the Greek front this week.The largest honeycombpanels producers worldwide have traditionally been of British origin. The first was that a French proposal to offer some private sector burden-sharing (with European banks reinvesting some maturing government bonds they hold in new, 30-year Greek paper) is gaining traction. If implemented,Husky billabongboardshort Systems designs, the proposal could see the potential cost to Europes banks of an eventual Greek default roughly halved from the widely accepted haircut figure of 70%. The French proposal is not policy, however, and will not amount to much if too few private sector investors sign up for it. And none of this weeks developments addresses the central issue of Greeces insolvency. The success of Greeces medium term fiscal strategy depends on an unlikely plan to sell 50 billion of state assets. The governments ability to implement the austerity measures must also be questioned: the vote in parliament was held to the sound of rioting and the smell of tear gas.
Investment banking: rankings: Investment bankers generally start quivering when discussion turns to Thomson Reuters rankings. The quarterly compilation is a leading barometer of the health of the industry and the relative standing of competitors.When the stone sits in the plasticmolded, Even for those less intimately connected with these peculiar institutions, the second quarter numbers are a good indicator of the health of a significant part of the economic world. It is significant not because it is big. The $42 billion global total of investment banking fees in the first half of 2011 was only 0.1% of the worlds gross domestic product.Spring Piles in Houston at The Woodlands Town Center Even within finance, the business of deals (equity and debt capital markets and mergers and acquisitions) is small: less than 5% of the total U.S. bank and finance business.

LSE / TMX: no deal: Pointless tennis commentary reached its nadir one Wimbledon with the observation: That wouldve been an ace if it had gone over the net. Similarly dumb was the line from London Stock Exchange and TMX Group on Wednesday that the majority of proxies cast supported the merger between the two exchanges. Unmentioned was that Canadian feelings towards the deal were so lacklustre that not enough TMX shareholders could be bothered schlepping to the post office to vote, hence no deal. The failure to see this merger through is embarrassing. Last week, LSE and TMX sweetened terms with a special dividend, adding a small and indirect cash element to the offer, worth C$49 per TMX share. Maple, the gaggle of Canadian banks and pension funds, countered with a higher bid again. But LSEs bid simply did not set pulses racing, in spite of a supposed 100 million of cost and revenues synergies and a chance to rule the world in mining listings. Maple remains as the only bidder in town. That TMXs share price rose 1.5% on Wednesday suggests investors think Maple can navigate myriad regulatory concerns.