Greek banks are rallying on vague and illegal polls showing pro-bailout parties in the lead.
1) The three-year Italian bond auction raised what it needed, but at a much higher yield (5.3 percent vs. 3.9 percent last time) and at a lower bid to cover ratio, underscoring mounting pressure on the euro zone’s third-largest economy. The Italian 10-year yield hit a five-month high, climbing to 6.3 percent.
2) Credit Suisse dropped 10.2 percent pre-market on heavy volume after the Swiss National Bank recommended Credit Suisse and UBSboost their capital reserves to protect themselves against weaker economic conditions. Both banks’ shares took a hit on the comments, but Credit Suisse fared worse amid concerns that it would have to raise substantial amounts of common equity and possibly slash its dividend to meet the central bank’s demands.
3) Europe in Eight Quotes: Trading desks are passing around this amusing set of comments this morning. I haven't independently confirmed each quote, but you'll get the point:
1. “Spain is not Greece.” - Elena Salgado, Spanish finance minister, February 2010
2. “Portugal is not Greece.” - The Economist, April, 22, 2010
3. “Ireland is not in ‘Greek territory.’ ” - Irish Finance Minister Brian Lenihan
4. “Greece is not Ireland.” - George Papaconstantinou, Greek finance minister, Nov. 8, 2010
5. “Spain is neither Ireland nor Portugal.” - Elena Salgado, Spanish finance minister, Nov. 16, 2010
6. “Neither Spain nor Portugal is Ireland.” - Angel Gurria, secretary-general, OECD, Nov. 18, 2010
7. "Spain is not Uganda." - Spanish Prime Minister Mariano Rajoy to Luis de Guindos, Spain's minister of economy... last weekend!
8. "Italy is not Spain." - Ed Parker, Fitch MD, June, 12, 2012
—By CNBC’s Bob Pisani
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