Reading music by Bon Scott and the crew as they explain to us why it's a long way to the top back in '76 on Australian Bandstand.

"No Deal" - Greek Bondholders Do Not Think Agreement Can Be Reached Before "Crunch Date", by Tyler Durden, on 01/18/2012 17:48 -0500, at ZeroHedge

Because as the supposed restructurng expert should know, once you have a disparate group of ad hoc creditors, which is precisely what we have in the Greek circus now, there is nothing even remotely close to a sure deal, especially when one needs a virtually unanimous decision for no CDS trigger event to occur (yes, ISDA, for some ungodly reason, you are still relevant in this bizarro world).
Fears rise over Commerzbank and MPS, by Patrick Jenkins in London, Rachel Sanderson in Milan and James Wilson in Frankfurt, January 18, 2012 8:14 pm, Financial Times, www.ft.com

European regulators are convinced that two of the continent’s banks will fail to produce credible plans to plug capital deficits by Friday’s deadline, exposing both to the risk of full or partial nationalization.

Officials said that it looked “almost inevitable” that a fresh injection of state funds would be needed at Italy’s Monte dei Paschi di Siena and Germany’s Commerzbank. “These are the big cases,” said one.