Morning all. Market reports:

Telegraph
The Times
The Times (Need to know)
FT
The Guardian
The Independent
This is Money

Brussels has given Greece two weeks to answer allegations that it used complex derivatives earlier this decade to mask its public debt, and called for even tougher austerity measures to bring its budget deficit under control.
EU orders Greece to cut deeper

Athens and Brussels clashed today over whether Greece was doing enough to resolve the debilitating debt and deficit crisis that is imperilling the stability of the euro.
Greece and Brussels clash over debt crisis

Will Greece stay in the eurozone - and what happens if it leaves?
Greece's euro dilemma

As noted previously on FT Alphaville, Greeces newly-controversial currency-swap is by no means a new story: Risk magazine covered the deal as far back as 2003. That European Union authorities have only now requested information about the deal presumably tells us more about the inner workings of Brussels than it does about Greek finances.
EU leaders: only 8 years behind the curve on currency swaps

China could be on the verge of letting the yuan appreciate in order to attempt to put a brake on growth, a leading economist has said, in a move that has spread concern in international currency markets.
China 'to allow' yuan to rise

Some 350 prominent economists from all over the world have written to the leaders of the G20 calling on them to implement the so-called "Robin Hood tax" on the banks "as a matter of urgency".
Hundreds of economists call for tax on currency speculation

Theres a hint here of tinned foods, a ready stash of aspirin, emergency comms and a necessary supply of smokes in the following list from RBS. Below is RBS list of 10 supracorporates; the bank believes these entities will be highly resistant to the appalling newsflow on the sovereign front.
The new safe havens (no, not gold)

Paul Volcker probably isn't that surprised. The former Federal Reserve chairman joked he was "just a photo op", even after President Barack Obama's public embrace of his proposal to limit bank proprietary trading. The problem is that legislators are no longer interested in sweeping reform.
Volcker Rule looks more like hype than future law

NIKKEI 225	AUSTRALIA ASX200	HANG SENG	SHANGHAI COMPOSITE

KOSPI	SENSEX
NYMEX CRUDE	GOLD	VIX

Good morning traders!

In Japan today, the Nikkei was up 22.62 points at 10,035.92. Hong Kong
markets remain closed for Lunar New Year.

Crude oil traded at $74.19 a barrel on Nymex.

Gold settled at $1,100 an ounce.

Happy trading!

G.

Barclays results seem to have been a real tonic for the market this morning.
Even LLOY has risen and I am now back in profit! (;-))

TT - congratulations - patience is a virtue! Notice that Citi (HB admittedly) were pushing a buy rec yesterday and 70 target. My FTSE binary yesterday was a bust and yet I'm on it again this morning... see if the EU can say something stupid before the end of the day... incurring small losses in the name of hedging my longs. Not getting involved until after the EU speak but if the market stops panicking about debt BT.A looks interesting.

Opening Market Overview

Bank Asset Disposals May Not Pick Up Until 2011 - Report
LONDON (Dow Jones)

Many bank and financial institution holdings acquired by European governments during the credit crisis may not come onto the market until 2011, a report from PriceWaterhouseCoopers says.

British banks in particular are set to attract interest from overseas investors when they are sold, says the report, published Tuesday.

But factors including market volatility, questions over the continuing risk of impairment charges and the political landscape mean most large scale asset disposals likely won't take place this year, the report concludes. In particular, British bank asset disposals are unlikely to take place until after the next U.K. General Election, widely expected in the first half of this year. Many U.K. political commentators expect the opposition Conservative Party to take power.

Banking assets that are expected to attract attention include a number of assets owned by Royal Bank of Scotland Group PLC (RBS). The bank, which received about GBP46 billion in capital injections from the government, will be required by European Union rules to divest assets, including about 300 bank branches and a global merchant services payment unit. Lloyds Banking Group PLC (LYG) is also expected to divest at least 600 branches and some insurance assets.

The U.K. government is also expected to divest the so-called "good bank" portion of Northern Rock, the bank and mortgage lender which was taken over after its collapse in 2007.

But although private sector deal activity in the banking sector is increasing, with deal activity expected to pick up during 2010, the bulk of these asset disposals may take some time, PWC says.

"The lion's share of deal activity will sit with the private sector during 2010," Shaun McNamee, a partner at PWC, said.

"Many European governments have switched their focus from the targeted support of certain financial institutions to planning their exits from bank share holdings... however, we believe it unlikely that large scale exits by European governments will materialize during 2010."

Although bank sales may take some time to get underway, the report's authors believe the U.K. banking industry will be attractive to foreign bidders in the coming years, citing PWC forecasts for U.K. GDP growth to accelerate faster than that of France or Germany.

Closed my BARC long for +32
Patience is certainly a virtue!
I'll get back in once it falls back to its support levels, if it does of course. Quite happy with my profit and with risk off the table.

End-of-day Market Overview