While the IMF has made the front page of the WSJ and the FT with their estimate cut in global GDP growth, it’s not a call that’s a surprise to any of us but certainly highlights the growing economic risks that were temporarily put aside by the actions of central bankers over the past few months. For US investors, earnings/guidance over the next 3 weeks will certainly bring the reality front and center for better or worse. On Greece with EU Finance Ministers today meeting for a 2nd day and Merkel doing a quick hi and bye in Athens, EU head Rehn said he expects Greece to complete the “fiscal consolidation and structural reform” that’s been expected of them and they continue to consider extending the budget targets for Greece by 2 years. On Spain, we still await. In Asia, the Shanghai index rallied 2% to its highest level in almost a month. Thru 2 reverse repos, one 7 day and the other 28, the PBOC injected 265b yuan (about $40b) into money markets, the 2nd biggest amount they’ve done as they seem to be relying on this lever to provide liquidity instead of cutting RR and/or interest rates.