Epstein Secrets

• Fund Greek debt buyback with asset sales FT • China and US navigate in risky waters FT • IMF chief and EU clash over Greek debt Telegraph • Merkel sticks to austerity script in Portugal as revolt builds Telegraph • Income investors look to emerging markets Telegraph • Europe still vulnerable

grades CXS/NLY JPM downgrades CJES, Opco downgrades SYUT, Citi initiates BERY/SDLP (buy's) GS upgrades FFIV and ALB (buy), Piper upgrades SSYS/DDD, Janney initiates RBC (buy) Bofa upgrades EV, MS downgrades JNS, JMP downgrades JEF, ABN initiate CEO SS (buy) Akros downgrade PC IM, Equinet upgrade GBF G

as new CEO effective June 18 est +0.0%) EFTA00411519 Moody's downgrades 7 German & 3 Austrian banks (Deutsche Bank review still not concluded) Merkel adviser Franz says Spain should urgently approach the ESM for funding to recap banks Senior CDU official does not see current EFSF rules allowing i

's: N/A Key Research: Jefferies initiates EDG (buy) & downgrades RAX & upgrades CLR (buy) Key Research: Baird downgrades FMER, Citi downgrades NSM, Janney initiates CSE/CIT (buy's) Key Research: JMP initiates FB (op), CS upgrades PHM/RYL/SWN, BNP upgrades RRC (buy) Key Research: DB upgrades TTM and NU

ECeG> The Greek crisis will fast expose Mr Hollande FT Comment<http://www.ft.com/cms/s/0/77e65d0e-9608-11e1-9d9d-00144feab49a.htmlffaxzzluFoJECeG> Merkel urges Athens to stick with reform FT<http://www.ft.com/cms/s/0/fb8abe22- 9845-11e1-8617-00144feabdc0.html#axzzluFoJECeG> Eurozone crisis: democracy

N Key Research: DB upgrades LPX (buy), Imperial initiates URS (op) & downgrades NCMI, Atlantic downgrades EP Key Research: JPM intiates ALNY (ow), Janney initiates APH (buy) and MOLX (newt), BB&T downgrades RAH Key Research: Mizuho downgrades MAKO, Baird upgrades CTSH & downgrades TNB & initiates RXN

e speaking tomorrow morning at 9am in Nashville). Merkel & Monti meeting today @ 12pm EST followed by a n

to Conviction Buy List Key Research: Citi downgrades ISAT LN (sell) & initiates MTDR (neut) and IPCM (buy), HSBC downgrades GLE FP Key Research: Janney upgrades NWY (buy), Kepler initiates Prada (hold), Stifel initiates ETN/IEX (buy's) and CIR (hold) Reporting Pre-Open: AAON, ADES, BKR, BWEN, EBIX,