* After the leak yesterday, ECB expected to announce EUR 50bn per month of QE, totalling EUR 1.2trn
* ECB approves Emergency Liquidity Assistance to Greek banks given deposit withdrawal ahead of election
* Italy’s PM Renzi says “my dream is parity .
* Bill White, the man who predicted the financial crisis, warns the current situation is even worse: “We are holding a tiger by the tail”; and that more QE won’t work: “Sovereign bond yields haven’t been so low since the ‘Black Plague’: how much more bang can you get for your buck?”
* Greece deposit flight
* China data better than expected – the stock market rallies from the 7% loss of the previous trading day:
Q4 GDP 7.3% vs 7.2% exp
Dec Retail Sales 11.9% YoY vs 11.7 exp
Dec IP 7.9% vs 7.4 exp
Dec Fixed Asset Invmt 15.7% vs 15.7 exp
* France’s Hollande lets the cat out of the bag,
* India unexpectedly cuts 25bp to 7.75% due to lower inflation, the stock market and the rupee rally
* S Korea cuts its GDP and inflation forecasts by 0.5 pct pts
* Fed Beige Book shows signs of wages increasing
* You know .