Notes

From the wire;

• Greek official says 8-9 State Pension funds agree to take part in debt swap, four refuse to do so

• All of Greece's banks expected to take part in bond swap program

• "IIF Staff Note: Confidential" - A disorderly Greek default would cause more than a trillion euros ($1.3 trillion) of damage to the euro zone and could leave Italy and Spain dependent on outside help to stop contagion spreading

• Netanyahu: Israel Has Been Patient With Iran But Cannot Afford To Wait Much Longer 

• Brazil, which is South America's largest economy and has been one of the world's most dynamic emerging markets, reported weak growth for 2011 that raised fears it is slipping into a new era of mediocre growth. That came a day after China cut its growth forecast and data indicated that Europe is likely to fall back into recession

• The Bank of Queensland increased its standard variable mortgage rate by 10 basis points to 7.46 per cent, arguing that higher costs of raising funds overseas had put too much pressure on its margins.

Against this backdrop, the latest Reuters poll of Australian interest rates showed that "a number of analysts see the risk of a rate increase towards the end of the year and into 2013"... (might be time to punt on a rate cut)