This is what you get when you half-talk about guaranteeing sovereign debt, and half-talk about private sector burden-sharing, and half-talk about the possibility of restructuring sovereign debt.

BBC: A fork in the road for the euro?

Also, at least half a dozen corporate and sovereign issuers are conducting roadshows of investor presentations for proposed U.S. dollar bonds this week, among them Philippine brewery San Miguel Corp.

WSJ: Asian Bond Issuance Is Booming

About half of that is related to sovereign debt or bank debt in those countries.

WSJ: Bank Woes Take Center Stage: SNB Reports Dollar Borrowing; UBS, Credit Suisse Deny Tapping Facility

Still, forward-looking corporate and sovereign statements point to demand growth in the second half, although summer power shortages are a risk.

FORBES: Market Nuggets: Record Set Monday For Open Interest In Nymex Platinum Options

The picture is less clear for Asian countries, which, led by China and Japan, account for about half of the world's foreign-exchange reserves and sovereign-wealth assets.

ECONOMIST: The flows are neither as big nor as scary as they once seemed

Apparently, it's hard for these sovereign investors and wealth funds to get out of bed for anything less than half a billion pounds worth of investment.

BBC: Salmond scales up foreign loan application

Only about half of the 200 largest public and private pension funds in the US and only some 45 percent of sovereign wealth funds currently invest in PE funds.

FORBES: A Private Equity Fund-raising Rebound

According to the Bank of England's analysis, if every single one of those countries went bust and wrote off 50% of their sovereign debt, banking debt and non-bank private-sector debt, that would wipe out around half the capital in the UK banking system - which is another way of saying that, in theory, the majority of our banks would limp on.

BBC: Why UK banks are not immune to eurozone woes