The 6am Cut
London – alphaville
/ FT
Danske
Daily – Danske
Bank (pdf)
Political uncertainty in Greece and possibility of
Greek euro exit weigh on financial markets.
EUR and stock markets lower and German bond yields at new record low. Greeks appear to be preparing for new
elections. ECB board member Asmussen raises topic of Greek euro exit. With a
light calendar focus will remain on the political situation in Greece.
Morning Briefing: Greece is the word –
BNYMellon
Whilst the push for a more relaxed interpretation of the EU’s fiscal compact may yet yield some success, Greece will struggle to obtain any new flexibility
Whilst the push for a more relaxed interpretation of the EU’s fiscal compact may yet yield some success, Greece will struggle to obtain any new flexibility
Market Preview: Eyes on German bond auction – Saxo
Bank
European markets are likely to reverse their
earlier session losses and open higher Wednesday ahead of a meeting today
between Alexis Tsipras of Greece’s Syriza party and
leaders of the two main Greek parties. A German bond auction is also in focus.
Debt
crisis: live – The
Telegraph
Europe Crisis Tracker – WSJ
FX Options
Analytics – Saxo
Bank
Tyler’s Overnight Summary – ZH (new!)
EURO CRISIS
Operation Self-Deceit New Documents Shine Light
on Euro Birth Defects
– Spiegel
Newly revealed German government documents
reveal that many in Helmut Kohl's Chancellery had deep doubts about a European
common currency when it was introduced in 1998. First and foremost, experts
pointed to Italy as being the euro's weak link. The early shortcomings have yet to be
corrected.
Policymakers have been responsive and
flexible. Skeptics have consistently
underestimated the willingness and resourcefulness of the relevant
institutions.
Spain Appears Unsure What A "Bank Bailout" Means – ZH
So, in a nutshell: the Spanish banks got EUR352 billion (via LTRO and loan repayment) and are left with only EUR80 billion (after deposit outflows and sovereign reach-arounds)
So, in a nutshell: the Spanish banks got EUR352 billion (via LTRO and loan repayment) and are left with only EUR80 billion (after deposit outflows and sovereign reach-arounds)
Greek Politics: A Step Towards the Exit – economistmeg
I have repeatedly argued that Greece and the troika will
choose to part ways in an amicable divorce as early as next year. The current
political situation in Greece means that the
divorce may come much sooner, and the split could get very ugly.
OTHER
3 Numbers to Watch (plus a bonus) – Saxo
Bank
The biggest number to watch is the recently
crossed 1.30 handle in EURUSD as the market mulls the multi-year trainwreck
known as the EU crisis.
Central Banks and an Unlimited Asset Purchase
Pledge – HistorySquared