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Thursday, May 16

16th May - US Open

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Surging Q1 Japan GDP Leads To Red Nikkei225 – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe

Morning MoneyBeat – WSJ
Morning Bond Update – TradingFloor
Morning Briefing (EU/US): Seasons in the sun – BNY Mellon  
  The EUR's brief period of popularity might be drawing to a close

Where do EU member states stand on bank bail-in plans?Open Europe
The ECB, Spain, Portugal and France (amongst others) want a clear depositor preference regime – where uninsured depositors are the last to be written down. On the other hand, Germany, the Netherlands and the UK want more equality between senior bondholders and uninsured depositors… The few points they do agree on include: complete protection for insured depositors, a broad bail-in scheme and (somewhat ironically) the fact that this legislation is urgent.

Europe faces a risk of "zombification"Free exchange / The Economist
There is now strong statistical evidence that banks in the periphery are discriminating against small and medium-size enterpresises (SMEs), imposing higher interest rates or simply rejecting loan applications in a higher proportion than for larger corporates. This is the clearest sign of impaired monetary policy transmission

The harmful impact of short-term troubles on long-term growth Bruegel
Europe has a well-known long-term growth problem, but there is a major risk that short-term troubles will damage further the long-term growth potential, for six main reasons.

Blame bond markets, not politicians, for austerityOpinion / FT
Roger Altman: It was not Germany that pushed austerity on to eurozone states, writes Roger Altman

Great Graphic: Euro Area GDPMarc to Market

Emerging Markets Briefer - May 2013Danske Bank (pdf)

How the Case for Austerity Has CrumbledThe New York Review of Books
Krugman: In normal times, an arithmetic mistake in an economics paper would be a complete nonevent as far as the wider world was concerned. But in April 2013,

HS-analyysi: Suomi hoiti Kreikan vakuudet hyvinHS
KHO teki tiistaina merkittävän ennakkopäätöksen: asiakirjojen julkisuus on nyt todellakin pääsääntö. Suomella oli vain vähän keinoja saada Kreikalta vakuuksia. Sen takia valtiovarainministeriön virkamiehet ansaitsevat hatunnoston tavasta, jolla he junailivat nyt julkaistun vakuussopimuksen.

Jutta - Demarien keulakuvaArto Luukkanen / US Puheenvuoro

Soini: Vakuuksista voi tulla vielä Euroopan laajuiset käräjätYLE
Väittely Suomen Kreikka-vakuuksista jatkui eduskunnassa keskiviikkona.

Tiilikainen: Kreikkalaispankit ostivat Suomen mukaanSuomenmaa

Oppositio taas hallituksen kimpussa – "Kreikka ulos eurosta"Verkkouutiset

Kommentti: Hallituksen piiloutuminen virkamiesten taakse on raukkamaistaHS