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Thursday, July 18

18th Jul - US Close

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT
US: Stocks Surge To New Highs - Best Run In 32 Months ZH

German Banks on TopProject Syndicate

Allowing for a new treatment of asset-backed securitiesECB
ECB Will Ease Some Collateral Rules To Boost Credit For Small BusinessesWSJ
Annals of retention and the ECBalphaville / FT
ECB now accepts ABS with a lower credit rating and at a lower haircut… It could mean another €20bn of collateral eligible to post at the ECB for funding,

Italy's central bank sees even steeper decline for economyCNBC

‘EU’s final aid decision opens the door to rescue of shipyards’El Correo / Presseurop

Troika Statement on the Eleventh Review Mission to IrelandECB

Schäuble Visits Greece: Aid but No Haircut for AthensSpiegel
German Finance Minister Wolfgang Schäuble pledged €100 million to help small and medium-sized business in Greece during his visit to Athens on Thursday. But he didn't bring what the country really wants: a new debt haircut.

The Painful Truth: Greece Needs a Debt Haircut NowSpiegel
German Finance Minister Wolfgang Schäuble visited a ghost town in Athens on Thursday. The only thing left that can help Greece pull itself out of the crisis is a debt haircut by public creditors. Anything else is reckless.

Going, Going, Gone: Crisis-Plagued Madrid Sells OutSpiegel
In the midst of the crisis, Madrid's regional government and city administration are hawking their treasures and altering ordinances in order to make the Spanish capital more attractive to investors. The Spaniards are even selling the names of subway lines.

EU27 current account surplus 29.1 bn euroEurostat (pdf)
Euro area trade closes in on new milestoneTradingFloor
Mads Koefoed: The trade situation continues to improve in the euro area. In May, just the second trade surplus excluding Germany was posted this side of the global recession, and the trend points to a full-year trade surplus for the first time since 2004.

Hilsenrath: What Bernanke MeansWSJ

Glass-Steagall Is Necessary, but the Argument for It Isn’tWSJ

Bernanke Explains How Fed Views InflationWSJ

China’s Richest Man Sees Economic Growth Slowing in Second HalfBB

Liittovaltiokehitys on haitallista SuomelleTero-Jarno Tikkanen / US Puheenvuoro

EU-tiedustelupäällikkö: ”Suomalainen pragmaattisuus korostunut”verkkouutiset