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Wednesday, July 3

3rd Jul - US Open: Europe does it again

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Spreads Explode On Portulitical Crisis; Egypt Ultimatum NearsZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Midday Express (EU daily news) – Europa
Daily press summary – Open Europe

Morning MoneyBeat: Jobs Fireworks Take Stage – WSJ
Morning Bond Update: Portuguese bond yields spike as government crumbles – TradingFloor
Dollar Firm, but Yen and Sterling Shine – Marc to Market

Analysis: Euro zone survival? Depends on where you workReuters
Three years into an unresolved euro zone crisis, Reuters polls show a marked split on the future depending on whether forecasters are based inside or outside the currency bloc.

Oscar Wilde and the euro zone MacroScope / Reuters
To paraphrase Oscar Wilde, to lose one looks like misfortune, to lose two smacks of carelessness.

As Europe Stuggles to Employ Young, Germany Seeks to Re-Employ RetiredWSJ

Merkel Hosts EU Jobs Summit in Bid to Stem Austerity FatigueBB

Extremely weak Swedish Services PMINordea

Analysis: Portugal, Greece risk reawakening euro zone beast Reuters
A teetering Portuguese government has underlined the threat that the euro zone debt crisis, in hibernation for almost a year, may be about to reawaken.

Portugal Leads Rise in European Bond Risk as Coalition Crumbles BB
Portugal is almost certainly going to become a crisis,” Bill Blain, a strategist at Mint Partners Ltd in London, wrote in a note to clients today. “When politicians walk away from government, you know a new election is coming. That’s the point economic reform dies.”

Portuguese government at risk of collapse over austerityeuobserver

Portuguese government at risk of collapsing after Foreign Minister resignsOpen Europe

Portuguese turmoilalphaville / FT

To Lose One Minister Might Be Seen as a Misfortune… WSJ

The Euro Zone’s Crisis is Over. You Got that Lisbon?WSJ

Portuguese Yield Spikes to 8% as Coalition Splinters on Austerity FatigueMish’s

Portugal’s Coalition Splinters on Austerity FatigueBB

President of the Republic of Cyprus visits the ECBECB

A Cypriot bond glitch?alphaville / FT
Cyprus announced the results of its sovereign debt restructuring on some €1bn of domestic-law bonds earlier this week. The one the Troika wanted for — OH. Oopsy-daisy. Did FT Alphaville say sovereign restructuring. We meant “debt management operation”.

Greece sees deal with lenders, to miss transfer scheme goal: officialReuters
International lenders may freeze emergency aid to Greece for three months unless Athens can convince them that the country is on track to meet its reform goals, a senior euro zone official said on Wednesday.

Exclusive: Greece has three days to deliver or face consequences - EU officialsReuters
Greece has three days to reassure Europe and the IMF that it can deliver on conditions attached to its bailout in order to receive its next tranche of aid, four euro zone officials said on Tuesday.

Forget Tapering and Exit via Reserve RequirementsDavid Kotok / The Big Picture
Instead of spooking fixed-income markets with uncertain proposals for asset sales, they might opt for an obvious alternative, which we have put forth before. Raising reserve requirements to idle at least 90% or some other very high percentage of the excess reserves would eliminate the need for the Fed to sell assets.

We've Seen This Jobs Movie BeforeZH
ISN employment index turning down, payrolls following?

Guest post: Asean – waiting for Japan to reflatebeyondbrics / FT
By Leif Lybecker Eskesen of HSBC Global Research

Don’t try this at home – central banker editionalphaville / FT
The RBA has been attempting to talk down the dollar for months without, it has to be said, much impact. So perhaps humour is the way to go after all.

Market Update: Surveying The DamageZH

Global systemically important banks: updated assessment methodology and the higher loss absorbency requirementBIS

Special Report: Why Brazil's new middle class is seethingReuters

Biggest Stock Market Scams in HistoryZH
"Suomi jättää euron ensimmäisenä"KL
Euroalue hajoaa, jos sen maat eivät saa enemmän valtaa muun muassa valuuttapolitiikassa ja verotuksessa, sanoo tunnettu saksalaisekonomisti Thomas Mayer.