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Friday, February 20

20th Feb - Greek 4-month extension agreed?

Previously on MoreLiver’s:

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Derivatives Are for Hedging, Not Bundling, Farkas SaysBB
The European Banking Authority, which is working on a definition of high-quality securitization that would qualify for lower capital charges, “would not like to have resecuritizations and retranching and derivatives enhancing these structures”

It’s Time to Kick Germany Out of the EurozoneForeign Policy
Why the anchor dragging down the European economy isn’t Athens -- it’s Berlin.

The Euro’s up in smokeBebbe Grillo

How has exposure to Grexit changed during the crisis? – Open Europe
Schuldenstreit: EZB bereitet sich auf griechischen Euro-Austritt vor – Spiegel
Yanis Varoufakis: Germany’s nemesis – Prospect Magazine
Paul Mason: Greeks could face a fateful decision on Euro – BBC
Greek Deposit Run Accelerates Ahead Of Monday's Bank Holiday – ZH

Working Group Ends Without Result – ZH
German-Led Block Willing To Let Greece Leave Euro, ECB Prepares For Grexit – ZH
Eurozone - Bluff or u-turn? – Carsten Brzeski
Germany united behind Schäuble – Open Europe
Interactive: Greece’s Debt Due: What Greece Owes When – WSJ

A Greek Drama Draws In the Obama Administration, Again – WSJ
Greek talks – TF
Last-ditch meeting looks like Graeco-German wrestling – TF
Greece’s Fate in ECB’s Hands if Eurogroup Talks Fail – Yves Smith
Greek PM 'certain' euro zone will accept loan deal, Germans soften – Reuters

German-Led Bloc Turns Up Pressure on Greece as Cash Crunch Looms – BB
German-Led Bloc Willing to Let Greece Leave Euro: MaltaBB
ECB Asks: Are Greek Banks Insolvent? – Forbes
5 Things to Know About the Greece Talks – WSJ
A Greek Euro departure but Euro based economy – Polemic’s Pains

Europe Needs To Stop The Clock – Krugman / NYT
Greece: No escape from the inevitable – vox

Finance chiefs draw up Greek bailout blueprint – FT
Greece loan accord drafted – Reuters
Greek Official: Eurogroup Appears to Have Reached an Accord – BB
More details on Greece’s agreement – Keep Talking Greece
Eurozone Ministers Heading for Consensus on Greek Bailout – WSJ

Fact of the week - The tiny balance sheet impact of the TLTRO (charted)Bruegel
While waiting for the ECB to start QE purchases in March, an update of our Eurosystem liquidity database allows capturing the (non)-impact of the TLTRO announced by the ECB in June 2014.

ECB's Draghi wants to buy bonds, but who will sell?Reuters
Banks, pension funds and insurers are hoarding bonds for regulatory or accounting reasons. That may complicate implementation of the quantitative easing program. The ECB might have to pay way above market prices, or take additional measures to encourage investors to sell.

New Guideline on the implementation of monetary policyECB

ECB minutes: Interesting but not newNordea

Euro zone business picks up pace in February on rising orders: PMI – Reuters
Higher PMIs confirm our view of a stronger recovery – Danske Bank
German Economy Builds Momentum After Leading Europe in 2014 – BB
PMIs give clear signal of improved growth – Nordea

Fed hiking cycle: an early start but a slow pace Danske Bank

Daily Central BanksWSJ
Hilsenrath’s Take: NY Fed Survey Shows Challenge Framing ‘Patient’ Guidance * Big Banks Expected Summer Rate Rise Ahead of FOMC Meeting * What Wal-Mart’s Pay Raise May Mean for Other Workers * BOJ’s Kuroda Will Use Various Tools to Hit Inflation Target * ECB Minutes Reveal Concerns of Low Inflation

Daily MacroWSJ
Greece might not be settled yet–a deal over an extension to the terms of Greece’s rescue plan is still awaited–but there are general signs the European economy is building up a head of steam. Once again the Eurogroup will meet to discuss Greek proposals for how the existing plan might be amended.

Danske DailyDanske Bank

EMU sentiment to improve * US regional surveys disappoint * Boost to confidence from ECB’s QE? Germany leaves door open to deal based on Greece’s proposal

Brinkmanship, Yes, but Where is the Brink ?Marc to Market

Daily ShotTradingFloor
The FOMC is getting increasingly concerned about macro matters it seems if the minutes released Thursday are anything to go by with China's slowdown to the fore. Talking about releases yesterday, what about that mammoth EIA oil print?

Stocks Coiled To Soar On Any Positive Greek News

FX UpdateTradingFloor
Do we get a deal announced on Greece ahead of today’s close? The market is expressing very little, if any, fear on this front, judging from the fresh local highs in EURCHF and European equities.

From the floorTradingFloor
Markets are on tenterhooks awaiting the outcome of today's last-ditch negotiations between Greece and the Eurozone but the headline here is the absence of any tangible impact on prices – either in FX or elsewhere. John Hardy and Saxo's other analysts reckon the talks could drag on into the weekend and we might have to wait until Monday for clarity and direction.

Euroalueen kasvu kiihtyy vuoden ensimmäisellä neljänneksellä | Euroryhmän kokoontuu puimaan Kreikan tilannetta | EKP:n kokouksen pöytäkirja ei tarjonnut merkittäviä uutisia

Euroryhmän kolmas näytösAntti Ronkainen

Kreikka-kortti käytössäSakari Heikkinen

Näkökulma: Tapaus Kreikka rautalangastaYLE
Vaikka perjantain neuvotetteluissa Kreikan lainoituksesta ei edettäsi, Kreikka ei vajoa heti mereen, kirjoittaa EU-erikoistoimittaja Susanna Turunen.

Vaaliyllätyksiä paljastuuVerkkouutiset
Demareilla kielteinen aukiolokanta, PS kokoomuslinjalla julkisesta sektorista -

Pakkoruotsin vastustajat huolissaan – kansalaisaloitteen käsittelyaika kohta lopussa – Verkkouutiset
”Yritetäänkö ruotsin kieltä koskeva kansalaisaloite haudata valiokuntaan?” – Suomen Uutiset

Professori lyttää perussuomalaisten maahanmuuttopoliittisen ohjelman – IS
Kommentti: Kuka ruokkii trollia? – IS
Halla-aho vastaa ”SKP-professorin” kritiikkiin – Suomen Uutiset
Jussi Halla-aho: Professori ei osaa lukea - "suoranaista valehtelua" – Verkkouutiset
Halla-aho syyttää professoria valehtelusta - puolustaa kohuttua ohjelmaa – IS