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Thursday, February 5

5th Feb - Greek ping-pong - the up-day

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Democracy could have saved Europe from the single currency CapxX
Daniel Hannan: Democracy could have saved Europe from the disastrous single currency * Distrust of the masses is in the EU’s genome * Wolfgang Schäuble: “Elections are nothing”

Europe’s Two FuturesProject Syndicate
Once again, Europe seems to have reached a fork in the road, either about to slide into oblivion or to demonstrate its ability to weather the strongest storms. The future will ultimately be determined by Europeans themselves, but they would be wise to consider how they are viewed from abroad.

Lo spot del M5S sul ritorno alla liraIl Post

Erdogan Lambasts Central Bank "Independence", Turkish Lira To Record Low ZH

Winter Economic Forecast: outlook improved but risks remainEC
European Commission upgrades eurozone growth outlookFT

Denmark: Halt of bond issuance no magic bullet – new rate cut looms – Danske Bank
Denmark Cuts Rates Again to Protect Currency Peg – WSJ
Danish Central Bank Cuts Rates For FOURTH Time In Three Weeks – ZH
Denmark treads where Switzerland failed so is it “history repeating?” – Notayesman
Denmark cuts rate to -0.75 pct, same rate as the Swiss – Reuters
Danish crown dips after Denmark cuts rates again – Reuters
Denmark: DN cuts by another 25bp – Danske Bank
Denmark’s Just Cut Rates for the Fourth Time in Weeks – WSJ

Eligibility of Greek bonds used as collateral – ECB
ECB Pulls The Trigger: Blocks Funding To Greece Via Debt Collateral – ZH
Greece and the ECB: the first cut – FT
ECB cancels soft treatment of Greek debt in warning to AthensReuters
European Central Bank toughens its stance on GreeceBBC

Karl Whelan: So What Did ECB Just Do To Greece? – medium
Euro slumps, bonds rally after ECB puts more pressure on Greece – Reuters
Dollar rallies against euro after ECB cancels Greek funding – Reuters
Euro Weakens After ECB Limits Direct Funding for Greek Banks – BB
ECB raises heat on Athens with curb on cash for banks – FT

ECB Shuts Off Direct Funds to Greece as Reform Progress in Doubt – BB
The ECB Just Tightened The Screws On GreeceBB
What The ECB's Move On Greek Government Debt Is Really All About – BB
Euro Weakens After ECB Limits Direct Funding for Greek Banks – BB
ECB cancels soft treatment of Greek debt in warning to Athens – Reuters

Greek Finance Ministry says ECB decision aimed at Eurogroup – ekathimerini
ECB's overnight surprise forces Greece to actTradingFloor
ECB Piles Pressure on Greece. Street Reacts – WSJ
What on earth is the ECB up to?Frances Coppola
Who asked the ECB to kill Greece? – CityUnslicker

Push Greece Off the Cliff? – Francesco Saraceno
Greece and a Country Leaseback Plan – Polemic’s Pains
Another reverse for Greece with Berlin yet to come – MacroScope / Reuters
ECB collateral damages on GreeceBruegel
Greek Markets Feel the Heat – WSJ

Greek bank stocks tumble on ECB liquidity move – FT
Greece: ECB raises the stakes – Nordea
ECB's ban on Greek bonds hits Europe, Greece slumps – Reuters
Praet says ECB simply applied its rules for end to Greek waiver – Reuters
Greece's growth-linked debt plan may face legal obstacle: lawyer – Reuters

Greece Sticks to Anti-Austerity Demands Following ECB Loan Cut – BB
Let's get ready to rumble: It's Germany vs. GreeceCNBC
ECB to Greece: Drop Dead – Yves Smith
A Dance With Draghi – Krugman / NYT
Greek banks hit after ECB snub, Athens rejects 'blackmail' – Reuters
One way Greece can keep its banks alive: capital controls  BB

Schauble And Varoufakis Meeting: "We Didn't Even Agreed To Disagree" – ZH
FAQ:  ECB and GreeceMarc to Market
Why is Yellen Supporting the ECB Attack on Greece? – Yves Smith
Schaeuble ‘Agrees to Disagree’ With Greece’s Varoufakis – BB
ECB turns off the taps, but Greek banks can still get funding – Open Europe

Banker to the Broke: Lazard Advises Greece, UkraineBB
Greece: Here's What Happens NextBB
Greece Refuses To Back Down: "Government Will Do As Promised" Tsipras Says – ZH
Why a Whole Set of Vested Interests Might Come to Greece’s Rescue – WSJ
Greece Update, And Why Deutsche Bank Thinks Europe Will FoldZH

Thousands Protesters In Athens In "First Greek Pro-Government Rally"– ZH
Playground Bully Theory & EZ Gang Rules; The Only Solution – Mish’s
Is Athens Giving One of its Best Debt-Relief Allies the Cold Shoulder? – WSJ

Economic Bulletin 01/2015ECB

EMU Periphery Watch: QE Caps To Leave Some States At the LimitMNI
ECB’s  bond purchases could push several peripheral Eurozone countries to the limit of what the central bank says it stands ready to buy from any one debt issuer.

The ECB’s early adopter problemFT
Money injections have (at least) temporary distributive effects: they increase inequality if a richer group gets the money first, and decrease it, if the newly created money goes to a group that was relatively poorer.

Employment Week – Tim Duy
The ONE NUMBER to watch in Friday's NFP report – Humble Student
5 Things to Watch in the January Jobs Report – WSJ
Goldman Sachs Forecast: payrolls +210K, Unemployment Rate to 5.5% - Calculated Risk
Just How Many Jobs Are There in America? We’ll Know Better Friday – WSJ

Trade Gap in U.S. Widened in December to Largest in Two Years – BB
Productivity in U.S. Drops as Hours Jump by Most in 16 Years – BB
US Trade Deficit Soars In December As Strong Dollar Hurts Exports – ZH
Trade Deficit increases in December to $46.6 Billion – Calculated Risk

Daily Central BanksWSJ
Hilsenrath’s Take: Fed Officials are Wrestling With Their “Patient” Assurance on Low Rates * Fed’s Mester Supports Rate Rise in First Half of 2015 * Greeks Meet Skepticism in Frankfurt, Brussels * Japan Taps Reflationist as New BOJ Board Member * ECB’s Jazbec: QE Could End Sooner Than Sept. 2016

Daily MacroWSJ
The ECB decided that in its treatment of Greek bonds it would no longer waive its rule that junk-rated government debt isn’t eligible as collateral against central bank loans. In essence, a significant liquidity tap has been turned off for the country’s banks. For now that liquidity will be replaced by emergency measures. But the move, which raises the risk of an all-out banking crisis, cranks up the pressure on the newly elected Syriza government to soften its defiance toward its creditors’ demand.

Danske DailyDanske Bank

Eye-Opener: Greek charm offensive meets resistanceNordea
ECB plays hardball with Greece, Varoufakis meets Schäuble today * Recent USD weakness largely due to position adjustments * Finland sells 5-year bonds at negative yield

Beware of Greeks Bearing CollateralMarc to Market

Daily Shot: This Greek pantomime is getting childishTradingFloor

SNB Said To Be Buying EUR Crosses In Aftermath Of ECB's Greek Fiasco; Europe Boosts Its Own Growth Forecast

FX Update: ECB move on Greek debt spooks EURUSDTradingFloor
Euro is back under heavy pressure after the ECB upped the pressure on Greece with its move late yesterday. Euro traders need to watch headlines more than the technicals, it seems. Elsewhere, the USD view is mixed and market is least prepared for a strong US jobs report tomorrow.

From the floor: : Little Greece keeps markets busyTradingFloor
Uncertainty regarding Greece is still a major factor in the markets. Yields for Greek bonds are up again while exporters profit from a weakened euro and gold is looking for its direction.

Q&A: Carmen Reinhart on Greece, U.S. Debt and Other ‘Scary Scenarios’WSJ

A World Overflowing With DebtBB
The Global Debt Bubble In 3 Ominous ChartsZH

Venäjän inflaatio kurjistaa kuluttajaa | Hannuhanhi-Ruotsi hyötyy hintojen laskusta ja palkkojen noususta | Kreikan johtajat jatkavat Euroopan kiertuettaan

Komissio povaa talouskasvua kaikissa EU-maissa Verkkouutiset
Euroopan komission tuoreen talousennusteen mukaan kaikkien EU-maiden talouksien odotetaan kasvavan tänä vuonna ensimmäistä kertaa vuoden 2007 jälkeen.

Suomi keikkuu EU:n kurinpitotoimien rajalla Verkkouutiset
Suomi voi saada EU-komissiolta varoituksen rakenteellisen alijäämän merkittävän poikkeaman vuoksi.

OP tarjoaa asuntolainaan lyhennysvapaata – Danske Bank nokittaaVerkkouutiset
Hypon Pauna: ”Tämä on iso ruotsalainen kokeilu”KL
OP ja Danske Bank tarjoavat asuntolaina-asiakkailleen jopa 12 kuukauden lyhennysvapaata edesauttaakseen talouskasvua.

Näkökulma: EKP tuuppasi Kreikan selkä seinää vasten YLE
Euroopan keskuspankin myöhään keskiviikkona tekemä päätös olla hyväksymättä enää Kreikan valtionlainoja vakuuksina asettaa selvän aikarajan Kreikan velkaneuvotteluille euromaiden kanssa. Kreikan pitäisi nyt sopia mahdollisista muutoksista lainaehtoihin euroryhmän kokouksessa kuun puolivälissä, muutoin maan pankit uhkaavat ajautua kriisiin.

Brysselin kone: Vasemmistopolitiikkaa EU:ssaYLE
Europarlamentaarikko Merja Kyllönen keskustelee siitä mitä asioita hänen ryhmänsä ja hän itse EU:ssa ajavat ja siitä miltä vasemmiston tilanne vaikuttaa Kreikassa ja muissa EU-jäsenmaissa. Toimittajana on Maija Elonheimo.

EKP on Troikan pelinrakentaja Antti Ronkainen
EKP irroittamassa letkut KreikastaHenri Myllyniemi / US
Kolme kiperää kohtaa EKP:n päätöksessä Raha ja Talous

Brittimeppi Helsingissä: ”Suomalaisena en haluaisi tulonsiirtounionia” PS

Ajetaanko Suomeen kaksia työmarkkinoita?PS

Professori: Suomi menettää rahaa, oma valuutta Kreikalle ainoa ratkaisu – PS
Eduskunta kiisteli rankasti ”vakuuksien” olemassaolosta – PS
Ettei totuus unohtuisi – KHO:n päätös koskien Kreikan ”vakuuksien” salaamista – PS
"Korpisuolta kuuluu huutelua" – keskustan EU-kriittisyys herättää huolta – Verkkouutiset