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Monday, June 22

22nd Jun - "Hope", but no results on Greece

Previously on MoreLiver’s:

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Eu draft agreement on Mediterranean migrants La Stampa
In the light of the current emergency situation, the European Council agreed on the following issues to reinforce solidarity and responsibility

Where to draw the ‘red lines’ on EU reform?Open Europe
A new Business for Britain report entitled 'Change or Go' provides a lengthy analysis of the issues to be addressed in the forthcoming EU negotiations and echoes many of the reforms proposed by Open Europe.

The eurozone must either integrate or disintegrateThe Telegraph
New research shows that the single currency is amplifying the differences between its members, making the euro in its current form unsustainable

Six takeaways from the Danish elections Politico
Eurosceptic Danish People’s Party surge in general election The Telegraph

The euro does not have a problem... it is the problem The Telegraph
Europe’s leaders must face the truth that the single currency now poses fundamental threat to global financial stability

Wolfgang Münchau: The real challenge this week is to save the eurozoneFT
Grexit would be the point when the EU moves from integration, via stagnation, to disintegration

Opinion: Europe’s secret fear about GreeceMarketWatch
The people of Europe were told the euro would bring stability. It hasn’t.

Top EU officials lay out euro vision as Greece totters Reuters
As Greece threatens new shocks for the euro zone, EU chief executive Jean-Claude Juncker and four other top EU officials have laid out a vision for the common currency involving tighter control from Brussels.

Press release Roadmap for the future of the Economic and Monetary Union ECB
Publication Completing Europe's Economic and Monetary Union ECB
President Donald Tusk on the publication of the 5 Presidents' report EU

Appetite for euro reform faltersFT
Eurozone leaders will propose making only minor changes to the way the EU’s common currency is governed over the next two years in a report to be published on Monday, offering a clear sign that the reformist zeal seen in earlier phases of the eurozone crisis has stalled.

Five horsemen of the euro’s future Politico

Eurozone should have own treasury by 2025 euobserver
Eurozone states should cede more powers to EU institutions, including to a euro area treasury to be set-up in the next 10 years, according to a new report on further integration in the single currency area published on Monday

Greece must leave the euro – Politico
As Greece sputters, ECB takes driver’s seat – Politico
Gloom prevails in EU as Greek deadline nears – Politico
How Would Greek Capital Controls Work? – WSJ
Reform or Perish – Francesco Saraceno

Frances Coppola: Many Angry Words And No Way Forward – Forbes
Paul Krugman: Does Greece Need More Austerity? – NYT
Greece’s Fate: High Noon in Brussels – PIIE
Managing Greek default risks – Sober Look
Willem Buiter: Default need not trigger a sudden exit from the currency unionFT

Larry Summers: Greece is Europe’s failed state in waitingFT
Tsipras’s bet: Europe hasn’t got the guts – Politico
Prospects for Greece deal brighten – ABN AMRO
Greek GDP: The Shocking Reality Vs IMF Forecasts – ZH
Goldman & SocGen: ECB Alone Can't Contain Grexit Risks – ZH

James Hamilton: Renegotiating Greek’s debt – Econbrowser
Paul Krugman: Avoiding Apocalypse – NYT
ECB Said to Raise Greek Bank Aid Third Time in Less Than a Week – BB
Markets rally on Greece deal optimism – FT
Mood brightens after latest Greek offer to creditors – Reuters

German business leaders warn Merkel not to go soft on GreeceReuters
It’s not too late for a fair deal on Greece – FT
Editorial: The Deal Europe Should MakeBB
Greece Nears the Endgame – WSJ
Goldman Sachs Maps Out How to Trade Three Greek ScenariosWSJ

Your updated Greek bank… Jog? Stumble? Whimper?FT
Scenarios for Greece - Summer Crunch TimeDanske Bank
Greek Pensions-- Cut Numerator or Boost Denominator? – Marc Chandler
On those creditor ‘red lines’ for GreeceFT
Greek concessions keep hopes of bailout deal alive – FT

Greek Tragedy Act III: Take The Money And Run? – Alpha Now
Said to Consider Greek Debt Relief as Part of Aid Deal – BB
Germany slaps down EU official on Greece summit – Politico
Grexit complacency, charted – FT
VoxEU told you so: Greek Crisis columns since 2009VoxEU

Daily Central BanksWSJ
Hilsenrath’s Take: Sign of Agreement as Greek Talks Enter Final Hour * Fed’s Williams Sees Two Rate Hikes This Year * Fed’s Mester: Economy Could Handle Rate Rise Now * Coming Rate Rise to Test U.S. Housing Market * Greece Pitches Last-Ditch Bailout Plan as Crisis Nears Endgame

Daily Macro WSJ
European Equities Surge on Hopes for Imminent Greece Deal

Morning MoneyBeat AsiaWSJ
Pressure Mounts to Find Greek Solution

Morning MoneyBeat EuropeWSJ
Hope for Greece Springs Again

Morning MoneyBeat USWSJ
What the Greek Drama Means for Stocks

Danske Daily Danske Bank

Global DailyABN AMRO
European meetings set scene for a deal for Greece this week, triggering market surge * Scramble to meet deadline for IMF payment given parliamentary processes… * …while bank liquidity remains an issue, with another ECB meeting scheduled for Tuesday  * Greek deal this month should limit damage to eurozone economy

Euro rates updateNordea

Make or break week for Greece * EU leaders to hold Emergency summit today * EUR/USD steady awaiting further from Greece.

Morning MarketsTF
As Greece totters on the edge of bankruptcy, prime minister Alexis Tsipras offers his creditors yet another 'final' offer ahead of an emergency Eurozone summit this afternoon and the euro girds for a fall should the embattled country and its creditors fail to agree a deal.

Daily FX CommentMarc Chandler
One Focus Today and It is not a Mistaken Document

Daily ShotTF
Monday's discussions are supposedly the last chance for Greece to avoid default. But the Eurozone creditor institutions are in a fairly strong negotiating position as the markets continue to price in very limited risk of contagion. The EU corporate sector health in better shape than at any time over the past three years. Direct exposure to Greece has also reduced dramatically and the exposure is relatively minor.

Daily Press SummaryOpen Europe
New Greek proposals seen as going in right direction but agreement still far from certain.

Brussels Playbook Politico

Why Stocks Are Soaring (For Now)


FX UpdateTF
The USD selling was reversed rather sharply late yesterday – an interesting development considering the recent breaks of key support levels in some USD pairs following the dovish FOMC and weaker than expected US CPI.

From the FloorTF
Hyperbole maybe, but Greece has been in the last chance saloon for so long now that the landlord's called orders, the lights are out and the timeframe for a deal really could be down to the next 12 hours.

Voihan Kreikka sentään! | Tällä viikolla luvassa ostopäällikköindeksejä | Norjan keskuspankki leikkasi ohjauskorkoaan.

Juhani Huopainen: Päätimme vähän huorataUS

Juhani Huopainen: Suomi tarvitsee SDP:täUS

Miksi vientiteollisuus ei valita eurostaTyhmyri

Lauri Holappa: Kreikka-keskustelun tolkuttomuudetImage

Henri Myllyniemi: Europäättäjillä mahdollisuus tehdä kaksi virhettä tällä viikollaUS