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EUROPE
As
Crisis Deepens, Eurozone Critics Are Vocal – WSJ
2
paragraphs that explain the Greek financial crisis – vox
We need a mechanism for sovereign
debt crisis resolution – Lars
Christensen
Who will
dare say out loud ‘emperor has no clothes’? – The
Irish Times
The myths
about Ireland as Europe’s best behaved state are not harmless lies
ECB
Report 2015Q2 – Place
du Luxembourg
ECB Rates,
Balance Sheet, QE & Tgt2 Balances Amid Greek Crisis
GREECE
George
Magnus: Referendum “No” would bring new economic darkness – Prospect
Referendum:
This is the question for voters – MarketWatch
Joseph
Stiglitz: how I would vote in the Greek referendum – The
Guardian
Greece threatens top court
action to block Grexit – The
Telegraph
ECB
Says "Grexit Can No Longer Be Excluded", Hints At More QE – ZH
Greece Threatens
'Unprecedented' Injunction Against EU To Block Grexit – ZH
Steen
Jakobsen: Beyond the brink – TF
Euros
without the Eurozone – JP
Koning
The
biggest question that nobody will ask or answer – Cityunslicker
Greece’s IMF payment: When is
a default not a default? – FT
Martin
Sandbu: Readers’ questions on Greek crisis answered – FT
After
Greek Monday, How Are Markets Now? – WSJ
Brussels, We've Got a Problem! –
euinside
The
only possibility forward is Grexit or an expensive haircut – Spiegel
Greece’s Five Possible Future
Currency Arrangements – WSJ
Read
the Greek Referendum Documents – WSJ
Leaked:
Tsipras letter requesting a 3rd bailout – FT
Greece in chaos: will Syriza’s
last desperate gamble pay off? – The
Guardian
The
politics of debt relief – Politico
Greece’s Five Possible Future
Currency Arrangements – WSJ
Greece Asks For 2-Year Bailout From ESM,
Merkel Promptly Shoots It Down – ZH
OTHER
Mads
Koefoed: Central banks in July – TF
ECB meeting
on July 16 will devote much time to Greece * Next FOMC is end of July: jobs
data supports Sept hike, CPI doesn't * RBNZ is only other big central bank
expected to alter its policy rate
Global FX Strategy: sometimes the nonsensical makes sense – Nordea
In
this month's edition, we look at the peculiar correlation of EURUSD with stock
markets, and do an in-depth take on what EM currencies will be the most
vulnerable to the approaching Fed lift-off.
Some Miscellaneous Thoughts about the FX Price Action – Marc
Chandler
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: China’s Slowdown is of Greater Consequence than Greece’s Debt * For Fed to Delay Rate
Hikes, Global Tumult Would Need to Infect U.S * Europe, Athens Battle for Greek Hearts and
Minds Ahead of Referendum * Fed’s Dudley: International Standards Boost Resilience of
Financial System * Indonesia Bans Foreign Currencies in Domestic Transactions
Daily
Macro – WSJ
As if the
Greek situation wasn’t confusing enough, the protagonists keep adding ferrets
to the sack. Rumors suggest the Greek government might be trying to come up
with a last-minute deal to stave off default on its International Monetary Fund
debt today. It still isn’t clear what creditor proposals Greeks will be voting
on in the coming referendum. Meanwhile, have the country’s eurozone partners
given up on Greece or not?
Morning
MoneyBeat Asia – WSJ
Grecian
Burn Hits U.S. Stocks
Morning
MoneyBeat Europe – WSJ
More
Weakness Expected As Markets Mull Greek Vote
Volatility
Ramps Up Amid Greek Debt Drama
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
Greece to default on IMF payment * Fixed
income markets shrug at Grexit * EUR/CHF will be defended again if necessary
Morning
Markets – TF
Germany's unemployment fell to a 24-year
low in May and today’s update for June might send numbers higher again. Greece's shadow remains, but the case is
still intact for thinking that the US will continue to post moderately
stronger Consumer Confidence numbers after a weak first quarter.
Daily FX
Comment: Deadlines
– Marc Chandler
Daily
Shot – TF
Amid a
Greek default becoming increasingly likely, Greek government bond yields are
strongly up while Greek equities fell heavily. However, although equity prices
elsewhere dropped as well, Greece is fairly isolated in its crisis.
Daily
Press Summary – Open
Europe
Tsipras
hints at resignation if Greek voters back creditors’ proposal in referendum * Huge
liquidity crunch threatens Greek cash-economy ahead of Greferendum * Schäuble angered
by Juncker’s chief of staff’s interference in handling of Greek crisis * Ruparel:
Had the UK joined the euro, it would have found itself in a similar position to
Ireland * Chinese Premier pushing for bilateral investment treaty with the EU *
Rasmusen brings forward Danish referendum on EU crime and policing rules * EU
plans to end roaming charges by July 2017 * German unemployment sinks to 24
year low
US
Frontrunning – ZH
US Open – ZH
Greek
D(efault)-Day Arrives, As Does China's Plunge Protection Team
FX
Update – TF
As Greece
is headed for defaulting on its payment to the IMF today, the market is
confused on what to do with the euro, as yesterday’s action saw fresh shorts
immediately squeezed out of their positions and EURUSD is back to where it was
trading ahead of this weekend.
From the
Floor – TF
Shanghai
markets might give traders whiplash, but the steady hand of the People's Bank
of China is always poised to provide relief. Not so in Europe, however, where the breakdown of
talks between Greece and its creditors has left
investors struggling to find safe havens.
FINNISH
Aamukatsaus – Nordea
Kiinan
rahapolitiikka tukee tehottomia valtionyhtiöitä | Kreikka jättää maksamatta
IMF:lle erääntyvän 1,5 miljardin euron lainan | Osakemarkkinat laskivat
laajalla rintamalla Kreikan takia
Paavo Teittinen: Kreikan
kansanäänestys on valtavaa uhkapeliä
– HS
Kreikka on surkeassa
tilanteessa, josta kaikki osapuolet kantavat vastuun
Sailas:
Kreikka-saatavat syytä alaskirjata
– KL
Henri Myllyniemi: Merkel,
Juncker ja Hollande kampanjoimassa Suomelle laskua – US
IMF:n tutkimus ei tue
leikkauksia Suomessa – Onko lääke pahempi kuin tauti? – YLE
Hallitusohjelman
tavoitteena on julkisen velan taittaminen leikkausten avulla. Kansainvälisen
valuuttarahaston IMF:n selvitys ei näe Suomen julkista velkaa riskinä ja
varoittaa säästöistä, Helsingin yliopiston tutkimusjohtaja Mika Pantzar arvioi.
Suurten yritysten
liikevaihto laski toukokuussa – Tilastokeskus