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Monday, June 8

8th Jun - When failure is a sign of success

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Spain: Concluding Statement of the 2015 Article IV MissionIMF
ECB’s Mersch Downplays Danger From European Government Bond Yields’ RiseWSJ

Higher European Bond Yields No Longer Spell DisasterBB
They're being lauded as a sign of a healing economy

The IMF crisis and how to solve itOxford Economics
An investigation of the IMF’s Greek programme, one of the most credibility-sapping in its history

IMF has betrayed its mission in Greece, captive to EMU creditorsThe Telegraph
The IMF’s Original Sin in Greece was to let Dominique Strauss-Kahn hijack the institution to save Europe's banks and the euro when the crisis erupted, dooming Greece to disaster.

Germany's bickering Eurosceptics squander chance to cash in on Greek crisisReuters
As Greece stumbles towards bankruptcy, a Eurosceptic party bent on breaking up the euro zone should be enjoying its golden hour; but instead the Alternative for Germany (AfD) is mired in such bitter personal feuding it teeters on the verge of collapse itself.

Germany, France Call for Fiscal and Political UnionWolf Street

Industrial Output Rose in April as German Economy Gathered PaceBB

Greece: where do we stand and what to watch – Bruegel
Grexit Ante Portas? – Greece Is Not An IslandAlpha Now
Greece: The Timeline of a Debt Crisis – WSJ
Cautionary tales for the gold standard crowd – Cam Hui
Wolfgang Münchau: Two dismal economic plans for GreeceFT
Mohamed El-Erian: Subplots Cloud Greek Drama – BB
Greece willing to compromise with EU/IMF: government – Reuters
Paul Mason: Greece is not Ireland – and it’s not just about the economicsBBC

First Fed Rate Hike Timing Expectations Plunge To Lowest In 5 Years ZH

Economists React to the May Jobs Report: ‘Unambiguously Positive’ – WSJ
The May Jobs Report in 12 Charts – WSJ
Hilsenrath: Report Likely Keeps Fed on Track for Rate Increase Later This Year – WSJ
Solid Employment Report – Tim Duy
Relax, the jobs recovery is back on track – WaPo

Meet the WallenbergsFT
The leaders of Sweden’s legendary business family, Jacob, Peter and Marcus oversee an empire worth €250bn

Mohamed El-Erian: Tug-of-war ahead as central banks seek controlFT
Starting point of ridiculously low yields has fuelled volatility

Dollar DriversMarc Chandler

What the non-lunatic right believes about macroeconomic policyWorthwhile

Central banking: just when you understand it, it changes FT

Ben Bernanke: Monetary policy and inequalityBrookings

Amartya Sen: The economic consequences of austerityNew Statesman
The judgements of our financial and political leaders are breathtakingly narrow. Nobel Prize-winning economist Amartya Sen considers the alternatives.

Austerity as a Knowledge Transmission Mechanism failureSimon Wren-Lewis

When Should Public Debt Be Reduced?IMF
We argue that, for countries with ample fiscal space (little risk of encountering a fiscal crisis), raising distortive taxes merely to bring the debt down is a treatment cure that is worse than the disease.

Britain can afford to live with high debt 'forever', says IMFThe Telegraph
Living with high debt may be the "optimal policy" for countries such as the UK, Germany and the US, according to IMF economists

Daily Central BanksWSJ
Hilsenrath’s Take: More Evidence of the Weight of China on Global Inflation *May Jobs Report Likely Keeps Fed on Track * Yellen: Fed Was Advised Not to Fully Comply On House Leak Probe * Turkey’s Central Bank Moves to Support Lira * Iceland to Speak on Winding Down Capital Controls

Daily MacroWSJ
Japan posted a much bigger revision to its first-quarter GDP estimate while Germany recorded a solid industrial production growth number that was even stronger than expected…. Chinese exports again fell and although its trade surplus rose, that was entirely driven by a very sharp drop in imports. Meanwhile, the vulnerability of other, smaller emerging markets in the event that the U.S., eurozone or Japan were to end their monetary expansion policies was brought home in news

Morning MoneyBeat AsiaWSJ
Morning MoneyBeat EuropeWSJ
Morning MoneyBeat USWSJ

Danske DailyDanske Bank

US jobs report surprisingly strong * US Treasury yields soar, with some more near-term upside left * Setback for Turkish President Erdogan

Morning MarketsTF
Another week and another round of bickering, grandstanding and tense negotiations between Greece and its creditors. Meanwhile, G7 leaders have recommended a tough line on Russia and US president Barack Obama and German chancellor Angela Merkel agree that Greece must implement reforms. In Turkey, the lira has plunged on the shock news that Recep Tayyip Erdogan failed to secure the expected majority in his country's parliamentary election.

Daily FX CommentMarc Chandler
Choppy FX Market, Turkey Rivals Greece for Sell-Off

Brussels PlaybookPolitico
Germany Enters Correction; EMs In Longest Losing Streak Since 1990 Routed By Turkey, Obama Turmoils Dollar

FX UpdateTF
After a strong jobs report on Friday, the USD looks set to gain further ground this week, though we have the persistent risk of ad hoc Greece headlines that could push the action either way with no warning.

From the FloorTF
The dollar surged Friday on the back of that stellar NFP print and while it may have taken something of a breather during the Asian session, the pressure on the euro looks to be mounting.

Martin Sandbu’s Free LunchFT
Banking: more perilous than you thought - why everything you were taught about banks is wrong and why it matters

Kilpailukyvyn heikkeneminen kampittaa Kiinaa | USA:n työmarkkinaraportti odotettua vahvempi | Luvassa inflaatiolukuja Pohjoismaista tällä viikolla

Jan Hurri: Kolme ässää helteeseen: Kreikka-vääntö vasta alkaaTalSa
Viime tingan lykkäys Kreikan lainalyhennyksiin antaa taas pari viikkoa lisäaikaa mutta ei ratkaise kriisiä. Vaikein velkavääntö on vielä edessä – eikä se koske Kreikka II:n häntiä vaan jopa kymmenien miljardien eurojen uutta rahoitustukea. Suomen uudelle hallitukselle on tiedossa tukala kesä.

Outlook on Finland's Aaa rating to negative from stableMoody’s

"Hallitusohjelman päällä roikkuu kysymysmerkki"TalSa
Luottoluokittaja odottaa nyt eniten talouskasvun vauhdittumista, arvioi ekonomisti. Hallitusohjelmakin olisi tosin hyvä saada käytännön asteelle.

"Ei Suomi pärjää halvan työvoiman maana"TalSa
Yritykset eivät saa huonompia työntekijöitä, jos työhön tullaan aiempaa enemmän pelkällä kanditutkinnolla, sanoo EK:n asiantuntija.