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Monday, July 13

13th Jul - "Deal": an agreement to negotiate


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The Euro – A Fatal ConceitLars Christensen

Wolfgang Münchau: Greece’s brutal creditors have demolished the eurozone project FT
Once you strip the eurozone of political ambition, it changes into a utilitarian economic project

Yanis Varoufakis opens up about his five month battle to save GreeceNew Statesman
In his first interview since resigning, Greece's former Finance Minister says the Eurogroup is “completely and utterly” controlled by Germany, Greece was “set up” and last week’s referendum was wasted.

Ian Traynor: The July weekend that saved the euro but broke the EU?The Guardian
From the Balkans to the Baltic the marathon talks have carved deep divisions within the EU and left intense unease about Germany’s increasingly raw power

Tim Worstall: The euro is the problem, so get rid of itForbes

Live – Greek Debt Crisis 2015 – Reuters
Live – Eurozone crisis – The Guardian
Live – Eurozone leaders reach Greece deal – FT
Live – Eurozone crisis – WSJ

Martin Sandbu: Three unedifying lessons of the Greek deal – FT
Belligerent summit has kicked the Grexit can down the road – Nordea
What the Street Thinks About the Eurozone’s Greek Deal – WSJ
What’s in the Bailout Deal for Greece and What Happens Next?BB
After "Deal", Here's What's Next For GreeceZH

Greece talks: ‘Sorry, but there is no way you are leaving this room’ – FT
Barclays: Greece Banks Not Out Of The Woods, May Impose Tougher Capital Controls, – ZH
Tsipras’ statement following the conclusion of the Eurozone Summit – Greece
Deal After Capitulation By Tsipras: Market Awaits Greek Reaction To Terms – ZH
Explainer: 6 big questions about the deal to save Greece and what comes next – WaPo

More of the same potentially on the cards for Greece as Grexit avoided for now – Open Europe
EU Exit Will Now Be "Threat To Those Who Don't Behave The German Way," BofA Says – ZH
How Will The Greek Privatization Fund Work? – The Short Answer – WSJ
Why a deal might be too late for GreeceWaPo
Greece Hands Airports, Airplanes, Infrastructure And Most Certainly Banks – ZH

Grexit - what if? Greece kept on a short leash – Danske Bank
Deutsche Bank: New Government Likely In Greece, Depositor Bail-In Still Possible – ZH
Preserving the Greek financial sector: options for recap and assistance – Bruegel
Why Europe is in shambles, but Greece is most doomed – WaPo
Jeremy Smith: Farewell to ordoliberalism and the rule of law – Prime Economics

Here’s What the Greek Deal Entails – WSJ
Highlights: Euro zone leaders agree on deal for GreeceReuters
Alex Massie: Don’t Let’s Be Beastly to the Germans – Capx
Greece faces tough conditions under deal with euro zoneReuters
Barry Eichengreen: Saving Greece, Saving EuropeProject Syndicate
Why Schauble Almost Used Grexit Option - Tim Geithner Explains – ZH

Daily Central BanksWSJ
Hilsenrath’s Take: Add Treasury Market Volatility To List of Known Unknowns * Eurozone Leaders Reach Unanimous Agreement on Greece * Greek, Chinese and Puerto Rican Crises All Fall Short of Going Global * Yellen: Fed Still on Track Despite Turmoil * Beijing Faces New Challenges After Stock-Market Rout

Daily MacroWSJ
Europe’s equity investors cheered a deal keeping Greece in the eurozone – for now. Sovereign-debt yields ticked higher, in part on the view that removing the Greek headwind would be good for the region’s economic prospects. Meanwhile, the euro softened as attention immediately switched to prospects for the U.S. Federal Reserve to start tightening policy in September. Chinese equities also extended their gains after Beijing’s moves last week to shore up sentiment. Developments were more mixed for the energy market. Greece and China should both be bullish for oil prices, as they pave the way for stronger global growth. But the prospect of a deal being struck over Iran’s nuclear ambitions – paving the way for a relaxation of sanctions and easing Iran’s access to the oil market – ought to be bearish for crude.

Morning MoneyBeat AsiaWSJ
Greek Limbo Sets Up Another Monday to Watch in Markets

Morning MoneyBeat EuropeWSJ
Eurozone Leaders Agree Greek Deal

Morning MoneyBeat USWSJ
Eurozone Agrees a Greek Deal But Hard Work Remains

Danske DailyDanske Bank

Euro rates updateNordea

Greek deadline resulted in another deadline * Safe haven flows back on the agenda, core rates to drop, peripheral spreads narrowed sharply * Eyes on Yellen

Morning MarketsTF
Another week of Eurozone tension, nerves and brinkmanship beckons as a wave of risk-off sentiment swept markets in Asian trade following a weekend of angry and inconclusive negotiations in Brussels. But early Monday in Europe rumours of a possible Greek deal encouraged markets and Germany's DAX spiked sharply ahead of the official opening.

Daily FX CommentMarc Chandler
Greece Capitulates, Focus Shifts to ECB

Daily ShotTF
Beyond the headline-grabbing exploits of Greece and China, a whole world's worth of economic flux continues to play out in global markets.

Daily Press SummaryOpen Europe
Greece given 15 July deadline to pass key reforms before negotiations over third bailout can start * David Cameron to target EU social and employment laws as part of renegotiation * Fillon: France is the sick man of Europe * Europol warns of organised ‘crime holidays’ to Britain

Brussels PlaybookPolitico

Global Stocks, Futures Jump In Kneejerk Relief Rally; Safe-Haven Assets Drop


FX UpdateTF
Tsipras and the EU have reached agreement on new bailout terms, but the Greek parliament will have to agree to this deal before it is valid and clears up the Greek situation for now. And even if the parliament ratifies the deal (didn’t the referendum say no?) the euro may weaken, particularly against the US dollar.

From the FloorTF
Greece has thrown the towel in and finally accepted a deal that more or less matches the one rejected by electorate on July 5. What's next?

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