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Monday, July 20

20th Jul - Krugman & Beckworth hit europhiles


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Paul Krugman: The Euroskeptic VindicationNYT
Who Predicted the Eurozone Crisis?David Beckworth

Paul Krugman: Europe’s Impossible DreamNYT

President Tusk: opposition to austerity is an ideological, anti-European illusionPrime Economics

Bernanke's fierce attack on Eurozone economic and fiscal policyPrime Economics

Great Graphic: European GDP Marc Chandler

Saving Greece’s Banks Could Mean a European Takeover – WSJ
The Great Greek Bank Drama, Act II: The Heist – Frances Coppola
Greek plan B would have been self-fulfilling and sabotaged plan A – Tony Yates
Charles Wyplosz: Greece should prepare for Grexit and then not do it – voxeu
Why debt sustains corruption in Greece and vice versa – voxeu
Jeffrey Sachs: Germany, Greece, and the Future of EuropeProject Syndicate
Robert Kahn: Greece: The Hardest Month – CFR
Varoufakis: Europe’s Vindictive Privatization Plan for GreeceProject Syndicate
Statement by the IMF on Greece - IMF

Holiday recap: while you were busyNordea
If you are catching up with the market developments during or after your holiday, here is a summary of what happened and links to in-depth coverage.

The RivalsEconomic Principals
Paul Samuelson and Milton Friedman arrive at the University of Chicago – in 1932

Daily Central BanksWSJ
Hilsenrath’s Take: Dodd-Frank at Five Years, No Victory Laps Please * Fed Proposes Tweaks to Banks’ 2016 Stress Tests * Fed’s Fischer: Inflation Still Too Low * Investors, Yellen Out of Sync on Inflation Views * Greek Banks Reopen Their Doors

Daily MacroWSJ
Eurozone equities pressed ahead in early trade as Greece moved toward a normalization of its economic situation now that bailout funds are flowing to the economy again. Some of the euphoria in China, on the other hand, has been tempered by Beijing’s moves to reduce systemic financial risks by taking tighter control of peer-to-peer lending. Longer term, though, risks remain. The Chinese economy continues to weaken. Greece isn’t solved. The eurozone continues to suffer substantial imbalances, caused in no small part by Germany’s vast current account surplus.

Morning MoneyBeat AsiaWSJ
Nasdaq Jumps to New High on Google

Morning MoneyBeat EuropeWSJ
Small Gains Expected, Merkel Sounds Conciliatory

Morning MoneyBeat USWSJ
Apple To Push Tech Earnings Into Positive Territory

Danske Daily Danske Bank

Euro rates updateNordea
Greece bridged: ECB gets its money back * Core rates tempered by oil: German Bund yields decline after ECB * EURUSD close to crucial support

Morning MarketsTF
Precious metals took a big hit overnight with gold hitting a five-year low as the US dollar continued its ascent. Meanwhile, Greek banks are due to reopen today but markets paid little attention to weekend news that chancellor Angela Merkel would be prepared to discuss easier debt repayment terms for the beleaguered country.

Daily FX CommentMarc Chandler
The US dollar is narrowly mixed as over-extended technicals, and the lack of fresh developments, keep the bulls at bay.

Daily ShotTF
Commodities are trending lower across the board, with precious and industrial metals as well as crude oil feeling the pinch.

Daily Press SummaryOpen Europe
Greek banks to open doors but capital controls remain in place as Greece moves to meet looming payments to creditors * Hollande calls for Eurozone government  *Swedish Finance Minister: Sweden should not become a second-class member of the EU * New poll shows Scots much more in favour of staying in EU than rest of UK * New poll shows big loss of support for Spain’s anti-establishment party * Bernd Lucke establishes new anti-euro party after leaving AfD * EU, US and China set to seal deal to reduce tariffs on high-tech products * Tax dispute between Hungary and the European Commission escalates * Ghost airport in Spain attracts only tiny bid at auction

Brussels PlaybookPolitico

Futures Levitate After Greek Creditors Repay Themselves; Commodities Tumble To 13 Year Low


FX UpdateTF
A very sparsely populated US economic calendar this week means it will be up to general sentiment in the currency market and risk appetite to drive the USD action this week. Plenty of subplots elsewhere this week, with RBA minutes on tap tonight.

From the FloorTF
A dramatic China selloff sends gold into a massive tailspin to hit a five-year low during the Asian session and leave its reputation as a safe-haven in tatters.

Suomen vienti hyötyy teollisuuden piristymisestä maailmalla | Kreikkalaispankit aikovat avata ovensa tänään | USA:n vuotuinen inflaatio kiihtyi kesäkuussa 0,1 prosenttiin

Eija-Riitta Korhola: €uroeroUS