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Paul Krugman: The Euroskeptic Vindication – NYT
Who Predicted the Eurozone Crisis? – David Beckworth
Paul Krugman: Europe’s Impossible Dream – NYT
President Tusk: opposition to austerity is an ideological, anti-European illusion – Prime Economics
Bernanke's fierce attack on Eurozone economic and fiscal policy – Prime 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 Europe – Project Syndicate
Robert Kahn: Greece: The Hardest Month – CFR
Varoufakis: Europe’s Vindictive Privatization Plan for Greece – Project Syndicate
Statement by the IMF on Greece - IMF
Holiday recap: while you were busy – Nordea
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 Rivals – Economic Principals
Paul Samuelson and Milton Friedman arrive at the University of Chicago – in 1932
Daily Central Banks – WSJ
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 Macro – WSJ
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 Asia – WSJ
Nasdaq Jumps to New High on Google
Morning MoneyBeat Europe – WSJ
Small Gains Expected, Merkel Sounds Conciliatory
Morning MoneyBeat US – WSJ
Apple To Push Tech Earnings Into Positive Territory
Danske Daily – Danske Bank
Euro rates update – Nordea
Greece bridged: ECB gets its money back * Core rates tempered by oil: German Bund yields decline after ECB * EURUSD close to crucial support
Morning Markets – TF
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 Comment – Marc Chandler
The US dollar is narrowly mixed as over-extended technicals, and the lack of fresh developments, keep the bulls at bay.
Daily Shot – TF
Commodities are trending lower across the board, with precious and industrial metals as well as crude oil feeling the pinch.
Daily Press Summary – Open 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 Playbook – Politico
US Open – ZH
Futures Levitate After Greek Creditors Repay Themselves; Commodities Tumble To 13 Year Low
Frontrunning – ZH
FX Update – TF
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 Floor – TF
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.
Aamukatsaus – Nordea
Suomen vienti hyötyy teollisuuden piristymisestä maailmalla | Kreikkalaispankit aikovat avata ovensa tänään | USA:n vuotuinen inflaatio kiihtyi kesäkuussa 0,1 prosenttiin
Eija-Riitta Korhola: €uroero – US