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Wednesday, July 22

22nd Jul - Greek parliament votes


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Kevin O'Rourke: Moving on From the EuroProject Syndicate
It has been obvious for some years that the “actually existing EMU” has been a costly failure, not just economically but politically. And yet most economists, even those who were never keen on Europe’s monetary union in the first place, have been reluctant to make the argument that the time has come to abandon a failed experiment.

Paul Krugman: Annoying Euro ApologeticsNYT

Tsipras casting a shadow over France’s 2017 presidential electionPolitico
Radical politicians in France hope to reproduce the Greek prime minister's success in a 2017 presidential race.

Bill Emmott: Europe’s confused attitude to German leadershipFT
Eurozone is happy to back Berlin when it is wrong and resist it when it is right

David Marsh: Rift between France and Germany can’t be coveredMarketWatch
As France weakens, Germany looks to new allies in the East

Awkward Alliance Running Germany Exposed by Greek CrisisBB
Merkel is holding fast to the view that the 19-member currency union must stay intact. Schaeuble has pushed back, dangling the threat of expulsion to what he considered an untrustworthy government.

How Does Euro Membership Help Germany?WSJ
The relative weakness of the euro versus a hypothetical Deutschmark is an advantage for Germany…Switzerland offers a glimpse of what German life might be like on its own.

Max McKegg: ECB’s QE commitment requires a grain of saltTF
The ECB's commitment to 'fully implementing' its quantitative easing program has a number of qualifications and get-out clauses. Developments in the oil market play a large part in determining what the ECB will do with the program. If the oil price settles down, then interest rate differentials will return to centre stage, keeping EURUSD under pressure.

BOE Minutes Show Rate Rise Debate IntensifyingWSJ
More Bank of England MPC members edge towards vote for rate riseFT

David Ignatius: Let Greece leave the eurozone – WaPo
Bailout vote test for Tsipras – Reuters
Key dates in Greece's funding talks with the euro zone – Reuters
Greece Special – Real-time updated – Bloomberg Brief
Vote preview: Tsipras Fights To Keep Bailout Alive Amid Party Rebellion – ZH
Vote Anxiety Sparks Safety Bid In Bonds & Dollar – ZH
Greece is more useful to Russia inside the EU than out – FT
The Syriza "Endgame" According To Deutsche Bank – ZH
ECB Increases ELA To Greece Again As Deposit Run Continues – ZH
Dan Davies: 2010, Relitigating the Greek bailout (Part 1) - Medium

Daily Central BanksWSJ
Douglas’s Take: BOE’s Debate on Liftoff Heats Up * Senate Panel Chief Shelby in No Rush on Fed Nominees * House Republican Proposes Fed Policy Rule * Volcker Bank-Risk Rule Set to Start With Little Fanfare * Australia Central Bank Open to Rate Cuts, Mindful of Risks

Morning MoneyBeat AsiaWSJ
U.S. Stocks Slapped Back as IBM Falters

Morning MoneyBeat EuropeWSJ
Tech Takes a Bite Out of Sentiment

Morning MoneyBeat USWSJ
Thank the Large Caps for Leading the Charge

Euro rates updateNordea

EUR/USD and Bund yields find support: Core European yields rise, EUR/USD bounces from key support * Commodities under pressure * BoE minutes and US existing home sales today

Morning MarketsTF
US tech giants Microsoft, Apple and Yahoo all disappointed overnight to send Asian equities into a bit of a slump, but it has been a better start to the day for gold and the euro which have both been able to exploit dollar weakness.

Daily FX CommentMarc Chandler
The relatively light news stream continues to facilitate corrective action in the capital markets.

Daily ShotTF
In the US there is a lack of consumer confidence that is translating into softer retail sales. The savings made from lower gasoline prices have not translated into significant increases in spending elsewhere.

Daily Press SummaryOpen Europe
Hammond: EU reforms must be “nailed down” and not subject to “roll-back” in the future * MPs “unconvinced” by Government’s arguments to suspend purdah for EU referendum * Tsipras hits out at party critics ahead of crucial parliament vote * Handelsblatt: Is Juncker’s €315bn investment fund at risk of becoming a pipe-dream? * New poll gives Jeremy Corbyn 17-point lead in Labour leadership race * Juncker: Europeans don’t like Europe

Brussels PlaybookPolitico
Another Greek deadline — The French Tsipras? — Eurocrats: Give us work

US Open ZH
Apple, Microsoft Plunge Drags Global Markets Lower, Oil Resumes Slide


FX UpdateTF
The USD traded suddenly weaker yesterday, easily shaking out the weaker longs, a move perhaps inspired by weak risk appetite. The move has us already trading close to the important 1.100 level in EURUSD.

From the FloorTF
The USD traded suddenly weaker yesterday, easily shaking out the weaker longs, a move perhaps inspired by weak risk appetite. The move has us already trading close to the important 1.100 level in EURUSD.

Kreikka-neuvottelut starttaavat ristiriitojen keskellä | Englannin keskuspankin kokouksen pöytäkirja julkaistaan | USA:sta saadaan tietoa vanhojen asuntojen myynnistä

Risto Pennanen: Ideologiat sotkevat Kreikka-ratkaisuaTalSa
Ideologia on talousajattelua huonompi perusta Kreikka-kriisin ratkaisuun, mutta silti ideologia ohjaa keskustelua taloutta enemmän.