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Matt O’Brien: Finland is the poster child for why the euro doesn’t work – WaPo
Tomas Hirst: What’s happening to Finland’s economy? – WEF
Philippe Legrain: The Eurozone’s German Problem – Project Syndicate
It cannot be Greece’s fault that the eurozone economy as a whole – in which it plays a miniscule role – is faring worse seven years after the start of the crisis than Europe did during the Great Depression of the 1930s. In fact, the real problem in the eurozone is not Greece’s debt, but Germany’s beggar-thy-neighbor policies.
Eurozone borrowing rises to record as recovery remains weak – FT
Draghi: No Mandate To Ensure Checks Clear, Credit Cards Work – nakedcapitalism
Leonid Bershidsky: Did Putin Sell Out Greece? – View / BB
Greek MPs back crucial Tsipras reforms – FT
Tsipras keeps lid on rebellion, passes vote – Reuters
Greece Approves EU Demands in Order to Keep the Euro – BB
Grexit Remains Most Likely Outcome For JPMorgan – ZH
George Magnus: Grexit is still the most likely outcome – Prospect
Monetary Policies in Advanced Economies: Good for Them, Good for Others – IMF
Actions to close output gaps in advanced economies will help other economies too * Emerging markets more resilient than in the past to effects of dollar appreciation * Corporate debt buildup in emerging markets bears watching
U.S. dollar rise, interest rate gap pose spillover risks: IMF – Reuters
Oil Warning: Crash Could Be Worst in More Than 45 Years – BB
There's only one thing holding back a price rebound. It's a big thing.
Is The Global Equity Bull Market Alive? – Short Side of Long
Caterpillar has some depressing news about the global economy – BI
Daily Central Banks – WSJ
Leubsdorf’s Take: Absence of Fed Dissents Doesn’t Mean Dissent is Absent * Shelby Aims to Attach Fed Overhaul Bill to Spending Measure * ECB Raises Emergency Lending to Greek Banks * New Zealand Cuts Key Interest Rate to 3%
Morning MoneyBeat Asia – WSJ
Rotten Apple Briefly Puts DJIA in Red for 2015
Morning MoneyBeat Europe – WSJ
Greece Says Yes in Fresh Austerity Vote
Morning MoneyBeat US – WSJ
Price/Sales Ratios Are Flashing Red
Danske Daily – Danske Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Greece takes another important step towards a 3rd bailout; bonds are in demand * USD testing important levels * Bank of England edging closer to rate hikes, rates ignoring BoE signals, more gains for GBP ahead
Morning Markets – TF
Yesterday's US oil storage report confirmed an inventory gain, sending WTI crude below the $50/barrel mark for the first time since April. The fall in oil prices remains a key component of the worldwide commodities rout that has sent resource equities and currencies reeling.
Daily FX Comment – Marc Chandler
The US dollar is under pressure today. There are many small triggers but the news stream itself is relatively mild.
Daily Shot – TF
Emerging market currencies are taking a hammering at the hands of US rate expectations, dollar strength and the very nasty commodities selloff.
Daily Press Summary – Open Europe
Greek parliament passes reform package paving way for start of third bailout talks * German legal experts conclude proposed road toll has little hope of getting EU approval * Spanish unemployment falls to 2011 levels * Commission orders EDF to pay €1.4bn due to illegal state aid * Portugal to hold general elections on 4 October
Brussels Playbook – Politico
Sarkozy climbs — Greece rocks the vote — Eurocrat in the Dragons’ Den
US Open – ZH
Futures Drift Higher, Dollar Slides In Quiet Session
Frontrunning – ZH
FX Update – TF
The NZD is trading stronger, even after the RBNZ cut rates and delivered relatively dovish guidance. Sterling remains a focus today on UK Retail Sales in an increasingly quiet market.
From the Floor – TF
The New Zealand dollar has rallied despite the central bank cutting interest rates to 3% and flagging further easing.
Aamukatsaus – Nordea
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