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Tuesday, July 7

7th Jul - More Greece. IMF Art.4 on US, Italy

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The financial risk management of the Eurosystem’s monetary policy operationsECB
ECB Lifts Veil on Emergency Liquidity AssistanceWSJ

Greek Crisis Shows How Germany’s Power Polarizes EuropeWSJ
[ZH summary] The Continent’s most powerful country is grappling with its leadership role—and other nations are, too

Italy: 2015 Article IV Consultation Press ReleaseIMF
Italy: Selected IssuesIMF

Greece Fallout: Italy and Spain Have Funded a Massive Backdoor Bailout of French Banks – CFR
Tsipras Heads to Brussels With Greek Future at Stake – BB
Merkel Warns Greece Time Is Running Out to Save Place in Euro – BB
Wolfgang Münchau: A stealthy route to Grexit – FT
France and Juncker move to prevent Grexit – FT

Merkel Faces Monumental Test of Leadership After Greek Vote – NYT
We Can be Confident of Lighter Greek Debt Burden Ahead – Marc Chandler
Daily Insight: GreeceABN AMRO
End game for GreeceReuters
Greece faces last chance to stay in euro as cash runs out – Reuters

Quiet Response to Greece Reflects Change in Markets – WSJ
ECB Board Member: Introduction Of Another Greek Currency "Most Realistic Scenario" – ZH
All The Latest Greek Headlines – ZH
If Greece Goes, Political Contagion Is the Bigger Risk in EuropeWSJ
A radical idea to bypass the Greek government – FT
Why Germany wants rid of GreeceSimon Wren-Lewis

A couple of strange ways Greece’s crisis could end – WaPo
The economic consequences of Syriza – The Economist
Paul Krugman: Debt Deflation in GreeceNYT
What Would Grexit Look Like? – The Short Answer – WSJ
Greece:  Out of the Frying Pan and Into the Fire – Marc Chandler
Paul Krugman: Milton Friedman, Irving Fisher, and GreeceNYT
Merkel: There Is Money, But Deal Much Harsher Now And No Haircut – ZH

ECB Hikes Greek ELA Haircuts; Full "Depositor Bail-In" Sensitivity Analysis – ZH
ELA: What You Need to Know – BB
*Citi Identifies Contagion "Trigger Point" For More ECB QE – ZH
ECB should not make a deal harder to reach – FT

Markets Get Jitters as Eurozone Leaders Meet to Discuss New Greek Plan – WSJ
European Bond Yields Are Soaring; Is Portugal Next? – ZH
Bond Yields Are Plunging - 30Y Treasury Under 3.00% - ZH
European Equity Losses Accelerate – ZH

5 Things to Watch in the Fed’s June Meeting MinutesWSJ

United States: 2015 Article IV Consultation Press Release – IMF
United States: Article IV Consultation – IMF
Four Things You Need to Know about the U.S. Economy – IMF
United States: Selected Issues – IMF
Financial Sector Assessment Program-Financial System Stability Assessment – IMF
Key Attributes of Effective Resolution Regimes for the Banking and Insurance Sectors – IMF
Great Graphic: IMF's Misplaced Optimism – Marc Chandler

Daily Central BanksWSJ
Hilsenrath’s Take: Greece’s Debt Restructuring, Like Others, Is No Morality Tale * Big U.S. Banks Refile ‘Living Wills’ * ECB’s Nowotny: If Greece Misses Payment, Funds Will Be Cut Off * Muted Response to Greece Reflects Change in Markets * Chinese Share Price Rescue Comes at a Price

Daily MacroWSJ
Chinese shares are still falling and the Greek crisis continues to rumble. So far Greece has captured the bigger headlines. But European equity and sovereign bond market resilience suggest that Greece’s problems are likely to remain contained. China, though, is a more substantial concern for global investors. The immediate focus is on Chinese officials’ seeming inability to halt the relentless slide in domestic share prices. More worrying perhaps is the slide in iron ore and copper prices, which don’t bode well for what’s going on in the Chinese economy more generally. The impact has already spread to Australia, whose currency is hitting six-year lows against the dollar, limiting the Australian central bank’s policy options.

Morning MoneyBeat AsiaWSJ
Markets Survive Referendum Aftermath

Morning MoneyBeat EuropeWSJ
Greece Still Key; Tone More Constructive

Morning MoneyBeat USWSJ
U.S. Stocks Show Resilience Amid Greek Drama

Danske DailyDanske Bank

Euro rates updateNordea

ECB caps and tightens ELA conditions for Greece * Tame market reaction to Greece, though flight to safe haven was registered * Short Greek yields exploded

Morning MarketsTF
Markets are in the red again and it remains to be seen whether today's EU summit will bring the union and Greece a step closer to a solution to the small southern European state's financial crisis. In the meantime, Germany's delivered another raft of solid economic data again.

Daily FX CommentMarc Chandler
Time Keeps on Ticking

Daily ShotTF
In Greece things are not getting easier. The ECB has increased margin requirements for the ELA collateral which includes Greek government bonds and bank bonds guaranteed by the government - one bankrupt entity guaranteeing another.

Daily Press SummaryOpen Europe
ECB ramps up pressure on Tsipras ahead of Eurozone leaders’ meeting * Merkel wants to “avoid lone responsibility for Grexit” as Berlin and Paris divided * Merkel and Schäuble’s Greece stance gives CDU/CSU poll boost * Polish Finance Minister: Greek crisis a lesson for those who want Poland to join an unreformed Eurozone * William Hague: Greek crisis could be only the beginning * Some see Greek No as useful precedent for UK referendum campaign *

Brussels PlaybookPolitico

US Stock Futures Rebound On "Hope" Although China Has Big Trouble As Market Begins To Freeze


From the FloorTF
From the EIA to ELA, from bonds to Beijing's desperate SHCOMP rescue plan, today's markets are animated by skepticism and nerves.

Aamukatsaus Nordea
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