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Wednesday, July 8

8th Jul - Greece's deadline now Sunday


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Meanwhile, In "Success Story" PortugalZH

Tim Worstall: Both Krugman And Friedman Said The Euro Was A Stupid Idea: But They Did It Anyway, Didn't They?Forbes

Tim Worstall: The Euro Always Was Doomed And We Were Told This 40 Years AgoForbes

Will Greece Play Its Final Card? – Klaus Kastner
Greece: How both sides are right AND wrong – Cam Hui
Chris Bickerton: Syriza has not been radical enough – The Current Moment
Austerity is an integral part of the Greek tragedy – Simon Wren-Lewis
What’s Next for Greece? 10 Questions for WSJ’s Simon Nixon – WSJ
Europe is blowing itself apart over Greece - and nobody seems able to stop it – The Telegraph
Tomas Hirst: Returning to the drachma won't save Greece – Pieria
Martin Wolf: Grexit will leave the euro fragile – FT

Tsipras calls for fair deal for Greece in EU parliament – Reuters
Debate on Greece in European Parliament – Reuters
Greek PM tells EU parliament will reform for aid – Reuters
Prove You're Not A False Prophet!" Tsipras Lambasted At Parliament Session – ZH
EU Tells Tsipras the Party’s Over as Euro Exit Door Swings Open – BB
EU Floats Humanitarian Aid as Possible Salve to Greece Euro Exit – BB

Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary – ZH
Leaked: Greece’s new bailout request letter – FT
Germany Crushes All Hope Of Greece Getting Debt Relief – ZH
Greece requests new 3-year bailout – FT
EU experts to review Greek loan request but no Eurogroup Wednesday – Reuters
Greece Faces Euro Exit Unless Demands Accepted by Sunday – BB

Greek Contagion and Why It Is Different This Time – At A Glance – WSJ
How Would Greek IOUs Work? – The Short Answer – WSJ
Greece Preparing "Alternative Currency", Kathimerini Says – ZH
Showing them the exit – The Economist
Why Greece could be the beginning of the end of Europe as we know it – WaPo
Greece and the Eurozone: Time to Decide – Robert Kahn
How a Grexit would work – Politico

NYSE trading halts on glitch – Reuters

Global Concerns – Bill McBride
Dissent: No Stranger in the History of the FOMC – Barry Ritholtz
Suggest September Rate Hike Despite Global Turmoil – ZH
Hilsenrath Confirms Fed "Cautious" But "Unalarmed" About Overseas Turmoil – ZH
Reaction: Stocks, USDollar, & Bond Yields Tumble – ZH
More data needed before Fed can hike, as Greek worries loom – Reuters

Martin Enlund: Global: protonic reversalNordea
Three market themes intersected this week: the Chinese market rout, Grexit fears materializing more fully, and a re-priced supply outlook for oil. Market is pricing the first Fed rate hike in March-2016 - consistent with a negative impact on global activity from a prolonged period of uncertainty. When Greece worries subside, the EUR (& yields) will bounce, but for a more material upturn we also need liquidations of the Chinese reflation trade to stop.

U.S, UK, China economies weakening further, OECD saysReuters

Daily Central BanksWSJ
June Minutes Could Point to Rate Split Inside the Fed  * Global Central Banking in 2015: A Third Quarter Update for 24 Economies * Five Things to Watch for in the Fed Minutes * China Takes More Steps to Stop ‘Irrational’ Selling * European Central Bank Holds Key to Greece’s Future

Daily MacroWSJ
China’s equity market rout is raising a number of big questions: Are Chinese policy makers geniuses or have they been lucky so far? Is a slowing Chinese economy laying bare the distortions and inefficiencies caused by often politically driven credit growth? Will the Chinese government feel the need to launch another massive round of fiscal and monetary stimulus to shore up the country’s asset markets and help its banks make good on a rising volume of bad debts? Meanwhile, commodity prices have taken a beating – not only has China been the world’s paramount consumer of raw goods during the past decade and more, it’s been the locus of major commodity market speculation. Elsewhere, the Greek crisis crunches on. The latest deadline for a deal is Sunday, with the Greek government due to deliver an amended plan to its eurozone partners this week. A last-minute compromise is still possible, but it’s hard to see which side is going to give way on positions held consistently during the past five months. Still, extend and pretend has been the primary mode of operation.

Morning MoneyBeat AsiaWSJ
U.S. Stocks Slip the Noose, Rally Sharply

Morning MoneyBeat EuropeWSJ
Stocks Gain as Greece Gets More Time

Morning MoneyBeat USWSJ
As Earnings Season Starts, Challenges Persist

Danske DailyDanske Bank

Global DailyABN AMRO
Greece set to submit a proposal for a new 2-3 year ESM programme…based on the letter Eurogroup to decide whether to open negotiations * Big question marks about whether Greece and creditors will reach an agreement * Meanwhile, deterioration in market sentiment on the back of Greece and China worries

Euro rates updateNordea

FOMC minutes to point to lift-off this year, but timing not clear *c Drop in oil prices depresses yields * EUR/USD to test 1.08?

Morning MarketsTF
Today it's all about China as equity markets tumble, anxiety reaches fever pitch and debt-ridden Greece is pushed slightly into the background. Chinese emergency measures and the direct intervention of the Chinese premier has failed to halt the rout and over 500 listed Chinese companies are now suspended from trading.

Daily FX CommentMarc Chandler
Markets Remain on Edge

Daily ShotTF
While Chinese stocks continue to fall despite government intervention this trend has spilled over to other markets. Metal prices are down as well and so is oil. Also currencies from other commodity-exporting nations have come under pressure.

Daily Press SummaryOpen Europe
Greece to request new bailout programme ahead of Sunday’s decisive meeting of EU leaders * Polish Presidential advisor: Poland’s Eurozone accession will need to be approved via a referendum

Brussels PlaybookPolitico


From the FloorTF
This little squabble in Europe over Greece could get dwarfed if the unfolding stock market plunge in China gets any worse.

Aamukatsaus Nordea
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