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Friday, June 22

22nd Jun - Greek relief, US car tariffs, better EZ PMI

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Franco-German eurozone reform plan faces growing oppositionFT
A dozen states reject proposed joint budget for single currency area

Euro area banks start paying back ECB loansNordea
Today, the ECB announced the result of banks’ first option to repay T-LTROs early. Banks will gradually repay TLTROs and the ECB’s balance sheet will shrink and excess liquidity will be drained as a result. PMIs surprised positively for once

Structural policies in the euro areaECB

Debt mainly held by non-residents in half of the EU Member States EC

Flash Eurozone Composite PMI – Markit
Flash Germany Composite PMI – Markit
Flash France Composite PMI – Markit

Eurozone PMI provides silver lining to 2Q performanceING
The increase in the PMI shows that calendar effects may have overstated the slowdown in May, but it doesn't provide much evidence that the soft patch has ended

Eurozone creditors reach ‘historic’ deal on Greek debt reliefFT
Repayment deadlines on almost €100bn of bailout loans pushed back 10 years

Greece gets debt relief from euro zoneReuters
Euro zone finance ministers on Friday extended maturities and deferred interest of a major part of their loans to Greece along with a big cash injection to ensure Athens can stand on its own feet after it exits its bailout in August.

Greece's Creditors Agree to Landmark Debt Deal as Bailout Saga EndsBB
Deal sees extension of maturities, grace period of 10 years * Under agreement Greece will get final tranche of 15 bln euros

Greek deal paves way for August bailout exit
‘The Greek debt problem is behind us,’ says French Finance Minister Bruno Le Maire.

Greece says Eurogroup debt deal positive, debt now viableReuters
Greek Finance Minister Euclid Tsakalotos said on Friday a deal extending and deffering repayments on part of Greece's debt pile sent a clear signal to markets that the country had turned a corner from crises which rattled it in the past.

IMF welcomes Greek debt deal but has reservations on long-term
The International Monetary Fund welcomed on Friday a deal on debt relief for Greece reached by Athens' euro zone creditors saying it will improve debt sustainability in the medium term, but maintained reservations on the long term.

Greece and creditors proclaim 'end of crisis'euobserver

Marcus Ashworth: Greece's Deal Leaves Too Much to ChanceBB
The country still hasn't proved it has access to the bond market.

Leonid Bershidsky: Greece Will Be Stuck In Its Bailout for Years to ComeBB
The exit terms make it difficult for the next Greek governments to chalk up any wins.

Merkel plays down chances of breakthrough in EU migration talks

Ana Palacio: Confronting the Migrant Threat to the EUProject Syndicate
More than any other challenge facing Europe today, the ongoing migration crisis has the potential to destroy the European project. Rather than debating European Commission diktats and lamenting member states' rebelliousness, EU leaders must consider fresh approaches, including third-country disembarkation platforms.

Editorial: The Fed Needs to Pass Its Own Stress TestBB
Can it do what's needed to prevent another crisis?

Flash US Composite PMI – Markit

Trump threatens 20 percent tariff on European Union carsReuters

Trump's Latest Tariff Threat Sends Daimler, BMW ReelingBB

Trump Threatens 20% Tariffs On Cars; Euro, Car Stocks SlideZH

EU Open RundownRANsquawk

Market Briefing: Daily Markets OverviewYardeni Research

FirstFT Daily BriefingFT
Greek tragedy averted, Saudi female drivers, alcoholism’s origins

U.S. Banks Pass Stress Tests, More Changes at Deutsche Bank

WSJ EconomicsWSJ
Which Way for Oil Prices? Which Way for Interest Rates?

Danske DailyDanske Bank

Daily Market CommentMarc Chandler
BOE Spurs Dollar Pullback

Brussels PlaybookPolitico
Merkel’s first times — Greek done deal — Migration escalation

Five Things You Need to Know to Start Your DayBB
Dow's 8 Day Losing Streak Set To End Amid Global Relief Rally