Roundups &
Commentary
Frontrunning – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MoneyBeat – WSJ
Morning Bond Update – TradingFloor
Morning Briefing
(EU/US): Seasons in the sun – BNY
Mellon
The EUR's brief period of popularity might be
drawing to a close
EUROPE
Where do EU member states stand on bank bail-in
plans? – Open
Europe
The ECB, Spain, Portugal and France (amongst others) want a clear depositor
preference regime – where uninsured depositors are the last to be written down.
On the other hand, Germany, the Netherlands and the UK want more equality between senior bondholders
and uninsured depositors… The few points they do agree on include: complete
protection for insured depositors, a broad bail-in scheme and (somewhat
ironically) the fact that this legislation is urgent.
There is now strong
statistical evidence that banks in the periphery are discriminating against
small and medium-size enterpresises (SMEs), imposing higher interest rates or
simply rejecting loan applications in a higher proportion than for larger
corporates. This is the clearest sign of impaired monetary policy transmission
The harmful impact of short-term troubles on
long-term growth – Bruegel
Europe has a well-known long-term growth problem, but
there is a major risk that short-term troubles will damage further the
long-term growth potential, for six main reasons.
Blame bond markets, not politicians, for
austerity – Opinion
/ FT
Roger Altman: It was
not Germany that pushed austerity on to eurozone states,
writes Roger Altman
Great Graphic: Euro Area GDP – Marc
to Market
OTHER
Emerging Markets Briefer - May 2013 – Danske
Bank (pdf)
How the Case for Austerity Has Crumbled – The
New York Review of Books
Krugman: In normal
times, an arithmetic mistake in an economics paper would be a complete nonevent
as far as the wider world was concerned. But in April 2013,
FINNISH
HS-analyysi:
Suomi hoiti Kreikan vakuudet hyvin – HS
KHO teki tiistaina merkittävän
ennakkopäätöksen: asiakirjojen julkisuus on nyt todellakin pääsääntö. Suomella
oli vain vähän keinoja saada Kreikalta vakuuksia. Sen takia
valtiovarainministeriön virkamiehet ansaitsevat hatunnoston tavasta, jolla he
junailivat nyt julkaistun vakuussopimuksen.
Jutta -
Demarien keulakuva – Arto
Luukkanen / US Puheenvuoro
Soini:
Vakuuksista voi tulla vielä Euroopan laajuiset käräjät
– YLE
Väittely Suomen Kreikka-vakuuksista jatkui
eduskunnassa keskiviikkona.
Tiilikainen:
Kreikkalaispankit ostivat Suomen mukaan – Suomenmaa
Oppositio
taas hallituksen kimpussa – "Kreikka ulos eurosta" – Verkkouutiset
Kommentti:
Hallituksen piiloutuminen virkamiesten taakse on raukkamaista – HS