Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global Macro Trading
The Closer – alphaville / FT
EUROPE
German Banks on Top – Project
Syndicate
ECB
Allowing for a new treatment of asset-backed
securities – ECB
ECB Will Ease Some Collateral Rules To Boost
Credit For Small Businesses – WSJ
Annals of retention and the ECB – alphaville
/ FT
ECB now accepts ABS
with a lower credit rating and at a lower haircut… It could mean another €20bn
of collateral eligible to post at the ECB for funding,
PIIGS
Italy's central bank
sees even steeper decline for economy – CNBC
‘EU’s final aid decision opens the door to
rescue of shipyards’ – El
Correo / Presseurop
Schäuble Visits Greece: Aid
but No Haircut for Athens – Spiegel
German Finance
Minister Wolfgang Schäuble pledged €100 million to help small and medium-sized
business in Greece during his visit to Athens on Thursday. But he didn't bring what the country really wants: a new
debt haircut.
The Painful Truth: Greece
Needs a Debt Haircut Now – Spiegel
German Finance
Minister Wolfgang Schäuble visited a ghost town in Athens on Thursday. The only thing left that can help
Greece pull itself out of the crisis is a debt
haircut by public creditors. Anything else is reckless.
In the midst of the
crisis, Madrid's regional government and city administration
are hawking their treasures and altering ordinances in order to make the
Spanish capital more attractive to investors. The Spaniards are even selling
the names of subway lines.
MACRO
NUMBERS
EU27 current account surplus 29.1 bn euro – Eurostat
(pdf)
Euro area trade closes in on new milestone – TradingFloor
Mads Koefoed: The
trade situation continues to improve in the euro area. In May, just the second
trade surplus excluding Germany was posted this side of the global recession,
and the trend points to a full-year trade surplus for the first time since
2004.
UNITED STATES
Hilsenrath: What
Bernanke Means – WSJ
Glass-Steagall Is Necessary, but the Argument
for It Isn’t – WSJ
Bernanke Explains How Fed Views Inflation – WSJ
ASIA
FINNISH
Liittovaltiokehitys on haitallista Suomelle – Tero-Jarno
Tikkanen / US Puheenvuoro
EU-tiedustelupäällikkö: ”Suomalainen
pragmaattisuus korostunut” – verkkouutiset