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EUROPE
Derivatives
Are for Hedging, Not Bundling, Farkas Says – BB
The
European Banking Authority, which is working on a definition of high-quality
securitization that would qualify for lower capital charges, “would not like to
have resecuritizations and retranching and derivatives enhancing these
structures”
It’s
Time to Kick Germany Out of the Eurozone – Foreign
Policy
Why the
anchor dragging down the European economy isn’t Athens -- it’s Berlin.
The
Euro’s up in smoke
– Bebbe
Grillo
GREECE
How has
exposure to Grexit changed during the crisis? – Open
Europe
Schuldenstreit:
EZB bereitet sich auf griechischen Euro-Austritt vor – Spiegel
Paul Mason:
Greeks could face a fateful decision on Euro – BBC
Greek
Deposit Run Accelerates Ahead Of Monday's Bank Holiday – ZH
Working
Group Ends Without Result – ZH
Eurozone -
Bluff or u-turn? – Carsten
Brzeski
Germany united behind Schäuble – Open
Europe
A Greek
Drama Draws In the Obama Administration, Again – WSJ
Greek talks
– TF
Last-ditch
meeting looks like Graeco-German wrestling – TF
Greece’s Fate in ECB’s Hands if Eurogroup
Talks Fail – Yves
Smith
Greek PM
'certain' euro zone will accept loan deal, Germans soften – Reuters
ECB Asks:
Are Greek Banks Insolvent? – Forbes
A Greek
Euro departure but Euro based economy – Polemic’s
Pains
Europe Needs To Stop The Clock – Krugman
/ NYT
Greece: No escape from the inevitable – vox
Finance
chiefs draw up Greek bailout blueprint – FT
Greece loan accord drafted – Reuters
Greek
Official: Eurogroup Appears to Have Reached an Accord – BB
Eurozone
Ministers Heading for Consensus on Greek Bailout – WSJ
EUROPEAN CENTRAL BANK
Fact of
the week - The tiny balance sheet impact of the TLTRO (charted) – Bruegel
While
waiting for the ECB to start QE purchases in March, an update of our Eurosystem
liquidity database allows capturing the (non)-impact of the TLTRO announced by
the ECB in June 2014.
ECB's
Draghi wants to buy bonds, but who will sell? – Reuters
Banks,
pension funds and insurers are hoarding bonds for regulatory or accounting
reasons. That may complicate implementation of the quantitative easing program.
The ECB might have to pay way above market prices, or take additional measures
to encourage investors to sell.
New
Guideline on the implementation of monetary policy – ECB
ECB
minutes: Interesting but not new – Nordea
MARKIT FLASH FEBRUARY PMI
Euro zone
business picks up pace in February on rising orders: PMI – Reuters
Higher PMIs
confirm our view of a stronger recovery – Danske
Bank
PMIs give
clear signal of improved growth – Nordea
UNITED STATES
Fed
hiking cycle: an early start but a slow pace – Danske
Bank
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: NY Fed Survey Shows Challenge Framing ‘Patient’ Guidance * Big Banks
Expected Summer Rate Rise Ahead of FOMC Meeting * What Wal-Mart’s Pay Raise May
Mean for Other Workers * BOJ’s Kuroda Will Use Various Tools to Hit Inflation
Target * ECB Minutes Reveal Concerns of Low Inflation
Daily
Macro – WSJ
Greece might not be settled yet–a deal
over an extension to the terms of Greece’s rescue plan is still awaited–but
there are general signs the European economy is building up a head of steam.
Once again the Eurogroup will meet to discuss Greek proposals for how the
existing plan might be amended.
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
EMU
sentiment to improve * US regional surveys disappoint * Boost to confidence
from ECB’s QE? Germany leaves door open to deal based on Greece’s proposal
Brinkmanship,
Yes, but Where is the Brink ? – Marc
to Market
Daily
Shot – TradingFloor
The FOMC is
getting increasingly concerned about macro matters it seems if the minutes
released Thursday are anything to go by with China's slowdown to the fore. Talking
about releases yesterday, what about that mammoth EIA oil print?
US Open – ZH
Stocks
Coiled To Soar On Any Positive Greek News
FX
Update – TradingFloor
Do we get a
deal announced on Greece ahead of today’s close? The market
is expressing very little, if any, fear on this front, judging from the fresh
local highs in EURCHF and European equities.
From the
floor – TradingFloor
Markets are
on tenterhooks awaiting the outcome of today's last-ditch negotiations between Greece and the Eurozone but the headline
here is the absence of any tangible impact on prices – either in FX or
elsewhere. John Hardy and Saxo's other analysts reckon the talks could drag on
into the weekend and we might have to wait until Monday for clarity and
direction.
FINNISH
Aamukatsaus – Nordea
Euroalueen kasvu kiihtyy vuoden ensimmäisellä neljänneksellä
| Euroryhmän kokoontuu puimaan Kreikan tilannetta | EKP:n kokouksen pöytäkirja
ei tarjonnut merkittäviä uutisia
Euroryhmän kolmas näytös – Antti Ronkainen
Kreikka-kortti käytössä – Sakari
Heikkinen
Näkökulma: Tapaus Kreikka rautalangasta – YLE
Vaikka perjantain neuvotetteluissa Kreikan lainoituksesta ei
edettäsi, Kreikka ei vajoa heti mereen, kirjoittaa EU-erikoistoimittaja Susanna
Turunen.
Vaaliyllätyksiä paljastuu – Verkkouutiset
Demareilla kielteinen aukiolokanta, PS kokoomuslinjalla
julkisesta sektorista -
Pakkoruotsin vastustajat huolissaan – kansalaisaloitteen
käsittelyaika kohta lopussa – Verkkouutiset
”Yritetäänkö ruotsin kieltä koskeva kansalaisaloite haudata
valiokuntaan?” – Suomen
Uutiset
Professori lyttää perussuomalaisten maahanmuuttopoliittisen
ohjelman – IS
Kommentti: Kuka ruokkii trollia? – IS
Halla-aho vastaa ”SKP-professorin”
kritiikkiin – Suomen
Uutiset
Jussi Halla-aho: Professori ei osaa lukea -
"suoranaista valehtelua" – Verkkouutiset
Halla-aho syyttää professoria valehtelusta - puolustaa
kohuttua ohjelmaa – IS