5th Feb - Greek ping-pong - the up-day

Previously on MoreLiver’s:

Wednesday: Greek ping-pong continues

Tuesday EURUSD reversal, Greece demands GDP-linkers

Monday: Busy week begins with Greece's grand tour

W/E: Linkfest

W/E: Weekly Support

Follow ‘MoreLiver’ on Twitter

EUROPE

Democracy could have saved Europe from the single currency – CapxX

Daniel Hannan: Democracy could have saved Europe from the disastrous single currency * Distrust of the masses is in the EU’s genome * Wolfgang Schäuble: “Elections are nothing”

Europe’s Two Futures – Project Syndicate

Once again, Europe seems to have reached a fork in the road, either about to slide into oblivion or to demonstrate its ability to weather the strongest storms. The future will ultimately be determined by Europeans themselves, but they would be wise to consider how they are viewed from abroad.

Lo spot del M5S sul ritorno alla lira – Il Post

Erdogan Lambasts Central Bank "Independence", Turkish Lira To Record Low – ZH

Winter Economic Forecast: outlook improved but risks remain – EC

European Commission upgrades eurozone growth outlook – FT

  DENMARK

Denmark: Halt of bond issuance no magic bullet – new rate cut looms – Danske Bank

Denmark Cuts Rates Again to Protect Currency Peg – WSJ

Danish Central Bank Cuts Rates For FOURTH Time In Three Weeks – ZH

Denmark treads where Switzerland failed so is it “history repeating?” – Notayesman

Denmark cuts rate to -0.75 pct, same rate as the Swiss – Reuters

Danish crown dips after Denmark cuts rates again – Reuters

Denmark: DN cuts by another 25bp – Danske Bank

Denmark’s Just Cut Rates for the Fourth Time in Weeks – WSJ

  GREECE

Eligibility of Greek bonds used as collateral – ECB

ECB Pulls The Trigger: Blocks Funding To Greece Via Debt Collateral – ZH

Greece and the ECB: the first cut – FT

ECB cancels soft treatment of Greek debt in warning to Athens – Reuters

European Central Bank toughens its stance on Greece – BBC

Karl Whelan: So What Did ECB Just Do To Greece? – medium

Euro slumps, bonds rally after ECB puts more pressure on Greece – Reuters

Dollar rallies against euro after ECB cancels Greek funding – Reuters

Euro Weakens After ECB Limits Direct Funding for Greek Banks – BB

ECB raises heat on Athens with curb on cash for banks – FT

ECB Shuts Off Direct Funds to Greece as Reform Progress in Doubt – BB

The ECB Just Tightened The Screws On Greece – BB

What The ECB's Move On Greek Government Debt Is Really All About – BB

Euro Weakens After ECB Limits Direct Funding for Greek Banks – BB

ECB cancels soft treatment of Greek debt in warning to Athens – Reuters

Greek Finance Ministry says ECB decision aimed at Eurogroup – ekathimerini

ECB's overnight surprise forces Greece to act – TradingFloor

ECB Piles Pressure on Greece. Street Reacts – WSJ

What on earth is the ECB up to? – Frances Coppola

Who asked the ECB to kill Greece? – CityUnslicker

Push Greece Off the Cliff? – Francesco Saraceno

Greece and a Country Leaseback Plan – Polemic’s Pains

Another reverse for Greece with Berlin yet to come – MacroScope / Reuters

ECB collateral damages on Greece – Bruegel

Greek Markets Feel the Heat – WSJ

Greek bank stocks tumble on ECB liquidity move – FT

Greece: ECB raises the stakes – Nordea

ECB's ban on Greek bonds hits Europe, Greece slumps – Reuters

Praet says ECB simply applied its rules for end to Greek waiver – Reuters

Greece's growth-linked debt plan may face legal obstacle: lawyer – Reuters

Greece Sticks to Anti-Austerity Demands Following ECB Loan Cut – BB

Let's get ready to rumble: It's Germany vs. Greece – CNBC

ECB to Greece: Drop Dead – Yves Smith

A Dance With Draghi – Krugman / NYT

Greek banks hit after ECB snub, Athens rejects 'blackmail' – Reuters

One way Greece can keep its banks alive: capital controls  – BB

Schauble And Varoufakis Meeting: "We Didn't Even Agreed To Disagree" – ZH

FAQ:  ECB and Greece – Marc to Market

Why is Yellen Supporting the ECB Attack on Greece? – Yves Smith

Schaeuble ‘Agrees to Disagree’ With Greece’s Varoufakis – BB

ECB turns off the taps, but Greek banks can still get funding – Open Europe

Banker to the Broke: Lazard Advises Greece, Ukraine – BB

Greece: Here's What Happens Next – BB

Greece Refuses To Back Down: "Government Will Do As Promised" Tsipras Says – ZH

Why a Whole Set of Vested Interests Might Come to Greece’s Rescue – WSJ

Greece Update, And Why Deutsche Bank Thinks Europe Will Fold – ZH

Thousands Protesters In Athens In "First Greek Pro-Government Rally"– ZH

Playground Bully Theory & EZ Gang Rules; The Only Solution – Mish’s

Is Athens Giving One of its Best Debt-Relief Allies the Cold Shoulder? – WSJ

  EUROPEAN CENTRAL BANK

Economic Bulletin 01/2015 – ECB

EMU Periphery Watch: QE Caps To Leave Some States At the Limit – MNI

ECB’s  bond purchases could push several peripheral Eurozone countries to the limit of what the central bank says it stands ready to buy from any one debt issuer.

The ECB’s early adopter problem – FT

Money injections have (at least) temporary distributive effects: they increase inequality if a richer group gets the money first, and decrease it, if the newly created money goes to a group that was relatively poorer.

UNITED STATES

  EMPLOYMENT REPORT PREVIEW

Employment Week – Tim Duy

The ONE NUMBER to watch in Friday's NFP report – Humble Student

5 Things to Watch in the January Jobs Report – WSJ

Goldman Sachs Forecast: payrolls +210K, Unemployment Rate to 5.5% - Calculated Risk

Just How Many Jobs Are There in America? We’ll Know Better Friday – WSJ

  MACRO NUMBERS

Trade Gap in U.S. Widened in December to Largest in Two Years – BB

Productivity in U.S. Drops as Hours Jump by Most in 16 Years – BB

US Trade Deficit Soars In December As Strong Dollar Hurts Exports – ZH

Trade Deficit increases in December to $46.6 Billion – Calculated Risk

REGULARS

Daily Central Banks – WSJ

Hilsenrath’s Take: Fed Officials are Wrestling With Their “Patient” Assurance on Low Rates * Fed’s Mester Supports Rate Rise in First Half of 2015 * Greeks Meet Skepticism in Frankfurt, Brussels * Japan Taps Reflationist as New BOJ Board Member * ECB’s Jazbec: QE Could End Sooner Than Sept. 2016

Daily Macro – WSJ

The ECB decided that in its treatment of Greek bonds it would no longer waive its rule that junk-rated government debt isn’t eligible as collateral against central bank loans. In essence, a significant liquidity tap has been turned off for the country’s banks. For now that liquidity will be replaced by emergency measures. But the move, which raises the risk of an all-out banking crisis, cranks up the pressure on the newly elected Syriza government to soften its defiance toward its creditors’ demand.

Danske Daily – Danske Bank

Eye-Opener: Greek charm offensive meets resistance – Nordea

ECB plays hardball with Greece, Varoufakis meets Schäuble today * Recent USD weakness largely due to position adjustments * Finland sells 5-year bonds at negative yield

Beware of Greeks Bearing Collateral – Marc to Market

Daily Shot: This Greek pantomime is getting childish – TradingFloor

US Open – ZH

SNB Said To Be Buying EUR Crosses In Aftermath Of ECB's Greek Fiasco; Europe Boosts Its Own Growth Forecast

FX Update: ECB move on Greek debt spooks EURUSD – TradingFloor

Euro is back under heavy pressure after the ECB upped the pressure on Greece with its move late yesterday. Euro traders need to watch headlines more than the technicals, it seems. Elsewhere, the USD view is mixed and market is least prepared for a strong US jobs report tomorrow.

From the floor: : Little Greece keeps markets busy – TradingFloor

Uncertainty regarding Greece is still a major factor in the markets. Yields for Greek bonds are up again while exporters profit from a weakened euro and gold is looking for its direction.

OTHER

Q&A: Carmen Reinhart on Greece, U.S. Debt and Other ‘Scary Scenarios’ – WSJ

A World Overflowing With Debt – BB

The Global Debt Bubble In 3 Ominous Charts – ZH

FINNISH

Aamukatsaus – Nordea

Venäjän inflaatio kurjistaa kuluttajaa | Hannuhanhi-Ruotsi hyötyy hintojen laskusta ja palkkojen noususta | Kreikan johtajat jatkavat Euroopan kiertuettaan

Komissio povaa talouskasvua kaikissa EU-maissa – Verkkouutiset

Euroopan komission tuoreen talousennusteen mukaan kaikkien EU-maiden talouksien odotetaan kasvavan tänä vuonna ensimmäistä kertaa vuoden 2007 jälkeen.

Suomi keikkuu EU:n kurinpitotoimien rajalla – Verkkouutiset

Suomi voi saada EU-komissiolta varoituksen rakenteellisen alijäämän merkittävän poikkeaman vuoksi.

OP tarjoaa asuntolainaan lyhennysvapaata – Danske Bank nokittaa – Verkkouutiset

Hypon Pauna: ”Tämä on iso ruotsalainen kokeilu” – KL

OP ja Danske Bank tarjoavat asuntolaina-asiakkailleen jopa 12 kuukauden lyhennysvapaata edesauttaakseen talouskasvua.

Näkökulma: EKP tuuppasi Kreikan selkä seinää vasten – YLE

Euroopan keskuspankin myöhään keskiviikkona tekemä päätös olla hyväksymättä enää Kreikan valtionlainoja vakuuksina asettaa selvän aikarajan Kreikan velkaneuvotteluille euromaiden kanssa. Kreikan pitäisi nyt sopia mahdollisista muutoksista lainaehtoihin euroryhmän kokouksessa kuun puolivälissä, muutoin maan pankit uhkaavat ajautua kriisiin.

Brysselin kone: Vasemmistopolitiikkaa EU:ssa – YLE

Europarlamentaarikko Merja Kyllönen keskustelee siitä mitä asioita hänen ryhmänsä ja hän itse EU:ssa ajavat ja siitä miltä vasemmiston tilanne vaikuttaa Kreikassa ja muissa EU-jäsenmaissa. Toimittajana on Maija Elonheimo.

EKP on Troikan pelinrakentaja – Antti Ronkainen

EKP irroittamassa letkut Kreikasta – Henri Myllyniemi / US

Kolme kiperää kohtaa EKP:n päätöksessä – Raha ja Talous

Brittimeppi Helsingissä: ”Suomalaisena en haluaisi tulonsiirtounionia” – PS

Ajetaanko Suomeen kaksia työmarkkinoita? – PS

  VÄLIKYSYMYS

Professori: Suomi menettää rahaa, oma valuutta Kreikalle ainoa ratkaisu – PS

Eduskunta kiisteli rankasti ”vakuuksien” olemassaolosta – PS

Ettei totuus unohtuisi – KHO:n päätös koskien Kreikan ”vakuuksien” salaamista – PS

"Korpisuolta kuuluu huutelua" – keskustan EU-kriittisyys herättää huolta – Verkkouutiset