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EUROPE
GREECE
Greeks Take
It To The Mattresses As Graccident Looms – ZH
Greece
slides towards the euro trapdoor – FT
Greek
bailout summit ends in disarray – FT
Tsipras
letter to Merkel: the annotated text – FT
EUROPEAN CENTRAL BANK
ECB:
TLTROs – something between a handgun and a bazooka – Nordea
Euro-area
banks take EUR 97.8 bn in the third targeted longer-term refinancing operation
(TLTRO), which is more than expected. Still, the TLTROs are a subsidiary
liquidity tool relative to QE. Bond purchases are the ECB's main instrument to
extend its balance sheet.
Philippe
LeGrain: Why Mario Draghi Is Too Optimistic – Foreign
Policy
Sure, there
are some favorable trends in the eurozone's near future. But "sustained
recovery" is a bit much.
ECB Said
to Reject Supervisory Move on Greek Banks – BB
Italian
Bonds Slide Showing ECB QE Doesn’t Justify One-Way Bet – BB
Which
European National Central Bank Most Likely To Become Insolvent – ZH
ECB torn
between two roles in Greek bank support – Reuters
UNITED STATES
Goldman:
"The Path to Exit" – Calculated
Risk
S&P 500 Companies With Higher
Global Exposure to See Lower Growth in Q1? – Factset
ASIA
Japan
Economic Outlook: Abenomics’ second chance – Nordea
We are
excited to see Abenomics' second term. The government has pushed for reforms
that encourage household and business spending. Wages are growing at the
fastest pace since 1997, very good for consumer sentiment. We expect the BoJ to
expand the QQE in Q4 which will likely put more weakening pressure on the JPY.
OTHER
Justice,
capitalism and progress: Paul Tudor Jones II at TED2015 – TED
Paul
Tudor Jones Warns Market Mania Will End By Revolution, Taxes, Or War – ZH
Current
errors of conventional wisdom – FT
How to
Make Millions by Marketing Yourself as a ‘Douche Bag’ – BB
Tim Sykes’s
outlandish self-promotional strategies have made him richer than trading ever
did
Interstellar?
Scientist Warns Earth Is Now Halfway To Being Inhospitable – ZH
The Use
and Effectiveness of Macroprudential Policies: New Evidence – IMF
Using a
recent IMF survey and expanding on previous studies, we document the use of
macroprudential policies for 119 countries over the 2000-13 period, covering
many instruments. Emerging economies use macroprudential policies most
frequently, especially foreign exchange related ones, while advanced countries
use borrower-based policies more. Usage is generally associated with lower
growth in credit, notably in household credit. Effects are less in financially
more developed and open economies, however, and usage comes with greater
cross-border borrowing, suggesting some avoidance. And while macroprudential
policies can help manage financial cycles, they work less well in busts.
Repeat
after me: sectoral balances must sum to zero – Frances
Coppola
Dollar
Drivers – Marc to Market
The
Fuzzy, Insane Math That's Creating So Many Billion-Dollar Tech Companies – BB
Startups
achieve astronomical valuations in exchange for protecting new investors
Winning
the Too-Big-to-Fail Battle – Project
Syndicate
After the
financial crisis forced governments to bail out systemically important banks,
regulators implemented measures to safeguard the financial system. Recent studies
suggest that their efforts are working – but they still have a long way to go.
Funds
Run by Robots Now Account for $400 Billion – BB
Smart-beta
ETFs use machines to outperform humans and now account for $400 billion, but
some can be less than brilliant.
FINNISH
Soini: Mikä on Sipilän keskustan EU-linja? – Suomen
Uutiset
Soini kysyy: Kumpi keskustan Kreikka-linjoista on
tulossa? – Verkkouutiset
Viinasen leikkauslista - "puolueiden pallo on pahan
kerran hukassa" – Verkkouutiset
Legendaarinen rahaministeri patistelee uudistuksiin –
Verkkouutiset
Ettei vain neljän vuoden takainen toistuisi – Jan
Vapaavuori
Miksi Sailaksen lista ei synny uudelleen? – Tapani
Ruokanen / US
Valtiovarainministeriö tunnustaa tosiasiat – Olli
Rehn / US
VM:n virkamiehet tekevät politiikkaa ja kahmivat valtaa
– Heikki
Patomäki / US
Hetemäki: Työttömyyden vähentäminen takaisi puolet kuuden
miljardin säästöistä – HS
Pahimmat työttömyysloukut liittyvät vapaarahoitteisissa
vuokra-asunnoissa asuvien köyhien tukiin
Valtiosihteeri: Kaikista köyhimpien työttömyysloukku
purettava – IL
Vähävaraisille tarkoitettuja ara-asuntoja tulisi ohjata
nykyistä tehokkaammin kaikista köyhimmille kansalaisille, perjantaina
politiikan toimittajien lounasvieraana ollut valtiovarainministeriön
valtiosihteeri Martti Hetemäki sanoo.
Hallitsematon leikkaus tekisi pahaa jälkeä -
hyvinvointivaltio kestää miljardisäästöt – Etelä-Saimaa
Vaalikauden tilinpäätös: perusturva, tuloerot ja
kannustinloukut – Olli
Kärkkäinen
Ex-komentaja: Tämän vuoksi Suomi ei liittynyt Natoon
1990-luvulla – Verkkouutiset
Puolustusvoimain entisen komentajan mukaan Suomi kiersi
1990-luvulla Nato-jäsenyyden väärän viiteryhmän vuoksi.
SDP:n Rinne Ykkösaamussa: Kokoomus ei pidä sopimuksista
kiinni – Verkkouutiset
Tätä suomalaiset toivovat seuraavalta hallitukselta –
Aamulehti
Hollannin yskä Suomeen? – Akateeminen talousblogi