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EUROPE
The economics of parallel currencies – Bruegel
As Greece
faces a severe shortage of euros, the idea of introducing a parallel currency
used for some domestic transactions – while keeping the euro in place for
existing bank deposits and for foreign transactions – has made a comeback. Although historical examples of parallel
currencies exist, the analysis of the idea remains in its infancy. It remains
unclear whether and how one could find the right mechanics.
How to
Default on Sovereign Debt – Project
Syndicate
The
financial brinkmanship over Greece’s debts has raised the question of whether
(or when) the country will default on its sovereign debt. As Greek officials
consider their options, they would do well to bear in mind that there are
better and worse ways to default.
GREECE
Merkel
pushes for Greek deal ahead of G7 – Politico
Greek
bailout monitors hold emergency summit – FT
Getting
serious about Greek debt woes – FT
Frances
Coppola: The European War Of Words – Forbes
What
Happens if Greece Defaults on IMF Payments? – WSJ
Greece,
creditors line up rival reform proposals to unlock aid – Reuters
Dueling Plans Drafted to End Greek
Standoff – BB
EUROPEAN CENTRAL BANK
Negative
rates turn eurozone’s banking topsy-turvy – FT
5 Points to
Watch in the ECB’s June Presser – WSJ
Press
release on the Survey – ECB
Survey on
the access to finance of enterprises in EZ Oct 14-Mar 15 – ECB
Smaller
Firms Start to Feel the Impact of ECB Stimulus – WSJ
ECB study
highlights credit crunch for Greek companies – Reuters
DATA
Spanish
unemployment declines by 118,000 in May – TF
Euro area
annual inflation up to 0.3% - Eurostat
Euro-area
core inflation jumped - headline to follow in Q4 – Danske
Bank
Goodbye
zero inflation - and thanks – Nordea
Euro zone
back to inflation as May prices beat forecast – Reuters
Industrial
producer prices down by 0.1% in euro area – Eurostat
UNITED STATES
DATA
Factory
Orders Scream Recession, Drop 6% From Year Ago In Sixth Consecutive Drop – ZH
US factory
order drop more than expected – TF
U.S.
factory orders decline, demand broadly soft – Reuters
U.S. May
auto sales race to strongest pace in nearly decade – Reuters
ASIA
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: A Letter to Stingy American Consumers * Glut of Chinese Goods Pinches
Global Economy * Rosengren: Not the Time to Raise Rates * Creditors Prepare
‘Final’ Text of Greek Bailout Deal * India’s Central Bank Cuts Key Interest
Rate Again
Morning
MoneyBeat Asia – WSJ
Morning
MoneyBeat Europe – WSJ
Morning
MoneyBeat US – WSJ
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
EUR weaker,
yields up, ECB frontloading * Euro-area inflation to rise * ECB QE numbers show
frontloading * EUR/NOK takes a dive
Morning
Markets – TF
AUDUSD has
extended beyond 0.7670 after the Reserve Bank of Australia left rates on hold
at 2%, but downside may resume if US data supports the greenback through the
rest of this week.
Daily FX
Comment – Marc
Chandler
Dollar
Lower as Turn Around Tuesday Unfolds
Daily
Press Summary – Open
Europe
Greek
creditors hold emergency late night meeting in Berlin * France and Germany urge
Commission to reconsider refugee quota proposal * Poland’s governing party
falls to third place in new poll * New data show Germany’s birth rate has
fallen to lowest in the world
Brussels
Playbook – Politico
US Open – ZH
Futures
Slide Then Rebound On Endless "Unnamed Source" Greek Chatter, Dollar
Slides; China Surges
FX
Update – TF
The Reserve
Bank of Australia was rather downbeat in its statement, but perhaps the lack of
explicit rate cut talk saw AUD backing up from its lows against the USD.
Elsewhere, USDJPY just managed to touch 125.00 before backing off on
uncertainty ahead of the key US data points through the end of this week.
From the
Floor – TF
The Greek
talks head down to the wire with all manner of rumours circulating about their
content. Is there a deal? Will Syriza accept it? Will there ever be any
resolution to what Saxo FX head John Hardy calls an "incredibly
tiresome" situation? Only time (and maybe Twitter) will tell.
FINNISH
Aamukatsaus – Nordea
Investoinnit Ruotsissa lisääntyvät saman verran kuin ne
Suomessa vähenevät | Saksan inflaatio kiihtyi | USA:n teollisuuden luottamus
nousi
Vesa Varhee: Viinasen–Ahon jäljille – TalSa
Kolumni Historia näyttää toistavan itseään. Kuten vuonna
1991, Suomi saa verraten kokemattoman keskustalaisen pääministerin, jonka
hallitus joutuu siivoamaan kokoomuslaisen pääministerin kabinetin jättämää
sotkua. Kukkaron nyörejä pitelee, sosiaalidemokraatin jälkeen, kokoomuslainen
valtiovarainministeri. Kuten tuolloinkin, edessä on matokuuri kilpailukykynsä
hukanneen talouden tervehdyttämiseksi.