16th Jul - Greek bridge built, ECB increases ELA

Previously:

Guest: Credit - A Cadmean victory

Wednesday: reek parliament votes

Tuesday: Waiting the Greek parliament

Monday: ”Deal”: an agreement to negotiate

Monday: Greece update

W/E: Linkfest

Friday: Greek weekend ahead

Follow ‘MoreLiver’ on Twitter

EUROPE

The birth of European macroeconomics – Bruegel

Criticisms and weaknesses of the European macroeconomic system

 

Greece leaves eurozone with mountains to climb – FT

Lessons that can be learnt from Greece’s flirtation with euro exit

EMU brutality in Greece has destroyed the trust of Europe's Left – The Telegraph

'The Left let itself become the enforcer of reactionary policies and mass unemployment because of the euro.' Greece has broken the spell

Jeffry Frieden: What Europeans think about Europe in the aftermath of the crisis – Econbrowser

European integration, and EMU, cannot move forward without political support from the public. At this point, such support still exists in general, but there has been such an erosion of trust in policymakers that it is hard to believe that political backing for current policies will be forthcoming for much longer unless conditions improve markedly.

Martin Enlund: How strong would a new Deutsche Mark become? – Nordea

The Euro Area almost lost one member in July. Confidence in the “irreversibility” of the Euro Area has surely been dented. In this piece we take a look at the potential fair values of new currencies of Euro Area countries in case of “exits” or a break-up, with one conclusion being that everyone will want to be long the new Deutsche Mark.

  EUROPEAN CENTRAL BANK

ECB Weighs Emergency Funding After Tsipras Wins Greece Bailout Vote – BB

Five Questions for Mario Draghi (and Four of Them Are on Greece) – BB

Draghi Returns as Face of Euro Scarred by Brussels Brinkmanship – BB

ECB Preview: Greece remains the headline act – TF

A Short History of The ECB’s Complicated Relationship With Greece – WSJ

ECB Said to Favor Keeping Greece Emergency Bank Aid Unchanged – BB

Preview: Draghi To Address Greece, China, Reiterate QE Commitment – ZH

How The ECB Took Over Greek Banks, In One Chart – ZH

Paul de Grauwe: Why ECB should not insist on repayment of its Greek bonds – VoxEU

ECB Raises Greek ELA By €900 Million – ZH

ECB Joins IMF In Call For Greek Debt Cut, Schaeuble Shoots It Down (Again) – ZH

Monetary policy decisions – ECB

Introductory statement to the press conference – ECB

Draghi--New Meeting, Same Song, but more ELA – Marc Chandler

Eventually, the ECB will have to make a choice… - FT

Draghi Says Greece’s Place in Euro Not Doubted; Raises Emergency Funding – BB

Draghi Says Euro-Area Recovery on Track Even With Greek Turmoil – BB

ECB: Draghi, a slightly frustrated eurofighterm – Nordea

Criticism of ECB 'unwarranted' over Greek bank run: Draghi – TF

ECB Meeting18 questions about Greece – Danske Bank

When do Greek bonds qualify for QE? – FT

ECB supporting Greece – ABN AMRO

El-Erian: Reaction to an insightful ECB press conference – FT

5 Takeaways From the ECB’s July Press Conference – WSJ

ECB Faces the Greek Music – WSJ 

  GREECE

Greece’s Parliament Passes Austerity Measures Required for Bailout – WSJ

Greece’s Program: First Hurdle Cleared – CFR

Greece licks wounds after bailout vote – Reuters

Greek parliament approves bailout prior measures package – Reuters

Tsipras wins Greek vote backing bailout – FT

Greek Vote Passes But ‘Tough Times Lie Ahead’: View From The Street – WSJ

Eurogroup to hold conference call on Thursday on Greek bailout – Reuters

Eurogroup agrees €7bn loan so Greece can repay; No ELA Increase On Deck – ZH

Sentence that could change Europe: Greece could be shown the door – Politico

What joint advice did the IMF and European Commission give? – Prime Economics

IMF appears to be only one looking out for Greece's long-term future – The Guardian

Why you can’t technically default on the IMF – FT

Pieter Cleppe: Why a third Greek bailout is a bad idea? – Vocal

Next Headache: Imminent Greek Government Reshuffle, New Elections – ZH

Schaeuble Shrugs Off Greek Vote Saying Euro Exit Is Best – BB

Schaeuble casts doubt on chance of Greek bailout success – Reuters

Greece May Not Get Bailout, Grexit "The Better Way", Schaeuble Says – ZH

The Great Greek Bank Drama, Act I: Schaeuble's Sin Bin – Frances Coppola

EU Said to Agree On Balance to 7 Billion-Euro Greece Loan – BB

How bad are things for the people of Greece? – BBC

Eurozone - A deal to reach a deal – Carsten Brzeski

Eurozone - Leap of faith – Carsten Brzeski

Lose-Lose: Greece Leaving Euro Seen Costlier Than Write-Off – BB

Parliamentary hurdles on the way to Greek deal – Politico

OTHER

Evidence for monetary offset – Simon Wren-Lewis

REGULARS

Daily Central Banks – WSJ

Hilsenrath’s Take: With Greek Sales Tax, Policy Makers Again Choose Short-Term Pain * Yellen Aims to Move Rates Up This Year, but Slowly * Bank of Canada Cuts Rates * Greece’s Parliament Passes Austerity Measures *  Required for Bailout * Central Banks Likely to Jump Into China Bond Market

Daily Macro – WSJ

Greece again dominated market discussion on Thursday. The country’s legislators passed deep in the night the legislation required for Greece’s creditors to relax their purse strings. For now it seems Greece is fixed, though there’s not a huge amount of conviction about how long the latest rescue might hold. But with the Greek and Chinese crises behind them, investors are now starting to look toward the U.S. Federal Reserve’s first interest rate move, increasingly likely to happen in September.

Morning MoneyBeat Asia – WSJ

U.S. Stocks Watching the Wheels Go Round

Morning MoneyBeat Europe – WSJ

ECB Next After Greece Passes Austerity Bill

Morning MoneyBeat US – WSJ

Fundamentals in Focus as Investors Brace for Liftoff

Danske Daily – Danske Bank

Euro rates update – Nordea

Eye-Opener – Nordea

Greece will dominate the ECB meeting - how much can the ECB help Greece at this point? * Slightly flatter US Treasury curve after Yellen’s testimony, Fed on track for a hike, dollar a bit stronger

Morning Markets – TF

Early this morning, the Greek parliament approve the bailout deal announced Monday but there remain many questions about the viability of Greece's economy. Today's European Central Bank press conference will see president Mario Draghi field queries on the health and stability of the Eurozone economy.

Daily FX Comment – Marc Chandler

Dollar Rising

Daily Shot – TF

As the Greek parliament gives its grudging approval to widescale reforms in the hope of another bailout deal, the IMF remains opposed to the deal and the ECB mulls over whether to keep dribbling in emergency liquidity. From China, we get a discomfiting explanation for its GDP rise and in North America, the US and Canada continue to diverge.

Daily Press Summary – Open Europe

Schäuble reiterates temporary euro exit “better path for Greece” * EU wide bailout fund likely to be used for bridge loan to Greece despite UK objections * Germany should leave Eurozone – view from Central and Eastern Europe * Sharp increase in people from outside Europe gaining free movement rights through EU citizenship * Catalan pro-independence parties to form united front against Madrid * European Commission to review rules on capital requirements in effort to boost growth * EU launches competition investigations into US tech giant Qualcomm * Shadow cabinet minister helping to establish Brexit group

Brussels Playbook – Politico

US Open – ZH

Global Stocks Jump After Greeks Vote Themselves Into Even More Austerity

Frontrunning – ZH

FX Update – TF

The passage of the bailout deal in Greece helped EURUSD lower as risk appetite continued to rebound. Passage in the other EU parliaments appears assured and with the ECB assuring massive liquidity provision, EURUSD may continue lower through the next layers of support.

From the Floor – TF

US Federal Reserve chair Janet Yellen's testimony yesterday keeps the door open for a 2015 move on interest rates. Bloomberg is pricing in a 33% chance of a September move on rates and a 65% chance of a December move, which is pretty much unchanged from yesterday's odds.

FINNISH

Aamukatsaus – Nordea

CNY: Aliarvostetusta arvostetummaksi | Kreikka hyväksyi 86 miljardin euron tukipaketin ehdot parlamentissaan | EKP:n tämänpäiväinen kokous ei tuo muutoksia rahapolitiikkaan

Timo Paunonen: Poliitikkojen pitäisi nyt kertoa kansalle totuus Kreikasta – IS

Kreikan velkakriisiä hoitavat euromaat sotkevat Kreikan velat ja omat sisäpolitiikkansa samaan soppaan, ja siitä ei seuraa muuta kuin sotkua sotkun perään

Vasemmisto ja europrojekti – herääkö Suomen vasemmisto – Tyhmyri

Professori euroalueesta: ”Suomi on Saksan jaloissa räksyttävä pikkukoira” – YLE

Suomi on Neuvostoliiton romahtamisen jälkeen valinnut muista Pohjoismaista poikkeavan tien Saksan kyljessä, sanoo Suomen ja Pohjoismaiden historian professori Markku Kuisma. Ratkaisu näkyy Kreikan kriisissä, jossa ankaran linjan valinnut Suomi pyrkii Kuisman mukaan miellyttämään Saksaa.

Sipilä: Kreikka-vastuiden kasvamista emme hyväksy – TalSa

Järjetön veivaus: Näin Kreikka riisutaan lopullisesti – TalSa

Ensin kreikkalaispankit kansallistettiin euromaiden rahoilla, ja nyt ne halutaan yksityistää euromaiden rahoilla. Tarpeettoman monimutkaisen yksityistämisohjelman tarkoituksena ei ole turvata Kreikan velanmaksukykyä, vaan irrottaa pankkien letkut valtiosta.

IMF ja euromaat ajavat omaa etuaan velkanäkemyksillään – TalSa

Kansainvälisen valuuttarahaston näkemyksillä Kreikan velkakestävyydestä voi olla kauaskantoisia seurauksia. IMF:n jääminen pois mahdollisesta Kreikan kolmannesta tukipaketista vähentäisi koko ratkaisun uskottavuutta.

Velkakriisien konkari pettyi Kreikan kohteluun: "Suomen taistelu helpotuksia vastaan surullista seurattavaa" – HS

Kreikan on vietävä keskiviikkona läpi suuria lakiuudistuksia. Professori Jeffrey Sachs on pettynyt tapaan, jolla maan velkojat ovat hoitaneet kriisiä.

Sdp:n puoluesihteeri Paanaselle kelpaisi EU:n liittovaltio – SK

Kannatusvaikeuksissa kamppaileva Sdp etsi Porissa uutta ilmettä ja pureskeli Antti Rinteen ehdotusta perustulosta.

Professori tyrmää poliitikot: "Faktisesti Suomen vastuut kasvavat" – IL

Kansaintaloustieteen professori Vesa Kanniainen arvioi, että neljäskin tukipaketti Kreikalle voi olla mahdollinen.

Heikki Patomäki: Kreikka, Kreikka, Kreikka – US

Suuressa valiokunnassa epäilyjä Kreikan eurojäsenyyden tulevaisuudesta – YLE

Suuri valiokunta kokoontui Kreikan takia – YLE

Stubb: Kreikan lainaneuvottelut voidaan aloittaa – YLE

Soini astui esiin – ”Jokaiselle perussuomalaiselle vaikea paikka” – US