Friday, April 17, 2015

Economic News , Data and Views ( April 17 , 2015 ) - Latest updates of note on Greece ( Schauble and Varoufakis Speeches and Q&A at Brookings Institute , Latest information re : Creditor Talks / Lagarde and S&P comments / Grexit ponderings / GR Banks with Units abroad directed to dispose of GR debt ) ..... German ten year bund creep closer to 0 % ..... Asian market snippets , Europe pre- open items of note ...... Russia nixes Ukraine debt restructure on 3 billion euro loan , Ukraine restructure items and state of play in Ukraine ......


Brief sideline chat with President Obama . Serious talks with Draghi and Lew set for Friday evening and night !

Yves Smith examines default and grexit ... a good read !

's debt crunch: Sorry, no extensions via

A deal appears distant amid enduring deadlock in Greek reform negotiations.

Katherimini reports Greek Banks have been asked to dispose of Greek debt. NB: Biggest holders:
PiraeusBank 2.3% Eurobank 1.8% Deutsche 0.1%

Greek banks in Albania, Bulgaria, Cyprus, Former Yugoslav Republic of Macedonia, Romania, Serbia and Turkey

Here. We. Go.

notified Greek banks on Wed to not buy any new Greek T-bills throu their foreign subsidiaries. Not a huge move, just closing loopholes.

Today/2 --> Greek FinMin Varoufakis to meet sovereign debt lawyer Lee Buchheit

Today/1 --> Greek FinMin Varoufakis to meet ECB President Draghi


Countdown continues... German 10yr bond yields heading below zero. Now below 0.08%.

Pre-mkt opening indications: Syngenta -3.0% Nestle -2.6% BASF -1.2% RWE -1.1% Bayer -0.8% Infineon -0.7% Monte Paschi +1.7%

EU participants still await any breakthrough in negotiations between Greece and the EU with Greek optimistic that a deal can be reached

Asian equities mostly followed on from lower Wall St close although CH equities bucked the trend amid foreign investment flows into Silk Rd

Lagarde won’t give support to Greece missing IMF payment. Missing payment would put Greece in club w/ Zimbabwe, Sudan

S&P's Kraemer: It's 'crunchtime' for BUT a missed payment to is not a default under S&P rules.

How close is to and would a Greek exit matter for the rest of the ?

Mark Schieritz:The ECB has set up a team to help Greece introducing the Drachma in case of a Grexit..

Telegraph: Sources in Athens say that major voices in Syriza now view arrears to the IMF as a necessary evil

Russian FinMin Siluanov says won't agree to debt restructuring (as mkt prices default w/ certainty)

Moody's: Ukraine's External Position Remains Precarious Despite Prospective Usd15 Billion Debt Restructuring

Ukraine restructuring: IMF review tomorrow, in the meantime creditors are pushing Ukraine towards default

: Debt restructuring talks falter as refuses to join, citing fewer options than private creditors:


Varoufakis: "we will compromise but we won't be compromised". Enough of the rhetoric! Tell us what reforms you will actually deliver...

Varoufakis has said it finally: "We wish to merge the current review with the June agreement."

Varoufakis "Why can't the fund a 'New Deal' for Europe, with the backing bond issuance in secondary market?"

Schäuble: If wants 7.2bn tranche than it has to delivr. Otherwise they don't hv to take the money. They'll hv to find othr solutions

Schäuble: Greek debt not a problem in the next 6 yrs. Now challenge is growth. Minimum wage is highr than in other countries ~

Schäuble about : If you find someone else in Beijing, Moscow etc who is willing to lend you money, we are OK, take it.

13 hours 

, in the last few weeks of calm before the storm that one side thinks will never come and the other believes it can control

Samaras was supposed to deliver 1.5%, Tsipras promised to keep it, 2014 primary surplus was just 0.4% of GDP

Ukraine finance minister Jaresko fires a warning shot to creditors: Cooperate or else...

Wants to Seek Direct Debt-Restructuring Talks