Friday, April 24, 2015

Economic News , Data and Views ( April 24 , 2015 ) - Astonishingly hostile reception for Greece and Varoufakis at the Eurogroup Summit in Riga Today ....... Turkish Lira under pressure again .... Euro hits two week high .... Germany doing fine - IFO business morale rises ......Ed Hugh compares Greece with Spain and calls out different treatment between two- Spain's QE NOT conditional ...... China in focus - money rates tumble after PBOC cut RRR , outflows rising.....


Eurogroup's Dijsselbloem after finmin talks on Greece : 'I won't go into detail on progress but there are big problems to be solved'

Eurogroup chief says discussion at meeting was "frank & very critical." Doesn't deny verbal attacks on Varoufakis

Pretty clear answer by there will be no partial agreement, no partial disbursement

"If necessary we'll have an extra Eurogroup but it has to be a result of the process. That's the right order," says


Hope crushing intensfies

ECB president Draghi underlines that governing council may have to review haircut it applies to collateral used by Greek banks


Both and very cool towards Greece. Basically: lots of talking; little progress; it's up to Greece to move.


Astonishing bad mood at Riga . called a time-waster, amateur,a gambler by his counterparts.


*VAROUFAKIS SAID TO TAKE HAMMERING FROM FRUSTRATED EU MINISTERS. Editors note: "hammering" is diplomspeak for something much worse.

Malta FinMin Scicluna on talks in : 'Complete breakdown in communication', 'complete detachment in positions.'

Malta FinMin Scicluna: Institutions being pushed toward hostility on . (BBG)

Malta FinMin Scicluna: Eurogroup Ministers are surprised, shocked on . (BBG)

slips on limited talks progress. Pares all of today's gains. Now $1.0828

Source says debate in room was pretty heated. Talks continuing outside, too. Presser may be delayed a bit

Fitch: At end-Feb, banks had ~€50 bln of remaining collateral buffers.

Extremely unfriendly the environment towards inside main message "get your act together" says EU official.

As Greek FinMin hints Athens set to compromise, officials say gov 'not bluffing' in opposing austerity. Clear as mud.

Greek state struggling to meet pension cash deadline


(new) unpaid taxes rising steadily, reach 3.5 bln in Q1.

Greek government's legislative decree on state bodies' cash reserves goes to a vote in Parliament today.

Lira plunges to fresh lows vs Dollar in run up to elections - a reflection of uncertain outcome (via Tim Ash)

Upswing in German economy continues. Ifo business morale rises to 108.6, pointing to GDP growth of >2% YoY.

just hits a 2-week high of $1.0867 as regions FinMins meet on .

Allowing for different initial conditions, is it really true Spain has done so much more than Greece?

Let's cut the crap. Spain and Greece both have a lot more 2 do. One getting finance the other isn't. Not equitable. Spain QE not conditional

Dijsselboem, Spain still has a lot more to do, especially on fiscal and labour market (Spanish) via

The Daily Shot; April 24, 2015: Global Macro Currents -

TROUBLE! money rates tumble to year-plus lows as central bank slashes RRR.

Biggest risk in global economy: If sees capital outflows now, what happens in crisis?