Friday, May 29, 2015

Economic News and Views ( May 29 , 2015 ) -Broader Europe Updates ( Ferro Morning Note , Gazprom Comment on Ukraine Gas Debt , Ukraine offers coupon cuts - 10 year extension on debt , Swiss Economy Shrinks , UBS/ Julius Baer / Bank Hapoalim Involved in FIFA Scandal , G-7 Items , Spain Items of Interest , EFSF 30 YR Spread To Bund Explodes , Additional items of note ) ...... Greece Updates and Items of Interest ( Creditor Talks Items - internal and external to Greece , Varoufakis comments of the day , Bank Data items of note , Odds and Ends )


FYI- More tweets intraday at tweet feed ....

Broader Europe...

's Gazprom Says Ukraine's Total Gas Debt is $29.5 billion

Ukraine offers coupon cuts, 10-year extension. - Oops

I think Ruble is reacting to yesterday's Poroshenko debt moratorium announcement. 53.21 Ukraine bonds -2.11%

Morning Note: 1. BoJ inflation gauge back at zero. 2. Swiss 1Q GDP -0.2%. 3. How many terms does Sepp want?

These Swiss Banks were allegedly involved in FIFA corruption: - UBS - Julius Bäer - Hapoalim (Zurich) (via )

Economy Unexpectedly Shrinks as Stymies Exports via


Literally no one at G7 in Dresden thinks this is true this. Everyone agrees two sides still miles apart.

to top agenda on last day of talks. Greek 2yr yields have dropped on deal hopes.

"We have a serious final assembly quality problem," admits Airbus after crash

Trade union CC OO says this is an image showing the "massive document destruction" taking place at Madrid City Hall.

Spanish trade union CC OO denounces "massive document destruction" at Madrid City Hall:

EFSF 30yr spreads to have exploded as loans to are 77% of the assets of .

Strong rebound in German retail sales. Upside surprises to inflation, Spanish version. What else?

Contributions to Q/Q Italy GDP growth in Q1 Private Consumption -0.1% Investment +0.3% Government +0% Inventories +0.5% Net Exports -0.4%



Greek authorities have till the end of next week to reach a deal with creditors for a disbursement to take place in June.

MinFin Varoufakis: "ENFIA is an obnoxious tax; *not* yet decided whether we're going to keep it yet; still part of negotiations."




"Bullshit",the reaction of an unnamed repr of the Inst to the question :Is a conclusion of the negotiat.imminent via

MinFin Varoufakis says the institutions still want permanent recessionary measures (such as on VAT tax); GR opposes those.




IMF Director Lagarde on : "It's very unlikely that we'll reach a comprehensive solution in the next days". (interview with

Varoufakis says Greece, creditors have agreed on most issues. - Let's wait for Schäuble's denial

Varoufakis says Greek talks have new developments every day - VIMA Radio - are you taping all the talks again, DJ Varoufakis?

Next Greek aid program isn’t on table yet, says Moscovici

Greece creditors say no deal near as G-7 frustration vented

Only Greece can end its miserable 'Groundhog Day'

FinMin Varoufakis says Greek gov't aims for one comprehensive agreement with the creditors that will involve debt relief ~

MinFin Varoufakis, when asked whether we got the money to pay the IMF, he says "let ME the MinFin worry about this, not the people!"

Varoufakis says Greece will not accept recessionary measures. Minutes earlier he sad: Greece & creditors agreed on most issues. Who lies?

FinMin Varoufakis says there is agreement with the 'Institutions' on VAT model; no agreement yet on rates ~

Greek, Iranian diplomats eye closer ties, energy cooperation

Christine Lagarde: After positive signals from Athens 10 days ago, we've been sobered since (via Reuters)

  1. FinMin told there is an agreement w/ institutions on VAT rates that will bring €900 mln in the public coffers

  1. He actually said €900 mln increase is the Greek proposal but no agreement yet.

: Alpha Bank. Total ELA collateral pool stands at €26.8bn of which €20.6bn is being utilised

: Alplha Bank. Q1 2015 deposit outflows in Greece stood at €6.6bn of which 25% were sent overseas

: Alpha Bank deposits dropped 16.1% in Q1, NPL ratio rises to 33.8% from 33.0% at end 2014.

As of 15th May, National Bank of Greece's deposit base in Greece had shrunk 15% from end 2014

Won't be much left in 's banks by the time gets the keys. Deposits down another €5.6 billion in April.

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