Tuesday, May 12, 2015

Economic News , Data and Views ( May 12 , 2015 ) - Greece Updates ( Greece completes latest IMF payment - essentially by robbing Peter to pay Paul , cash crunch just deferred for 2-4 weeks , ELA coming to the end of the road , IMF indicating its out re: 3rd Bailout for GR , Economic Data - Real Estate information ) ...... Broader Europe - Pound , Euro seeing strength today vs the Dollar , Europe sees another day of bonds being routed , UK moving its referendum forward to 2016 perhaps , Austria won't take on Carinthia's HETA Guarantees , DAX hit today , Kerry heads to Russia to meet Putin ...... Asia Updates ( China , Japan and Australia in focus )

Tweets....





completes latest IMF loan repayment via











The won't join in a third bailout for .







Greece's banks hold enough eligible collateral to access an additional €14 billion in emergency liquidity assistance funds - EU sources








’s ELA to reach limit soon, MNI suggests. Greek banks hold eligible collateral to access €93bn ELA, just €14bn above current €78.9bn.









Building Activity (permits) +10.2% in Feb, +1.8% in 2-month and -14.1% over the trailing 12 months (ELSTAT).






Cash reserves of gg entities transferred to BoG at €600.3 mln, €64.5 mln from local governments and €535.8 mln from other gg bodies.








GREEK GOVT RAISES EU600M FROM STATE ENTITIES' FUNDS TRANSFER ...who knew it was so easy?








IMF not keen to be involved in a third bailout for , Spanish daily reports.





250.000 Unsold Properties in Greece’s Crisis-hit Real Estate Market






used up to Eur 650m reserves from its IMF account to pay IMF loan payment of 750m: Kathimerini reports







So here's the catch on the IMF paying the IMF thing. The reserves need to be replenished within a month = Greece no money, needs a June deal






Broader Europe......




Sound as a pound: Sterling climbs to fresh 2015 high on strong econ data.








Euro jumps above $1.12 as Fed's Dudley signals no shift in Fed policy. Says he doesn't know when Fed will raise rates













Good idea. David Cameron may bring EU referendum forward to 2016







*AUSTRIA WON'T TAKE ON CARINTHIA'S HETA GUARANTEES: SCHELLING






USD continues to get slapped about








DAX slammed 2.2%








U.K. MARCH MANUFACTURING OUTPUT RISES 0.4%; ESTIMATE 0.3% GAIN U.K. MARCH INDUSTRIAL OUTPUT RISES 0.5%; ESTIMATE NO CHANGE




And they're off...






Spanish bonds falling out of bed






Morning Note: 1. Greece 'relief.' Anything changed? 2. Kerry heads to Russia to meet Putin 3. Bond rout. Oz battered.






Asia .....




China Could Hold Oil Market To Ransom, Tops US As World's Largest Importer










China's Banks Obscure Credit Risk, Face "Insolvency" In Property Downturn, Fitch Says








AUSTRALIA BONDS FALL AS 10-YEAR YIELD CLIMBS 18 BPS TO 3.03%




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on the ashes Vs Oz debt. Chart of the day.

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