Thursday, May 28, 2015

Economic News , Data and Views ( May 28 , 2015 ) - Greece Updates (" D " Words today ..... Default is the subject of the day - on the tongues of many , so is debt restructuring ) , UK Updates ( Brexit , UK Data splash - GDP Q4 2014 and Q1- 2015 ) , Spain Updates ( Political Commentary - Election 2015 , Podemos leader Pablo Iglesias offers thoughts ) ... Austria moves some of its gold out of London - Brexit fears .... Russia in focus ( Oil , Natural Gas , FIFA ) .... Ukraine items of note !



Tweets....















* Greek government spokesman says if there is no deal, there would be wider consequences for the EU, not only financial ones - RTRS






ECB CONSTANCIO: GREECE COLLATERAL REVIEW ONLY WHEN 5TH REV COMPLETE - MNI







govt spox: We are doing everything possible to avoid default scenarios.







ECB board members now actively talking about a Greek default to the IMF ... must mean it's on the cards





CONSTANCIO: GREEK DEFAULT TO IMF WOULD IMPACT BANK IMPAIRMENTS




VAROUFAKIS: GREEK GOVT WANTS DEBT RESTRUCTURING






This → 's Constâncio: No automatic connection between a default of government and insolvency of Greek banks ~RTRS via







This is true, but what's the likelihood that ECB wouldn't act to limit ELA provision in the event of default?







And, in such a situation, how sustainable would the argument for Greek bank solvency be? (Not suggesting ECB GC don't know this, of course)














ECB: GREEK BANKING SECTOR HAS HAD SUBSTANTIAL DEPOSIT OUTFLOWS






May Economic Sentiment -1.3 points to 91.4. Consumer Confidence -3.1 points to -43.6 (EC).






Acc to Dep Parliamentary Speaker Mitropoulos, Court of Audit ruled unconstitutional the solidarity levy on pensions >€1,000.




No retroactive impact according to the same source.







Brussels: More Differences Than Points of Convergence in Greek Negotiations





's Nowotny says no to loosening funding for now





Broader Europe....




UK economy grew 3.0% in 2014 with net trade acting as a 0.5% drag on that number. Will people stop saying exports are important for growth?







Contribution to UK GDP growth in 2014 Private Consumption +1.6% Investment +1.5% Government +0.4% Net Trade -0.5%









UK GDP confirmed at +0.3% Q/Q in Q1 Services +0.4% Production +0.1% Construction -1.1%




Contribution to UK GDP growth in Q1 (Expenditure Method) Private Consumption +0.4% Investment +0.7% Government +0.1% Net Trade -0.9%









| BRITAIN NEEDS TREATY CHANGE AS PART OF RENEG, RULES 'NOTHING OUT' IF DOESN'T GET SUBSTANTIAL EU DEAL -FORSEC HAMMOND





Pablo Iglesias says the "political ecosystem in Catalonia is complex in a way that it is not in other areas of the country".






Pablo Iglesias: "There are only two ways of doing politics in this country now: keep doing the same thing […] or try something new".




"[Pablo Iglesias] is copying and pasting Varoufakis."

Pablo Iglesias says the party that has proven incapable of repaying the public debt is the PP "which has multiplied it".






Pablo Iglesias says debt repayments should be linked to growth in an expanding economy.





Pablo Iglesias says Podemos will support PSOE but not join any governments led by a socialist.



Pablo Iglesias: "We are going to try and prevent the PP from governing"



Spain retail sales had another good month in April, up 1.3% over March, 2.9% year on year.







Spain's INE confirm 0.9% GDP number this morning. Net trade a little less negative than previously.







It seems Ada Colau is far from assured of becoming mayor of Barcelona (in Catalan).








Austrian cenbank governor says decision to repatriate some Gold from London "absolutely not" related to possibility Britain will leave EU







How a Geneva-based commodity trader became the largest exporter of Russian oil











RUSSIA WILL VOTE FOR SEPP BLATTER REGARDLESS OF FIFA SITUATION - Sepp 147%!!!





Putin: FIFA corruption scandal unrelated to 2018 World Cup in Russia







's project to kill two birds with one stone – expert








Ukraine’s Monetary Committee Says Key Rate Should Stay at 30%




's life gets sweeter while slides into economic abyss











. Biden was tough but optimistic on Russia, Putin & Ukraine today at Brookings: