Monday, June 15, 2015

Economic News , Data and Views - ( June 15 , 2015 ) - Current state of play in the unpredictable Greece talks with "Institutions" AKA Troika - Looking ahead after the weekend talks that failed to reach agreement ) Broader Europe - bond and equity turmoil lead storie after failed talks on Greece situation !


My statement on the negotiations in newspaper: This is about .

Extraordinary meeting between PM , Dep PM Dragasakis, FinMin & Interior Min Voutsis underway (via )

Extraordinary meeting of political negotiating team at 12.30pm (GR) to discuss next steps (via )


BOOM RT Greek Govt Spokesman: Greece To Be Represented By Varoufakis At Eurogroup Meeting

* Greek government spokesman says we will not take measures which lower pensions - RTRS


Greek gvt spoxman, asked if Greece will present new proposal at €group, says there is no reason why current proposal should not be accepted

* Greek government spokesman PM: tsipras is not planning to cancel trip to Russia this week - RTRS

Greek gvt spokesman says I don't want to believe that ECB Governing Council will take negative decision affecting Greece during talks - RTRS

* EU commission says is ready to engage in further talks with Greece if there are any new proposals from athens - RTRS


* Belgium fin min Overtveldt says radical forces in other countries would be emboldened if we were to succumb to Greek demands - RTRS


Greece won't accept pension cuts, VAT hikes - Govt spokesman

Blame game in full flow. EU Commission giving blow by blow of Greek deficiencies. Say proposed pension cuts amount to less than 0.4pc of GDP

EU Commission: "Gross misrepresentation to say creditors want cuts to individual pensions"

Hollande says Greece debt talks must restart as soon as possible

Eurozone must be prepared for anything with Greece, says EU's Dombrovskis

EU needs to prepare for 'state of emergency' in Greece, says German commissioner

The proposals to creditors. Attached the text in English

Belgium FinMin : Greek debt haircut is not an option at the moment. | "At the moment"...

's Oettinger says there will be a 'state of emergency' in from July 1 without an agreement. EU Commission needs to prepare ~RTRS

2-year bond yield rises 120bps to 26.5%; 10-year yield rises to 12% |

| Correction: Athens market -as expected- in deep red: General Index -6.7%, banks -12.7%

SRM's König sends clear warning to : If you default we may close down ELA.

European Bank Resolution Authority head König says Greek banks' solvency cld change if the state were to bcome insolvent: paper ~


If wants a political negotiation he MUST cancel his trip to St Petersburg and go to the Eurogroup this week

Clear distinction between 'we' (IMF) and 'the others' (eurozone and Greece) by Olivier Blanchard.

Broader Europe....

Madrid Mayor Manuela Carmena faces first crisis over councilor’s Holocaust jokes on Twitter

Municipal politics in Spain completes shift to the left as new councils voted in

Draghi faces EU court ruling on 2012 Bond plan as teeters.

Contagion risks? Spreads between Core & Peripheral govt bonds widen on ongoing Greek debt impasse. French yields rise

Greek default fears hit European stock markets, and drive euro volatility up. Liveblog ->


Almost under radar, peripheral yields rising steadily since QE began. Up again today. This is 's 10yr

Euro area trade in goods surplus €25 bn in Apr 15, €12 bn surplus for EU

Flight to safety after Greek talks collapsed: Dax sells off, down 160.

Without , German parliament won't back any deal, Merkel's CDU fellow party member Kauder says.

Spreads between Bunds and peripheral bonds widen after Greek talks collapsed: 10yr BTP/Bund spread rises to 149bps.

Draghi convinces economists won’t fight bond turmoil as ECB keeps steady on .