Friday, June 19, 2015

Economic News , Data and Views ( June 19 , 2015 ) Greece State of Play ( Following Thursday Expected But Still Disappointing Failure To Agree At EWG , An Emergency Leaders Summit Now Set For Monday - June 22nd --- further examining the full state of play with views from different perspectives on the complex Greece situation ) ..... Broader Europe ( Denmark , ECB , Russia , Energy Geopolitics )


Enjoy your coffee and read - updated at tweet feed during the day...

Evening roundup....


Anti-austerity and pro-euro rallies in Athens on Sunday, Monday


deposit outflows at €1.3 bln on Fri to a total of €4.5 bln this week (Mon: €600mln, Tue:750, Wen:850, Thu:€1bln) (via )


Less than €2bln ELA vs €3.5bln asked? ECB starting to turn screws on Greek banking system


"Despite talk of a run on banks, an eerie sense of calm pervaded the Greek capital Friday." me for "


49 SYRIZA MPs ask for early findings of Parlt debt audit committee on "odious" Greek debt to be discussed in plenary via


European Council President Tusk: Meeting of € leaders "won't be final step. Detailed technical discussions remain job of Eurogroup".


The Eurogroup will meet in Brussels at 15.00 on 22 June 2015 to discuss Greece's current financial assistance programme.


*Merkel says the summit on Monday might end up being only an 'advisory summit' meeting if there is no foundation to work with - RTRS


So, already looks like Monday's emergency eurozone summit will be a waste of time. All eyes on the last days of June...

The image of Europe and the Greece crisis




* ECB governing Council set to talk again on Monday to review emergency funding for Greek banks - officials - RTRS

Morning items For Friday....

Greece: Thousands decry potential EU exit in Athens via

Politics on the streets of Athens: pro-euro rally today (left) Vs. anti-austerity protest yesterday (right)


Emergency lending to Greek banks: it's the haircuts that matter now. (Barclays, and note the assumption)

Tsipras says emergency EU summit is a positive development

IMF: Near-Term Risks for Euro Area From Greece 'Manageable'

Lagarde: No Greece debt delays

International Money Fund boss Christine Lagarde says there is “no period of grace” for Greek debt repayment.
She said Greece would be in default with the IMF on 1 July it if fails to make a repayment on 30 June.

Markets sanguine on or maybe bored of. Global equity indices trade higher.

sets emergency summit on as money flees.

Geopolitics will trump economics in Greece: By John Browne, cross-posted from EuroPacific Capital Inc Based on...

-- EU calls crisis summit after failure of Greece bailout talks -

Grexit is the worst solution, it would set a precedent; needs an investment package w a 4-yr perspective: Bofinger ~Rheinische Post

Free to read: If no deal is reached on Greece by June 22, worst-case scenarios kick in:

Eurogroup, say ‘crunch’ negotiations failed but still time for clutch deal


Fiery clashes erupt between riot police and anarchists in

Just astonishing testimony on EU and ECB tactics to push Ireland to a bailout h/t

End of May, banks in their results presentations said that based on current haircuts/collateral had access to €38bln additional ELA

's Lagarde says talks need 'adults in the room.'


Broader Europe.....

's PM steps down after general election defeat

Denmark's opposition parties defeat ruling coalition in election


May 2015 German PPI 0.0% vs 0.2% exp m/m

Barclays: could start increasing haircuts on collateral to force Greek authorities to impose cap controls.

Some news on sanctions: EU successfully extends Russia sanctions, but Eastern members fail to obtain stronger ones

News from McKinsey: A window of opportunity for Europe - The region could achieve economic growth of 2 to 3 percen...


June is a good time to revisit these 3 Spain scenarios for 2015 (from January): Podemos, Greece, economy, elections:

European seizures of Russian assets not timed to St Petersburg economic forum – Kremlin

and may sign agreement on by end of June: Minister

* Russia's Putin to discuss Turkish stream, other issues with Greek PM tsipras on Friday in St. petersburg - kremlin - RTRS

Gazprom plans Nord Stream expansion as Turkish Stream backup

 Retweeted 17 times

Russia and Greece plan to sign memorandum on Turkish Stream on June 19 — Energy Minister