Wednesday, June 24, 2015

Economic News , Data and Views ( June 24 , 2015 ) - Broader Europe in focus ( German IFO falls from 108.5 in May to 107.4 , Spain polling data reflects tightening conditions , Russia overtake Saudis as top crude supplier to China , Renzi declares Europe must have a strategy regarding mediterranean refugee crisis ) ...... Greece Updates ( High hopes of Monday and a deal to resolve Greece situation before the end of June seemingly crumbling today - GR proposals rejected as Troika presents new counter- proposals , Tsipras perplexed by Troika rejections of Greece measures and vents at IMF , Chances for technical agreement at EWG dimming , Back and forth accusations flying already as to who is to blame for impasse )


Broader Europe...

Ifo Business Climate Index for falls from 108.5 in May to 107.4 (4-month low)

Vodafone reveals losses of €642m after cleaning up balance sheet of Spanish cable company Ono

New Sigma Dos poll for Mediaset: 
PP 27% PSOE 26.1% Podemos 20.2% Ciudadanos 10.3%

For First Time Since 2005, Russia Overtakes Saudi Arabia To Become China's Top Crude Dealer

"Europe must have a strategy" to tackle Mediterranean refugee crisis, Italian PM Renzi writes in the . Without suggesting any.

ANSA on immediate strike until Thursday: 'Company plan of 65 redundancies unacceptable, assembly June 25'



source, dispute about aide mémoire, issues DSA and financing, insist on debt relief, unacceptable for

* Greece's creditors have presented new counter-proposals to athens to bridge remaining differences - sources close to talks - RTRS


Buba exec board member Nagel says debt relief for Greece would be "wrong incentive" - MNI

At midday presser, no comments on dispute w/

. At presser, was asked, but wouldn't respond other than to say talks ongoing.


officials say new statement aimed at . Schäuble told Monday's to "stop blaming" IMF. Rock, meet hard place.

Low expectations for final deal today. Creditors going back to "Juncker proposal"

Doesn't seem we are going to have a Staff Level Agreement tonight


Told "prior actions" list submitted y'day walked back previous commitments, angering creditors. Story soon:

briefly drops below $1.12 on news that creditors don't accept Greek proposals.

The repeated rejection of equivalent measures by certain institutions never occurred before-neither in Ireland nor Portugal. (1/2)

This odd stance seems to indicate that either there is no interest in an agreement or that special interests are being backed. (2/2)



PM on IMF "technical staff" (Thomsen) rejection of Greek equivalent measures: They either do not want a deal or serve specific interests”

Gov source: said lenders' refusal of equivalent measures 'unprecedented,either they don't want deal or serve interests in Greece

concerned Greek proposals too recessionary (93% are tax hikes) & wld weaken 's competitiveness ~Berenberg

's 5y default probability (derived from CDS) on the rise again as some creditors reject Greek debt proposal.

FTSE Athex Banking index drops >7% on debt talk angst. Acc to Greek official, has rejected Greek tax proposals.

S&P: We continue to think that will remain Euro member. But limited progress in talks w/ creditors suggests that is possible

Spanish and Italian 10yr bond yields jump as 's Tsipras says proposals not accepted.

keeps ELA unchanged for wednesday as Deposit Outflows Stabilized, DJ reports.