Thursday, June 25, 2015

Economic News , Data and Views ( June 25 , 2015 ) Greece Updates ( BOUNCING BALL - Greece misses today's 11am deadline to submit plan ...... Creditors then submit their own plan ...... Quickly rejected by Greece - Updated From -- Troika presents Greece with 11am GMT Deadline to respond to " Ultimatum " as Talks have become very difficult for both sides - - but has deadline now shifted to 4pm today or even Sunday ? ELA kept at same level - note 6 ECB Gov Council members including BUBA's Weidmann want to stop ELA to Greek Banks immediately ,) Broader Europe in focus - Russia extends food import ban to August 2016 , Spain focus and Italy also in focus.... Ukraine could default July 24th ......


Tweets....

Evening wrap....


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Ending of . New meeting this weekend to discuss either SLA or non agreement




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Here's what Greek economist and SYRIZA MP Kostas Lapavitsas thinks of latest Greek proposal. (via )




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says it expects to make payment on June 30 due date, says as a matter of policy, the fund does not extend payment deadlines.





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German Chancellor Merkel has reportedly claimed deal must be in place on before mrkt open on Mon ()




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* IMF spokesman says must see greece's reforms agreed and implemented, then will discuss financing and debt sustainability - RTRS






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GERMAN FINMIN SAYS: WE HAVE NOT MADE PROGRESS; GREEKS HAVE MOVED BACKWARDS RATHER THAN FOREWARDS











Morning summary:
1. Greece miss today's deadline to submit plan 2. Creditors then submit their own plan 3. Quickly rejected by Greece







So, Eurogroup ultimatum? *GREECE, CREDITORS FAIL TO REACH AGREEMENT AHEAD OF EUROGROUP






Reports suggest two different proposals will be submitted to Eurogroup: one from Greek gov't and one from creditors.







Leaked: Got my hands on 9-page bailout plan sent to earlier today. Copy posted here:
















Eu official: will just state disagreements, Euro Summit likely tonight to put further pressure to








MT : The meeting is over.The doc. which will be submitted to the Eurogroup is on board EU SOURCES

















Greek official says govt steadfast on it's positions. Says govt positions realistic approach for deal. (BBG)








So far I heard:
- 1 hr ultimatum -2 h ultimtm - Already a staff level agreement - Euro Summit tomorrow - EG on Saturday - a Sunday deadline











delayed to 1:30 CET - report the



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New deadline hahahaha (BN) *SCHELLING SAYS FINAL DEADLINE FOR GREECE DEAL IS SUNDAY










's FinMin Schelling on : Summit has give FinMins 4pm deadline. (BBG)








IMF PRIOR ACTIONS REMAIN KEY STUMBLING BLOCK TO DEAL - SOURCES - MNI









NO 'TAKE-IT-OR-LEAVE-IT' PROPOSAL ON TABLE FOR GREECE - SOURCES - MNI







"Feasability Blueprint" ha ??






if there is a deal, I think it will just be Greece that is lost -financially, psychologically, maybe politically too










The troika retruned €5bln worth of measures back to , this is a gap that cannot get bridged









GREECE CREDITORS SENDING PROPOSALS TO EUROGROUP; TALKS "VERY DIFFICULT" FOR BOTH SIDES: EU SOURCE







Greek government official says Greece is insisting on tax breaks for islands as part of modifications to its origjnal proposal - RTRS






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Tsipras, Draghi Leave Commission Meeting - BBG












Weidmann: Greek banks' solidity especially undermined by Greek decisions that sparked capital flight and large-scale cash withdrawals - RTRS






Weidmann - banks receiving ELA should not worsen liquidity by rolling over illiquid t-bills of their sovereign - RTRS






* Weidmann - eurosystem must not provide bridge financing to Greece even in anticipation of later disbursements - RTRS







Weidmann says emergency funding for Greek banks has become their only Source of funding, casting doubt on their financial solidity - RTRS











6 members of gov council want to stop to Greek banks immediately, incl. Buba's Weidmann.






said to leave Greek banks' ceiling unchg, BBG reports.










So outflows still stable yesterday *ECB SAID TO LEAVE GREEK BANKS' ELA CEILING UNCHANGED











Leave, now.









Italian PM Renzi: "Greeks need to know there's very strong pressure to use this window to close pending issues and eject from euro".



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Syrizia is the target....not the debt.











Fight club. Gloves are off. Greece negotiation got real



Total exposure of EU banks to Greece $44.5bn at end-2014 Credit Agricole, HSBC, Deutsche Bank at top of list (BofAML)







Broader Europe.....



BREAKING: extends food imports





DETAILS: Food imports is extended till August 5 next year –










Spain facing compensation bill of billions over government cuts to renewable energy subsidies









2 MINUTE SPAIN NEWS: morning bulletin. Bank of Spain, GDP, Catalonia, PP, 2016 budget, heat wave. Click to listen:






Bullet sent to Rome mayor Marino: Says he has no plans to step down, plans to run again








The Daily Shot; June 25, 2015 Global Macro Currents -




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could default in July, warns country's finance minister