Monday, June 29, 2015

Economic News , Data and Views ( June 29 , 2015 ) - Greece Updates ( Capital controls imposed in Greece following the failed EWG Meeting on Saturday and the subsequent Greece Parliamentary decision to have a Referendum on July 5th on Creditor Proposals . ATM lines / Gasoline lines and lines at Supermarkets have followed. Debt relief remains a hot button - one Greece seeks fervently and which is resisted by the EWG and ECB with equal fervor. Domestic and international politics impacting on Greece in focus . Greek bonds naturally react negatively to events . Athens Exchange closed through the Referendum . ) ..... Broader Europe and Asia - Today is a day to gauge reactions to Markets ( bonds and stocks , rather than focus on data . Bunds catch bid , US Treasuries catch bid , periphery bonds mildly sold off. Stocks suffer sell offer as expected - europe and Asia. )


Tweets....


Evening round up....




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* Ecb's Nowotny says must examine whether ECB can assist Greece in runup to referendum - newspaper wiener zeitung online








ECB TO CHECK LEGALITY OF GREECE AID W/OUT DEAL: NOWOTNY IN WZ.




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Unbelievable. I cannot really imagine the ECB signing off on this interview, what went wrong ?





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GREECE GOV'T SAYS JUNCKER PROPOSAL STILL INADEQUATE - GREEK OFFICIAL - MNI




Important on IMF payment rules. Teeny window?







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* Greek government official says Greece will not pay IMF loan due on Tuesday - RTRS






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may default on €1.6bn tomorrow, but today it made a €50,000 fee payment to the eurozone's bailout fund, according to 2 officials








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Fitch downgrades Greek banks to 'rd' on capital controls





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Lógico



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Leaked: has written back to denying 11th-hr request for bailout extension. Copy of letter here:





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Withdraw limit set to 120 € a day for pensioners; 850 banks will open on Wednesday for those not having a cashcard







  • ICYMI --> Barclays: Official exposure to Greece in EMU by country and type





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    Friend at Athens bank said he+colleagues went to work in casual wear for fear of being targeted by angry Greeks. Were told to wear ties tmrw






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    Bank branches opening for pensioners postponed 2 Wed or Thursday. Pensioners will be allowed 2 withdraw daily 60E added up 180/240








    Morning items !


    Here's my summary explanation of why €zone won't accept debt forgiveness for Greece from last wknd:






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    In letter to all PMs, requesting they reconsider decision not to extend bailout. Leaked copy here








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    Banks are shut but the tax offices are open








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    Peripheral yields higher but stable : Spain 10-year 2.26%, +15 bps; Italy 2.33%, 18 bps; Portugal 2.95%, +24 bps







    *NOWOTNY SAYS GREEK ELA LEVEL VALID UNTIL WEDNESDAY






    Wednesday happens to be day after IMF default. Would expect to trigger "cosmetic" haircut hike:








    Greece in default before July 20? A 20bn Yen Samurai bond matures on July 14. Non-payment would mean first ever default on commercial paper










    German Ministry of Finance: Greek Capital Controls are justified and necessary.








    That Greek capital control order, now in English via







    European Commission has No New Proposals for Greece





    Germany Reacts to Greece ’s Referendum





    Hollande: Greek Vote is For Greece to Stay or Leave the Eurozone






    Tourists Unaffected by Capital Controls in Greece






    Yanis Varoufakis’ Historic Speech at the Last Eurogroup: As It Happened




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    's Pensioners queue outside banks on 1st day of capital control.







    Greek 10yr yields jump by 370bps to 14.55%, biggest increase since at least 1998. (BBG)









    Chart of the day: 's 2yr yields jump to 33.4% on Grexit angst.










    EU's Oettinger says in Euro more than questionable. “It’s game over in the sense that Greek govt is at an end." (BBG)






    Broader Europe.....



    Banks among leading decliners in Europe w/ on edge. Euro Stoxx Banks drops by >5%.





    SNB's Jordan: Intervened in Franc overnight as is a very critical situation and SNB is watching closely.









    Preparing for a rough European stock mkt ride: Dax Futures fall 7% at market open but pare some losses. Now down 4.5%








    Greek fallout: Italy's bonds fall sharply. 10yr BTP yields jump to 2.49% highest level since Oct.




    Bund yields fall sharply on Greek crisis: 10yr yields down 20bps.






    From Asia.....




    roils global markets: 's Nikkei plunges 2.9% to 20,109.95.







    Asian stocks slide with as collapse of Greek rescue talks roiled global markets.








    Greek crisis prompts to slide in early Asian trading. Drops below the $1.10 mark







    ICYMI: SHANGHAI COMPOSITE HEADS FOR BIGGEST 3-DAY DROP SINCE 1996. before dropp only 3.3%