Catharsis Ours: 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

Tweets....

Evening round up....

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

‏@zerohedge

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

fred walton retweeted

‏@COdendahl

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

Ferdinando Giugliano @FerdiGiugliano

#ECB cannot exclude #Grexit. The euro is no longer irreversible - http://www.ecb.europa.eu/press/inter/date/2015/html/sp150629.fr.html …

fred walton retweeted

‏@FGoria

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

‏@FionaMullenCY

Important on IMF payment rules. Teeny window? @MatinaStevis @SpiegelPeter @MarcChampion1 @Schuldensuehner 

Tom Wright @thomaswright08

Great point by @sdonnan: IMF can use an obscure rule to give Greece more time

Retweeted 52 times

‏@FGoria

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

fred walton retweeted

‏@SpiegelPeter

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

fred walton retweeted

‏@FGoria

Fitch downgrades Greek banks to 'rd' on capital controls

fred walton retweeted

‏@Suanzes

Lógico 

lemasabachthani @lemasabachthani

*GREECE CUT TO CCC- FROM CCC BY S&P, OUTLOOK NEGATIVE

fred walton retweeted

‏@SpiegelPeter

Leaked:@DonaldTusk has written back to @atsipras denying 11th-hr request for bailout extension. Copy of letter here: http://on.ft.com/1JsGsgv 

fred walton retweeted

‏@northaura

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

fred walton retweeted

‏@NikiKitsantonis

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

fred walton retweeted

‏@keeptalkingGR

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

Morning items !

‏@andrew_lilico

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

Eleni Varvitsiotis retweeted

‏@SpiegelPeter

In letter to all #eurozone PMs, @atsipras requesting they reconsider decision not to extend bailout. Leaked copy here http://on.ft.com/1JsGsgv 

Geoffrey Smith retweeted

‏@SteliosBouras1

Banks are shut but the tax offices are open #Greece #CAPITALCONTROLS

Katerina Sokou retweeted

‏@MNIEurozone

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

‏@jonathanalgar

*NOWOTNY SAYS GREEK ELA LEVEL VALID UNTIL WEDNESDAY

‏@jonathanalgar

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

Jonathan Algar @jonathanalgar

@fwred think any haircut hike will be cosmetic —calcd so banks still have sufficient collateral to meaningfully regain access at later date

‏@MehreenKhn

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

‏@Schuldensuehner

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

‏@MehreenKhn

That Greek capital control order, now in English via @ManosGiakoumis 

‏@GreekReporter

European Commission has No New Proposals for Greece http://dlvr.it/BMPKTh  #Greece

‏@GreekReporter

Germany Reacts to Greece ’s Referendum http://dlvr.it/BMPDkV  #Greece

‏@GreekReporter

Hollande: Greek Vote is For Greece to Stay or Leave the Eurozone http://dlvr.it/BMPF7S  #Greece

‏@GreekReporter

Tourists Unaffected by Capital Controls in Greece http://dlvr.it/BMLjfC  #Greece

‏@GreekReporter

Yanis Varoufakis’ Historic Speech at the Last Eurogroup: As It Happened http://dlvr.it/BMFdXT  #Greece

Philippe Legrain retweeted

‏@VangelisVNZ

The end of "beautiful #EU ideals of peace prosperity+ democracy + the rise of brutal power politics? asks @plegrain http://foreignpolicy.com/2015/06/28/athens-is-being-blackmailed-alexis-tsipras-greece-syriza-eurozone/ …

‏@Schuldensuehner

#Greece's Pensioners queue outside banks on 1st day of capital control. http://wpo.st/IWQO0  

‏@Schuldensuehner

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

‏@Schuldensuehner

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

‏@Schuldensuehner

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

Broader Europe.....

‏@Schuldensuehner

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

‏@Schuldensuehner

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

‏@Schuldensuehner

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

‏@Schuldensuehner

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

‏@Schuldensuehner

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

From Asia.....

‏@Schuldensuehner

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

‏@Schuldensuehner

Asian stocks slide with #Euro as collapse of Greek rescue talks roiled global markets. http://bloom.bg/1LwAQRW  

‏@Schuldensuehner

Greek crisis prompts #euro to slide in early Asian trading. Drops below the $1.10 mark http://on.ft.com/1GUqZSA  

‏@zerohedge

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

Catharsis Ours

Monday, June 29, 2015

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