Tuesday, June 9, 2015

Economic News , Data and Views ( June 9 , 2015 ) - Broader Europe ( EU Referendum stirs chaos within Tories and Cameron , HSBC looks to cut 25,000 job globally to save 5 BN annually , Major fuel fire near Kiev , Data splash - Austria and Germany ) ... Latest Greece Updates ( Greece submits latest plan to Troika , Greece economy presently reflective - to an extent , recession commencing in Q4 2014 { compounded by uncertainty and acrimony earlier - as per Nick Malkoutzis } , Greece revenue shortfall increased by 650 MN in May - delay in corp tax and lower VAT , Grexit warning from Tsipras even as kick the can nine month extension floated , Strong earthquake rattles Athens


Tweets....


Broader Europe ....


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HSBC moves to cut 25,000 jobs globally







HSBC eyes $5bn in annual cost savings





Morning Note: 1. HSBC plan takes out ~10% of full-time jobs. 2. UK debates Brexit. Over it? 3. China low inflation...







Fuel fire near Kiev: 6 people hospitalized, 6 missing







DEVELOPING: Ukrainian oil depot blaze threatens gas pipelines nearby – local media





In 2014, Austria's unit labour costs grew 3.1% vs. Eurozone average of 1.2% and 1.7% in Germany. Losing competitiveness?





German manufacturing output grew 2.1% Y/Y in April Domestic -1.5% Eurozone +4.9% Non Eurozone +6.8%






Greece....


REVISED GREEK PLAN NOT CREDIBLE, INTERNATIONAL OFFICIAL SAYS





GREEK REVISED PROPOSAL VAGUE REHASH OF EARLIER PLANS: OFFICIAL






A referendum may be held in the South Aegean islands re abolition of discount VAT rates.







submitted a 7-page revised proposal, 3 pages on fiscal issues & 4 pages on covering funding gap ~ /ht





ESM money's been repaying ECB for the last 3 years, makes sense, needs 3rd programme, Tsipras should stop pretending







European sources say that a bailout extension to May 2016 would be logical if needed, aligns with IMF. /via






If ECB & Eurozone NCBs sell back SMP GGBs to at purchase price, they can save Greece ~5% of its debt/GDP.







has submitted new reform plan to creditors ( via AFP) - said to ask for t-bill increase & ESM loans to pay off












Greek PM Tsipras says accord possible if pensions are not cut







Greece said to ask creditors for ESM money to repay ECB







has submitted a revised proposal and the 'Institutions' have begun examining it ~EU official to AFP's








It seemed recession had bottomed out, allowing a slow & fragile recovery to begin.






For all current govt's failings, worth pointing out recession returned in Q4 2014, while uncertainty & acrimony even earlier






revenue shortfall widened by €650 mln in May due to delay in the collection of corporate income tax & lower VAT, acc 2 local media.






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Greek PM issues Grexit warning amid talk of nine-month extension - live updates via









Greek PM Tsipras: "I don't foresee and don't want [snap] elections. We received a popular mandate only 4 months ago". ()







Moody's warns of capital controls as Greek banks bleed up to €300m per day in deposits
















Strong Earthquake Off Evia Island Rattles Athens







TimeMag. / DepthLocationMapSource
Tue, 9 Jun (25 earthquakes)
Tue, 9 Jun 01:09 UTCM 5.2 / 10 km - [info]Greece
I FELT IT

[Map]
GFZ


Mon, 8 Jun 22:20 UTCM 4.4 / 43 km - [info]Crete, Greece
I FELT IT

[Map]
GFZ