Thursday, July 23, 2015

Economic News , Data And Views ( July 23 , 2015 ) - Greece Updates ( Greece Parliament Finishes Lightning Round Of Passing Required Legislation - Now Negotiations On Third Bailout Can Begin in Earnest / debt relief push back beginning / Greece offered carrots and sticks for more reforms / political developments - domestic politics in focus , economic data ) ...... Spain In Focus ( Economic and Demographic data of note , political updates of note ) ...... Portugal In Focus ( General Election set for October , political insights )


Big Tweet of the day.......







Mario Draghi: The ECB Has No Mandate To Ensure Checks Clear Or Credit Cards Work: By Nathan Tankus, a writer f...






Evening Wrap....






Germany is happy to take losses on its lending to Greece, if there is . The IMF refuses losses no matter what








New Democracy decides Meimarakis will remain as leader until spring 2016, reports . 62 of 76 ND MPs had asked for this








SEV to ask for lifting of import blocks






Senior Greek Official says country will miss 1% primary budget surplus target in 2015








spokesman (4): There is a difficult path ahead, we are in the beginning of the process (re negotiations w/ ).





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Quoted by the on why the Greek deal is a boon for anti-euro parties in (and elsewhere).







Morning Tweets ....







Greece .....




All the streets lead to the sea.
Καλημέρα from Sifnos !












Greek gov official: No additional bill with prior actions will be necessary for conclusion of negotiations.








Greek gov official:reps of creditors due in Athens for talks Fri, aim to conclude negotiations by Aug 18, decisions on Stock Exchange nxt wk








Greek banks Asset Quality Review, or stress test must be completed by Aug. 20. (BBG)




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Once they were known as the troika









Greek govt examines prospect of new bridge loan by EFSM, if no agreement reached before Aug. 20, when bond redemption to is due. (BBG)




's 2y yields continue to rise despite Tsipras got parliamentary approval to negotiate a 3rd Greek bailout.











Greece takes recessionary VAT measures to pay back eurozone creditors - this is hailed as progress












budget Jan-Jun 2015:
Revenues: -€898ml (-3.95%) vs est
[excl EU funds: -€1.66bn (-7.7%)]
Expenses: -€4.09bn (-15%)
Prim sur+: €1.88b









's Visco says extending debt repayments wouldn't solve problems.







Stimulus package for

















Divorce, battle, rift: 3 newspapers headline the split within leading SYRIZA after vote








No further damage for in second vote as stand-off continues.






FinMin reiterates banks will be recapitalised well ahead of Jan 1, 2016, when bail-in is introduced.






Euro popped higher after Greek parliament passed 2nd reform package. Impact limited as news already priced in. (RTRS)












2nd set of prior actions passes in Greek Parl w 230 yes, 63 no, 5 abstaining + 2 absent. Syriza defections trimmed to 36 (from 38 last week)








Here's a man who made the most of staying up until 5 a.m. last night.












View over Syntagma right now from the Parliament. Protests against measures to be approved tonight










Spain.....




Spain's economy increasingly becoming low-paid tourism-driven one.







Embedded image permalink









Spanish unemployment rate down to 22.4%, lowest since Q3 2011. Growth of temp staff outpaces that for perm contracts








Spain's youth unemployment rate dips to 49.2% in Q2, below 50% for the first time since Q4 2011







Spain has another v good quarterly jobs report. Employment y-o-y up 2.96% (vs 2.97 Q1) or 514k more jobs (vs 504k).









Ex-IMF chief Spanish politican Rodrigo Rato remains tight-lipped when quizzed on fraud charges










Active foreign population in Spain falls 2.67% Y/Y in Q2 to 2.76m










Spanish working age population declined 0.5% Y/Y in Q2 to 30.19m










Source at Ministry of Foreign Affairs in Spain confirms that 3 Spanish journalists have gone missing in Syria.










Podemos was harmed by Greek deal, but don't rush to count them out. My latest for blog: Cc






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What end of recession in if in 6 years of austerity the national debt has tripled?





Portugal....








The Portuguese general elections will take place on 4 October.








Anti-austerity front in strong but fragmented: Socialist Party, Left Bloc, CDU (Communists & Greens), Livre (Portuguese Podemos).








Greece crisis overshadows Portugal poll





’s Coelho faces Oct.4 election after surviving bailout.