Evening Wrap....
After tense 12-hour session, Syriza central cttee decides on emergency congress in September. No party referendum on bailout deal Sunday.
Tsipras has sold his soul for a mess of potage. Likely neither IMF nor Schauble will back deal even after Syriza enacts laws, does as told
fred walton retweeted
Dimitris Galanis
@fredwalton216 @ImogenSpedding @GreekReporter Tsipras will respond to the Varoufakis plan B Friday on 10.00 am http://www.tovima.gr/politics/article/?aid=726526 …
#IMF cannot join #Greek rescue, board told http://app.ft.com/intl/cms/s/0/4c7b7f2c-36b5-11e5-bdbb-35e55cbae175.html …
Morning Tweets.....
China.....
BREAKING: Shanghai benchmark index mysteriously sinking in last 5 mins of trading, down 2.2% and causing panic again
BREAKING: China's efforts to rebuild investors' confidence in stock market becomes short-lived with Shanghai benchmark index sinking over 2%
Baidu loses over US$10 billion as firm sees steepest decline in share price since 2008 http://www.scmp.com/tech/enterprises/article/1844749/baidu-loses-us10-billion-firm-sees-steepest-decline-share-price …
China's stock market crisis is not just about stocks but weak governance. My views @ChinaFile: http://www.chinafile.com/conversation/can-xi-jinping-turn-chinas-economy-around?utm_content=buffer68e58&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer …
China media reports that Chinese banks are investigating their exposure to the stock market via loans backed by stock as collateral
Chinese Stocks Fade From Open Highs As Margin Debt Tumbles To 4-Month Lows, Regulators Probe Officials' Sales http://www.zerohedge.com/news/2015-07-29/chinese-stocks-fade-open-highs-margin-debt-tumbles-4-month-lows-regulators-probe-off …
Good morning, China!
EZ Generally....
Small Belgian farmers lobby ABS obstructing roads today, demands "change to the EU's Russia policies" and EU CAP http://nl.metrotime.be/2015/07/29/news/algemeen-boerensyndicaat-europa-moet-zijn-sancties-tegen-de-russen-terugschroeven/ …
FAZ exclusive: #Schaueble wants legal supervision of internal market & EU competition rules by new independent bodies - not Commission.
New Deutsche chief delivers blunt verdict on bank’s outlook: http://app.ft.com/cms/13ad36a2-3603-11e5-b05b-b01debd57852 … #FT
HSH Nordbank’s fate set to be decided by EU and Germany: http://app.ft.com/cms/a2b56c96-19a4-11e5-a130-2e7db721f996 … #FT
German employment growth slowed to just 0.4% Y/Y in June. In June 2014, it was 1.0%.
German unemployment in June posts biggest rise since May 2014
VDMA: German engineering orders fell 1% Y/Y in H1
Domestic -1.0%
Foreign +0%
"German govt concerned that #TTIP's “regulatory cooperation” could lead to regulation bypassing national parliaments" http://www.ftm.nl/exclusive/gelekte-documenten-duitse-regering-vreest-ttip/ …
Greece......
How independent was the IMF when structuring the Greek programme? http://bru.gl/1MRhIN9 http://bru.gl/1MRhGVm
IMF Executive Board has given the greenlight to talks on the new Greece program after a long discussion (@RANsquawk via Kathimerini)
1 Big conundrum in Greek talks is whether banks can be directly recapitalized by ESM without bail-in of depositors @pierrebri @nicolas_veron
2 Direct recap would be good idea. Would mean Greek state would not take on an extra €10-25bn in debt. also ensures banks not politicised
2 Direct recap would be good idea. Would mean Greek state would not take on an extra €10-25bn in debt. also ensures banks not politicised
Greek authorities do not provide the docs to Troika. "Greek play their games again" - ESM http://www.blick.ch/4025467?utm_source=twitter&utm_medium=social&utm_campaign=blick …
A breakdown of the funding needs involved in #Greece's 3rd bailout. http://www.macropolis.gr/?i=portal.en.economy.2785&itemId=2785 … #economy #euro #ec #imf
Deflation...
#Greece Parliament's budget office rings alarm bell on economic prospects. http://www.macropolis.gr/?i=portal.en.economy.2789&itemId=2789 … #economy #euro #politics
"A recipe for a European civil war" ("Kathimerini the "Voice of the Oligarchy") http://www.telegraph.co.uk/finance/economics/11768134/European-alliance-of-national-liberation-fronts-emerges-to-avenge-Greek-defeat.html … by @AmbroseEP
Some thoughts by @rapidis on what's on the agenda of #Syriza central committee meeting today http://rapidis.blogactiv.eu/2015/07/29/syriza-central-committee-topics-to-be-discussed/ … #Greece
Tsipras speech to Syriza Central Committee 10ish EET. Looks like he has regained majority. Influential 'Movement of 53+' faction now back him
#Greece's 2y yields rise as Tsipras heads for showdown with rebels amid bailout talks. http://bloom.bg/1VOrV2V
Greek PM Tsipras threatens Syriza rebels with snap elections https://euobserver.com/economic/129800
*GREEK GOVT SPOKESWOMAN: DEAL IS PRIORITY OVER PARTY UNITY
Greece: troika's aim is demonstrating the inability of any left-wing gov to exist and prosper within the € - http://alj.am/mm8d #€idiots
Zoe Keller retweeted
Ian Cosh
.@yanisvaroufakis: "debt is creditor power" (@ProSyn). Kouvelakis on that expanding power: https://docs.google.com/document/d/1QX171cN63iNybHTcBI1rakq_El3QwcfdP7wuOkkDl2Q/edit?usp=sharing …
1/2 | Schäuble's plan for replacing the @EU_Commission in the inspections of #Greece with the #Eurogroup is extremely problematic.
2/2 | #Eurogroup does not hv own financial & econ experts. What r they going to do? Use German & Dutch FinMin experts? That wld be explosive
Capital controls in Greece have weekly cost of 2.8 bln for GDP http://www.ekathimerini.com/200073/article/ekathimerini/business/capital-controls-have-weekly-cost-of-28-bln-for-gdp …
#Germany FinMin Schäuble wants to remove @EU_Commission from 'Institutions' that oversee #Greece program and replace it with Eurogroup ~FAZ
Spain.....
Catalan independence would mean losing Euro - De Guindos
- Not again...
Man fined €600 under Spain's new "gag law"for calling police "lazy"on Facebook #LeyMordaza #gaglaw via @TheLocalSpain
Now two full years (8 quarters) of positive quarterly GDP growth for Spain.
Some perspective on Spain's GDP growth - still 3.5% below peak in 2008
Spanish PM backs "xenophobic" candidate in Catalan elections http://bit.ly/1Db50IZ #Catalonia @marianorajoy
Quadraplegic kids are taking their first steps thanks to Ironman robot developed by Spaniards http://bit.ly/1KziGgG
Italy......
Popes getting ever more technological: Selfies and tablets 'to get closer to the young'-L'Osservatore http://bit.ly/1H3aq3M
Azzollini says vote not influenced: Senator investigated for graft http://bit.ly/1DOLXz4
Italy wants UN counternarrative to Jihad: Repressive measures insufficient, police chief tells 80 states http://bit.ly/1h4JYlt
13 false cops nabbed for burglaries: Thirteen arrested carried out eight robberies and burglaries http://bit.ly/1IJzpAw
Italian oil firm Saipem to cut 8,800 jobs: Hit hard by collapse in oil prices http://bit.ly/1h3rPEA
Odds & Ends.....
Shell sees 2015 operating cost reduction $4 billion; 6,500 job cuts
Morning Note: 1. Fed... Who knows?! 2. RBS actually delivers a profit. 3. Oil rout = Shell to cut 6,500 jobs
International Community Looks for 'Alternative Path' After #Russia Vetoes
MH17 Tribunal Plan http://tmt-go.ru/526480 #news
Debris in Photo Like Missing Malaysia Plane #mh370, Official Says: AP
#Russia Ruble Free Float Gets Dirty as Rout Ends Foreign-Currency Buying. http://bloom.bg/1KzzjJa
Dollar rises near 4month high as #Fed sees more Go-September signals. Euro trades below $1.10. http://bloom.bg/1Is9IT3
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