Tuesday, August 4, 2015

Economic News , Data And Views ( August 4 , 2015 ) - Greece Tuesday Updates ( Varoufakis interview in Aussie Mag " Monthly " - Mr V explains what went down the morning after OXI , State of play with GR Banks / GR Stock Market / Creditor Talks ) ...... Broader Europe Items Of Note ( Spain , UK / FRA - Migrant situation in focus / Brexit for UK , Swiss National Bank huge loses in focus , Turkey ) ... . China , Commodities , Puerto Rico Default , Odds & Ends !


Evening Tweets....



Greece.....







Greece needs wide debt relief to avoid permanent depression, thinktank warns






How are job seekers reacting to the debt crisis in Greece?














When Syrians flee to Lebanon/Jordan/Turkey they're refugees. But if they come to they're described as migrants.





& lenders yet to agree on GDP & primary balance forecasts but Tsakalotos thinks pace of progress good & bridge loan won't be needed




Greek FinMin Tsakalotos says there are still some differences with lenders on new privatisation fund, reports




"very, very cooperative" - source representing 's lenders said this to describe Greek gov't, this Greek gov't




Consultation w/ institutions on labour bargaining starts imminently, new framework exp by yr-end, acc to MoF sources.





FinMin & Econ Min will meet w/ institutions' representatives at their hotel at 11.30am on Wed.






bank shares lost half of their value in just two sessions and 2/3 in the post-election period.






Now that changes to are agreed, Greece can apply for 2nd bridge loan to pay ECB on 20/8


Ukraine....




Ukraine's debt faces 'high risks': IMF










IMF BOARD HASN'T DISCUSSED STATUS OF UKRAINE'S RUSSIA DEBT













calls "highest-level" talks with creditors in London on Thurs, saying this week is "decisive" for debt deal






Morning Tweets....





Greece......





  • 'Our state apparatus had been contaminated by the Troika, very, very badly,'






  • *GREECE SAID TO TARGET BAILOUT BILL SUBMISSION BY AUG. 14 - TARGET BAILOUT BILL APPROVAL AROUND AUG. 18









    central bank official says & creditors share view that depositors will not be bailed in







    Greek banks said to see deposit inflows since July 20 open. AQR to be completed by October. View that depositors will not be bailed in.









    Mature Pension Rights will Not be Affected, Say Labor Ministry Sources










    Greece expects bailout deal by August 18, spokeswoman says






    *GREECE SAID TO TARGET BANK RECAPITALIZATION BY MID-DECEMBER




    There is still life in Greek banks as the FTSE Athex banks index shows. TRADES down only 27% today.








    Greek traders see no end to stock trauma as Athens ASE index continues to drop.












    This is Piraeus Bank -51% in two days... We need a name for this chart.






    Ironically, cash shortage in Greece likely to hit "unofficial" economy quite hard.








    Greek residential property price slide gains pace in second quarter







    Broader Europe....























    Switzerland's central bank reports $20 billion loss. Why?













    Rajoy response II: "We must all Spaniards decide what Spain is to be". (i.e. not just pro-independence Catalans)













    Rajoy response: "No one is going to break Spain. No one is going to turn citizens in Catalonia into foreigners…".













    (1/2) Mariano Rajoy: "Spain stands before one of the longest growth periods in its recent history".








    (2/2) Famous last words? (Hint: the last growth period was from 1993-2007 and ended badly, very badly).













    Mine explosion kills 2 soldiers in southeastern Turkey











    China , Commodities , Odd & Ends.....








    BREAKING: After market leader CITIC Securities announced to suspend short-selling, at least 3 more Chinese brokerages followed the same move







    The other 3 Chinese brokerages halted short-selling are: 华泰 Huatai, 长城 Great Wall, 国信 Guosen, all following Beijing's rule change last night




    . Dr. Copper is the metal w/ PhD in economics.




















    China, Oil Rebounds; US Futures Slide; Greek Banks Crash Limit Down For Second Day







    Shanghai Composite bounces as 's Li ordered strong measures to rescue the stock market.















    Now Shanghai benchmark index stands way above 3,600 points, widely known as the "policy bottom" that Gov will be keen to defend by all means












    Today is totally a different world for Chinese stocks: over 600 stocks up 10% daily limit, led by airlines, military defense and tech stocks












    Today is totally a different world for Chinese stocks: over 600 stocks up 10% daily limit, led by airlines, military defense and tech stocks









    Commodity rout continues: Platinum slides as copper nears bear Market.











    The 1st default by a US commonwealth is now in history books. Puerto Rico's default is at same time 4th biggest ever.










    S&P cuts ratings on 3 Puerto Rico pfc series to D on non-payment. 1st default on tax-supported debt significant departure from past practice











    4th biggest sovereign default in history behind , & : Puerto Rico agency fails to make full Aug 1 debt payment.










    Ruble in free fall: Ruble weakens beyond 63 per Dollar, weakest level since Feb as Brent below $50/bbl.










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