Thursday, August 6, 2015

Economic News , Data and Views ( August 6 , 2015 ) - Greece Updates ( Bild reports German Government doubtful that ESM Deal can be reached by August 20th ECB payment due date , second bridge loan may be needed to assure ECB gets paid on time - additional items on state of play with Creditor Talks ..... Politics of austerity take hold in /greece ... Economic and domestic Items ) Spain in focus ( Election items / Catalan situation , day to day life , Economic items of note ) ....... Germany in focus ( Data Splash , ISIS threatens Merkel and Germany , Renewable generators in Germany fulffiled 78 % of domestic demand in July 2015 , German treason probe controversy ) ...

Evening Wrap.....


Ukraine bonds tumble as renewed signs of discord in the debt talks increase likelihood of default --> via

Hollande and Tsipras want Greek bailout agreed in late August

Technical talks between Greek gov't and lenders to continue until Saturday, Finance Ministry sources have told

Bild: Greek PM Tsipras only wants to tackle early pensions &tax hikes for farmers after possible elections on 20 Sept

state guarantees to Greek banks [June 30, incl ELA]: €96,8bn

H1 public spending €23.2bn (vs €26.5bn in H1 2014) | -12.3% y/y

What recovery? Spaniards reject economic 'spin'




Vivlou-Glinadou, Naxos 84300, Greece - 17-21 knots via

Greece: Troika proposes setting basic pension at 432 euros per month, raising age of retirement.

EU Spokesperson: Greek Talks Are ‘Progressing In A Satisfactory Way’ -Still Possible That An Agreement Could Be Reached By End-August

Greece's lenders to hold conference call tomorrow to discuss progress of negotiations - Alpha TV

Greek FinMin: Only 3-4 Things Remain Open in Negotiations with Creditors

No IMF decision on Greek bailout until autumn, Swedish rep tells paper

govt presented its proposal to the 'Institutions' re banks' NPLs. Proposal prepared with Nomura ~

After 3 days of hemorrhaging...the stock market turns green. National Bank of Greece leads the charge +10%

Chart of the day: The implosion of is similar to that of during "Weimar." (via Astellon Capital)

Tax officials hounded from Rhodes fete

government doubts ESM deal can be reached by 20 August according to Bild (1)

government says many questions over reform package need clarification - Bild (2)

government says 6 national parliaments need to vote so could delay deal beyond 20 August - Bild (3)

government says another bridge loan for may be needed- Bild (4)

health minister just said he's dropping plan to make cancer sufferers pay for treatment if they avoided tests

Privatisations are 1 area where & quartet have yet to agree. Difference over structure & scope of new fund

At least 3 key issues standing in way of deal between & lenders by Aug 20. Bridge loan may be needed

Gov’t admits possible EU subsidy loss

Greece as a purgatory for immigrants and “guilty” Europe. via

Here's the letter from SSM Chair Nouy to MEP on banks - don't think its conclusive on bail-in/out


Did you know that the Güell Park was conceived to be the gardens of an elitist residential area ?

Greek Retreat helps Rajoy extend poll lead before election. But Spanish spreads rise.

Chart/quote (Markit): Spain's services sector on fire -

Joe Weisenthal says there's signs of a "red hot" housing market in Spain Fotocasa: Prices grew 0.1% Y/Y in July, still down 44.3% from peak

The pro-independence coalition Together for Yes could bring about Catalan independence.

Poll gives Spain's ruling PP a strong lead but far short of majority.


German construction output continues to increase at marginal pace in July. at 50.6 (50.7 in June)

German factory orders rise 2.0% m/m in June (May:-0.3%) and 3% q/q. Domestic orders down 2.0%, foreign orders up 4.8%

That 3% q/q increase in German factory orders is the largest quarterly rise since Q1 2011

| July Retail PMI: 54.2 v 50.4 ...basically all Germany

Markit Germany retail PMI - Actual 57.7 | Prior 54.0


ISIS threatens revenge on Merkel in German-language video

On July 25 renewable generators in Germany fulfilled 78% of the country's domestic demand

German prosecutor loses job over treason probe: Netzpolitik case is creating uproar in Germany