Thursday, August 13, 2015

Economic News , Data & Views ( August 13 , 2015 ) .... Greece Updates ( Debate in Greece Parliament begins , vote on Third Bailout set for later Thursday or early Friday morning .....Greece GDP data reflects real GDP grew by 0.8 % but nominal GDP fell by 0.7 % ) ..... China Updates ( Third day of currency devaluation move for China and regional implications , Tiajin explosion a major focus - 44 known / countless wounded or missing , China business news of note , stock market items of interest , PBOC Comments on yuan - in detail ! )

Morning Tweets...

Greece ....

Feels like only MPs & journos covering tonight's vote are in Athens these days

Greek MPs start debating third bailout, vote due late Thursday or early Friday

State arrears mount up, revenues fall short, budget figures show

Schäuble's list criticizing the new memorandum in detail - via

Mish's Global Economic Trend Analysis: 29 Page Memo Proves Greek Parliament is Puppet Government Run by Ge via

Germany, France want details on Greek debt plan: Berlin

This is going to be fun.

EC: Ready For Both ESM Program And Bridge Loan, Bridge Loan Prepared Only As A Contingency.

's 2y yields rise as Says It Can’t Back Greek Bailout Plan Yet.

German Deputy Finance Minister: We’re open to debt relief for Greece, but write-down is out of the question

What MPs aren't going to discuss in Parliament in fear of social unrest. Not at least in front of cameras.

GDP grows in 2015Q2: +0.8% q-on-q, +1.4% y-on-y. I'd say that was widely unexpected..

Tax collection also plunged. Budget balance worsened. Overall: fiscal loosening, not austerity, in 1H. No mystery.

No plunge in tax collection says Finance Ministry. Fall in revenue due to delayed tax declaration. Check statement today.

- Real GDP grew by 0.8% in Q2 compared to Q1, nominal GDP fell by 0.7%. ()

Lesson from : There is no simple way to explain correlation btwn government spending, private consumption and GDP growth

Government shutdown triggers rebound in Greek economy. Talk to me

149 minus lafazanis's 11, assuming they're all MPs...

    1. Tsakalotos tells Parl't main win from this bailout deal is milder fiscal adjustment. No extra "fiscal effort" required in next yrs

tsakalotos says there will be new measures for 2017, 2018 but these to be brought to parliament for discussion in october

In written statement, ex-Energy Minister Lafazanis announces intention to form anti-memorandum movement t


  • Evolution of budget prim surplus, revenues and prim expenditure in the course of 2015.

  • China......

    Chinese Yuan finally down against the USD benchmarked to Jan 1, 2012 prices. Euro is down 14%, AUD 28%, JPY 38%

    Wondering what the Fed will do in response to China's weakening of the yuan? You're watching the wrong central bank.

    Dong falls for a third day, longest run of losses since 2011

    Fires Blazing, Untold Number Trapped Under Massive China Blast Wreckage via

    214 soldiers form a nat'l nuclear biochemical emergency rescue team, leave Beijing for rescue work in Thu

    2 blasts equivalent to 24 tons of 'TNT' leave 'apocalyptic' scenes in

    Aerial view of the explosion site on 11 a.m. in Tianjin#Tianjin

    Album: Death toll reach 44 in warehouse , 12 firefighters are among the dead

    US-CHINA TIES: Chinese telecoms company ZTE refuses to bring executive to US over arrest fears

    Very good (and short) story to recap every major event that happened in regional markets today! Well done, !

    Chinese Devaluation Extends To 3rd Day - Yuan Hits 4 Year Low, Japan Escalates Currency Race-To-The-Bottom

    Shanghai benchmark index ended 1.76% higher, led by SOE stocks in last 30 mins of trading, after market worries earlier about cheaper

    BREAKING: Chinese stock market in V-shape rebounding in last 30 mins of trading as PBOC clarified on devaluation

    BREAKING: China's tech giant to cut 3,200 jobs amid net profit sinking 50%, slow sales

    PBOC Vice Governor Yi Gang: No need for Chinese Gov to use adjustment to boost our exports, China still has significant trade surplus

    PBOC Vice Governor Yi Gang: Current capital outflow is normal; good to see Chinese enterprises and residents hold FX too, not just Gov alone

    1. PBOC Vice Governor Yi: We hv 10-20 market makers incl foreign banks competing w/ Chinese banks; our "game rule" is fair and transparent
    2. PBOC Vice Governor Yi Gang: We closely monitor cross-border capital inflow/outflow on daily basis and try to keep it on "reasonable level"
    3. PBOC Vice Governor Yi: Decreasing China's FX reserve doesn't necessarily mean capital outflow, as Chinese people now also stockpile FX 藏汇于民
    4. When asked for comments on Hongkongers getting nervous about devaluation, PBOC Vice Gov Yi reply: impact on HK should be "very limited"
    5. PBOC Vice Governor Yi Gang: Market rumors about China to allow to depreciate by 10% to boost Chinese exports are "totally groundless"

    1. PBOC Vice Governor Yi Gang: New system will take some time of adjustment and "back to normal", good for investor confidence in long run
    2. PBOC Vice Governor Yi Gang: purpose for this-time reform is to let market decide rate; PBOC has quit from regular market interventions
    3. PBOC Vice Governor Yi Gang: Fixed and "rigid 僵化" RMB rate won't be fit to China's economic development and won't be sustainable
    4. PBOC Vice Governor Yi Gang: this-time reform mainly for adjustment of RMB/USD pricing regime, good news for RMB internationalisation
    5. PBOC: To keep RMB rate at reasonable and stable "equilibrium level"; to prevent risks of cross-border capital outflow after devaluation

    1. PBOC: China to open FX market to qualified foreign institutional investors; to extend FT trading hours to promote onshore/offshore rate same
    2. Assistant to PBOC Governor Zhang Xiaohui: Market, economists seem to agree w/ China's move; IMF, US Treasury offer positive feedack too