Saturday, August 15, 2015

Economic News , Data & Views ( August 15 , 2015 ) - Greece Updates ( Greece Secures Third Bailout Approval From EuroGroup and Other Troika Components ( Although IMF Not a Participant For Now ) , German Parliament To Vote Wednesday , No Bail -In For Depositors But Rather Senior Debt-holders , EU Seeks To lure Back Depositors , IMF Still Calls For Significant Debt Relief For Greece ) ..... Broader Europe In Focus -- Ukraine Fails To Secure Debt Relief At US Talks ( As Two Americans Battle Over Fate Of Ukraine ) , Italy Economic Situation in focus ( H/T Holger ) ..... China In Broad Focus ( China Economic , Stock Market and Regulator Related News , Tianjin in focus )



sky in mid August.

As you know I am unimpressed with the Greek bailout. Here is my latest rant about it. At .

IMF vs EG Battle Royale looms  ...... EG wants IMF participation in 3rd GR Bailout - but doesn't want IMF's harsh debt relief medicine ....

Kathimerini: possible that Greek PM won't hold vote of confidence just yet, in order to win time (DPA)

German Company Set to Take Over Operations of 14 Greek Airports

Breakdown of the First Installment of Greece’s Third Bailout

Greece just got €55bn debt relief. This is not a typo. Terms on €86bn loan so generous that present value only €31bn

just for the lolz I Calculated the implied subsidy in a 32y / 1% loan at different levels of fair rate

A Pragmatic Approach to External Debt: The Write-Down of Germany's Debts in 1953: Greece's crisis, you have invited ...

German parliament to vote on Greek package on Wednesday morning

Eurogroup on : €26bln until Oct, pension reform & asset fund this year, no depositor bail in & vague on debt

EU aims to lure Greek deposits back to banks with bail-in shield

Greek banks senior debt at 2.6 bln in Q1, reduced in Q2 due to repurchases.

IMF's Lagarde calls on Europe to provide 'significant' debt relief for Greece

is out saying room for debt relief is limited. How will Berlin reconcile that stance with insistence stay on board?

: We will discuss debt sustainabilitywith the Insitutions and the IMF in October. No official view on this yet.

MT 's Lagarde on , debt is unsustainable

Reminder: Out of 's €50bn for , more than €22bn will be used for maturing Greek bonds held by ECB & Eurozone central banks.

1/2 Finance Ministry official says first tranche of possible loan to be likely split into two sub-tranches.

2/2 First sub-tranche of €13bn for debt repayments & arrears to be released Aug 20, 2nd subtranche of €10bn for bank recap early Sep.

Broader Europe.....


fails to secure debt write-off at US talks

Ukraine in California debt talks end without a deal; sides say Negotiations ongoing in joint statementvia

Ukraine , creditors plan phone talks as debt deal eludes them

Italy in focus ....

'Demolition man' Renzi has not delivered yet. Most reforms uncompleted or 1st impact not been pos. (via RBS)

RBS: 's econ outlook remains highly uncertain as country is lagging other countries on ease of doing businesses

RBS: ’s labour markets remain in need of modernisation, to bridge large gap between young & old, male & female.

What do you call country that has grown in total 4.66% since it joined euro 16ys ago? Country in depression or


IMF's article IV on China. Says credit flow contracted 19pc Jan-May due to shadows. Hence it crunch. Now picking up

China's external $ debt now $1.014 trillion (8.9% of GDP). $882bn is short-term. NIIP share of GDP deteriorating fast

China losing global share of low-end goods, esp apparel, shoes, furniture. From IMF's latest

How 's -like plan will 'boost growth' by shaking up state-run behemoths.

Air pollution killing 4,000 people a day in China, says US report

Breaking: blasted warehouse on fire again! Blasts Heard by Xinhua reporters at site, dense smoke spotted

BREAKING: In Tianjin, 3km Officials declare 'no-man zone' and mass evacuations

New explosions rock , residents within 3km of blast site evacuated

BREAKING: Chinese authorities started to heavily censor, delete related news, info esp about death toll

Confirmed: An exclusive investigative report by mag about death toll has been deleted by gov on social media WeChat

More than 300 social media accounts incl on Weibo and WeChat have been suspended due to spreading "rumors", state media report

After pushing down the yuan three times in three days, China just pumped it up a bit via

My view: China's latest statement seems like the end for this round of "stock market rescue"; just let investors help yourself from now on!

MORE: Chinese Gov will only intervene stock market when it sees potential systemic risk (see attached full statement)

BREAKING: China's state agency for margin finance has "transferred some stocks" to national sovereign wealth fund for its long-term holding

BREAKING: China's securities regulator promises the state agency for margin finance won't "exit from market" for "next few years" -statement