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EUROPE
Article
IV Consultation with the Euro Area Concluding Statement – IMF
A cyclical
recovery is underway, supported by policy actions that have improved confidence
and reduced deflation risks. But the medium-term outlook remains subdued,
calling for a comprehensive policy response to secure lasting growth. A
concerted commitment should build on four key pillars: continuing demand
support, cleaning up bank balance sheets, accelerating structural reforms, and
strengthening further the economic governance framework to better incentivize
reforms.
Mario
Draghi and the Holy Grail – Frances
Coppola
GREECE
Mind the
(Greek) gap – Politico
Angela’s
angst – Politico
Merkel
points finger at Athens – Politico
Paul
Krugman: Thinking About the All Too Thinkable – NYT
Eurogroup
Meeting Ends Without A Deal, Greek Belligerence Grows – ZH
ECB not
sure if Greek banks will be able to open on Monday: officials – Reuters
Framework
of a Compromise Begins to Take Shape – Marc
Chandler
Greece: it
can’t get *that* much worse, can it? – FT
The
Eurozone’s cover-up over Greece – Simon
Wren-Lewis
Varoufakis
says euro zone 'dangerously close' to "accident" – Reuters
Euro zone
2012 promise on Greek debt still valid, but conditions not met – Reuters
Euro zone
has not discussed Greek debt restructuring proposal – Reuters
Euro zone
sets emergency summit on Greece – Reuters
EU Calls
Emergency Summit After Talks Fail – BB
EU calls
crisis summit as Greece talks fail – FT
REGULARS
Hilsenrath’s
Take: A Roadmap for 2015 and other Takeaways on Fed June Meeting * Fed Sees Gradual
Rate Hike; Leaves Rate Unchanged * Merkel Maintains Tough Stance on Greece as Deadline Looms * ECB Allots
€73.8 Billion to Banks in Latest Round of Four-Year Loans * Norway Cuts
Interest Rates, Says Further Reduction Likely
FOMC Impact
Already Fading as Greece Fears Intensify
U.S. Stocks Jump, Nasdaq Hits New Record
Greek
Central Bank Ups the Ante
Fed’s
Easy-Does-It Approach Soothes Wall Street
FOMC to
hike rate this year, likely in September * The “dot plot” with FOMC rate hike
expectations shows more gradual pace of rate hikes thereafter * Markets further
scale back rate hike expectations.
Central
banks, US inflation and Danish election Bond markets
calm down a bit EUR/SEK unable to break lower.
The New Zealand dollar has dropped to a low of
0.6905 against the greenback after poor economic growth data for the first
quarter of 2015. The dollar has also dropped against a basket of currencies
after the unexpectedly dovish statement from the FOMC.
Seven
Things on Our Radar Screen
Grexit is
not only a term said very often, but also searched for increasingly on Google.
Amid the Greek payment deadline markets are betting on either a last-minute
solution or on a rather limited "contagion" effect. Meanwhile in China property prices seem to have
stabilized and tech firms are delisting in the US for better valuations in China - where factory workers and
retirees are willing to use their savings to buy these firms' shares. The
Chinese value economic freedom very high a recent survey shows.
Tsipras:
We’re ready to say “big No” to bad deal for Greece
Dollar
Tumbles After Fed Whiffs Again; More Cracks Appear In Chinese Stock Bubble
We hardly
have time to react to the US FOMC meeting before facing other critical event
risks today, including SNB and Norges Bank meetings and ongoing uncertainty on
the fate of Greece.
Yesterday's
FOMC statement surprised to the dovish side, sending the USD reeling. Incredibly
enough, however, the kiwi managed to head lower against even a weakened
greenback as New Zealand released a dismal set of growth
numbers. Perhaps NZD and USD traders should move their holdings into platinum?
FINNISH
Aamukatsaus – Nordea
Kreikka koukkaa pääomakontrollin kautta | Fed:
Päättäväisesti eteenpäin | Olemme päivittäneet Venäjän talousennustettamme
Kreikan hetki lyö – Verkkouutiset