Finland was forced to publish the Greek collateral documents after a court ruling.
Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between The Hedges
Recap – Global Macro Trading
The Closer – alphaville / FT
EUROPE
A Copernican Turn for Banking Union – CEPS
(pdf)
Thomas Mayer /
Deutsche Bank: Despite apparent consensus that the creation of a ‘Banking
Union’ is essential for the survival of the euro, progress is painfully slow…a
radically new approach is needed if there is any prospect of moving beyond this
impasse to reach full Banking Union. Instead of trying to move from common bank
supervision over to resolution and then on to deposit insurance, he argues that
policy-makers should go backwards and start with deposit insurance, move from
there to resolution, and end with supervision.
Finland’s got a secret… no longer – alphaville / FT
Finland’s finance ministry has at last opened documents of its Greek transaction to proper public scrutiny.
Finland’s got a secret… no longer – alphaville / FT
Finland’s finance ministry has at last opened documents of its Greek transaction to proper public scrutiny.
UNITED STATES
Plosser on the Exit – Tim
Duy’s Fed Watch
While the Fed is moving closer to tapering asset purchases,
tIming remains an issue. I think that
most policymakers will not be swayed to an early end by the "Fed's inflation
credibility is at risk" argument.
But a subset is likely swayed by the "financial stability is at
risk" argument. And another subset
may be swayed by the "communications credibility is at risk argument"
that is an element of Plosser's speech.
In short, the majority favoring continuing asset purchases at the
current pace is obviously shrinking.
Target broker-dealer capital in big-bank
resolution process, U.S. Fed
regional president says – The
Knowledge Effect
A senior Federal
Reserve official wants broker-dealers to hold more capital, and be more closely
watched by prudential regulators. He opposed as arbitrary recent proposals to
sharply raise bank capital or restrict their size and activity. Regulators should
instead ensure that capital is in place in the subsidiaries with the highest
risk, such as trading, rather than seeking more debt issuance at the group
holding company level.
361 Capital Weekly Research Briefing – The
Reformed Broker
Rising revenues shrink deficit by $203 billion – Reuters
Fiscal consolidation, American style – Free
exchange / The Economist
ASIA
JGBs: “Yes I would, Kent” – alphaville
/ FT
The rise in JGB yields
does not mean that the Bank of Japan’s policy is doomed to fail…If we start to
see a weaker Nikkei and a stronger yen while yields keep heading up, maybe we
should get worried. But right now it seems yields are rising as policy goals
are met and as what might be termed ‘normal’ financial conditions return.
Will Shinzo Abe Succeed with Constitutional
Changes to Militarize Japan and
Further Destroy the Yen? – Mish’s
OTHER
Buy, buy, buy – Nordea
Going for carry very
much continues to be the name of the game, while the consideration of the
credit risks involved seems once again to be a secondary concern.
Shock and awesome – Free exchange
/ The Economist
From 2007 into 2012,
there often seemed to be a commodity-price speed limit to global growth…But increased
supply capacity may now mean that as economic activity improves production
rises, thus turning commodities from a negative- to a positive-feedback
mechanism…
New Normal ...
Morphing – PIMCO
Mohamed A. El-Erian: The New Normal has morphed to include
consequential elements of a “stable disequilibrium”. In the midst of notable
multi-speed dynamics, the global economy as a whole is muddling along a road
that will give way over the next three to five years to one of two stark alternatives:
either sustainable global growth, institutional and political renewal in the
West and safe deleveraging; or growth shortfalls that cause financial
instability, fuel greater social tensions, accentuate political dysfunctions
and complicate debt traps. Our Secular Forum analysis identified eight key
themes for long-term investors, along with their portfolio implications.
Bloomberg is watching you – Felix
Salmon / Reuters
Many of Bloomberg’s
clients, especially the Europeans, are likely to be unhappy about the fact that
such sensitive information could continue to be widely available within the
company. But, just like participants in other social networks, they don’t have
a lot of choice in the matter.
FINNISH
Göran
Persson: Ruotsin kruunu pitäisi kytkeä euroon – MTV3
Ruotsin pitäisi eurokriisistä huolimatta
kytkeytyä euroalueeseen, sillä vahva kruunu uhkaa vientiteollisuuden näkymiä.
Näin arvioi Ruotsin entinen pääministeri Göran Persson.
KREIKAN
VAKUUDET
Suomen
ja Kreikan vakuussopimuksen osat julki – YLE
Korkein hallinto-oikeus velvoitti
valtiovarainministeriön julkistamaan sopimuksen pankkien tunnistetietoja lukuun
ottamatta.
Vakuussopimuksen
puuttuvat tiedot julki – lue salattu aineisto – HS
VM
julkisti Kreikan vakuussopimuksen asiakirjat – TalSa
Urpilaisen
"vakuusjärjestelyssä" ei puhuta vakuuksista mitään – HS
Urpilainen
ja Katainen sysäävät vastuuta virkamiehille – YLE
"Virkamiesten tulkinta
tilanteesta"....Valtiovarainministeri Jutta Urpilainen (sd.)
kiittelee vuolaasti korkeimman hallinto-oikeuden päätöstä, jonka mukaan Suomen
ja Kreikan välinen vakuussopimus on julkinen lukuunottamatta pankkien
tunnistetietoja.
Asiantuntija:
Suomen saamat vakuudet eivät niin hyviä kuin on luultu
– YLE
Suomen ja Kreikan valtioiden välisessä
sopimuksessa ei mainita sanaa vakuudet lainkaan.
Kreikan
vakuussopimuksesta ei löytynyt heti mörköjä – MTV3
Ekonomistien ensiarviot julki tulleesta
Kreikan vakuussopimuksesta ovat maltillisia. Mitään suuria salaisuuksia ei
ainakaan tuoreeltaan ole papereista löytynyt.
Oikeusoppinut
arvostelee viranomaisia salailukulttuurista – YLE
Viranomaiset salaavat yhä useammin
yhteiskunnallisesti merkittäviä asiakirjoja, sanoo Helsingin yliopiston
hallinto-oikeuden professori Olli Mäenpää. Hänen mukaansa julkisuuslain hyvät
periaatteet on unohdettu. Muun muassa Suomen ja Kreikan vakuussopimuksen
salaamiselle ei ole lainmukaisia perusteita. (kesäkuulta)