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09 July 2015

Brexit 'Weekly'

Greece, Greek referendum, ESMA, Euro Summit, IMF, ESM, ECB and more.

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Graham's Articles, Comments & Speeches


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  Articles from 02 July 2015 - 09 July 2015

  Grahams Articles, Comments & Speeches
The Hellenes are heading for Hades - the votes of 4m cannot bind 250m voters
The twists and turns of Tsipras become ever more bizarre. “Brussels” has become used to the Athenians arriving with various “Trojan horse” proposals.  View Article
Greek-style democracy: 4m vote each Greek elector a [€20,000] present from the other 250m euro area electors. Culture change needed!
Greek voters may not have realised the political price they are demanding from the euro area. It is far too high a price for the euro area to pay. It should not pay.  View Article
ESMA: Advisers on your life savings should be “knowledgeable and competent” – shock horror!
Capital Market Union (CMU) is designed to encourage citizens to hold a larger share of their savings in the form of securities – thus also encouraging them to take greater risks in return for the possibility of greater returns than those on `guaranteed’ bank deposits.  View Article
Deepening EMU – Round-up of Key Events – June 2015
Greece and European institutions broke the negotiations off and Greek PM Tsipras called for a referendum with results that may cause a political tsunami in the EU. The European Commission presented the Five President's Report, and the European Council and Parliament updated the PSD2.  View Article
European Commission: Result of the Euro summit on Greece
(8th July) The Euro summit of 7 July discussed the situation in Greece following the Greek referendum. President Juncker explained that he expects the Greek government to submit its reform proposals by Friday morning, and said he was against a Grexit.  View Article
European Council: Remarks by President Donald Tusk after the Euro Summit on Greece
(7th July) PM Tsipras committed to present a new request for a programme within the framework set by the ESM Treaty, which will be presented on Sunday 12 July to the Heads of State or Government.  View Article
Deutsche Welle: Why Greece won't trigger a global crisis
(7th July) Limited private sector exposure and massive public sector intervention means little risk of financial contagion spreading from Greece. But there is one area of uncertainty: European politics.  View Article
Financial Times / Wolf: Grexit will leave the euro fragile
(7th July) If Greece left it would guarantee default and generate permanent instability for the eurozone.  View Article
Euractiv / Duff: How to leave the Euro more or less legally
(7th July) If continued Greek membership of the euro zone proves to be impossible, a managed exit could and should be done by reversing the process that applies to joining the euro.  View Article
Financial Times: IMF could play its part to save Greece from the abyss
(7th July) As the crisis in Greece rolls on, is it time for the IMF to consider following some of its own advice?  View Article
ECB: ELA to Greek banks maintained
(6th July) The European Central Bank has decided not to cut liquidity for Greek banks, but to maintain it at the level before the capital controls in Greece and to adjust the haircuts on collateral for Emergency Liquidity Assistance.  View Article
Yanis Varoufakis: Minister No More!
(6th July) The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage.  View Article
European Commission: Remarks by Vice-President Dombrovskis at the press conference following the referendum in Greece
(6th July) The Commission respects the "democratic choice of the Greek people" and it's ready to continue to work with Greece, but it cannot negotiate a new programme without a mandate from the Eurogroup.  View Article
Financial Times: Is Grexit legal? EU lawyers try to make it so
(6th July) EU legal scholars have been combing through the treaties to find provisions that would allow for Grexit, arguing they are worried the country could be soon entering a legal limbo that could prevent it from getting financial aid.  View Article
Financial Times: Europe should welcome Greece’s vote
(6th July) Athens and the eurozone have a common interest in making Grexit as painless as possible.  View Article
New York Times / Krugman: Ending Greece’s Bleeding
(6th July) The Nobel prize argues that, now that financial crisis has already happened, a Grexit might be the best of bad options.  View Article
OMFIF: What’s at stake in the referendum
(3rd July) Why Greeks must say Yes to a European future.  View Article
IMF: Greece - Preliminary Draft Debt Sustainability Analysis
(2nd July) The International Monetary Fund recognises that the Greek debt is unsustainable, and a haircut in it will become necessary. Greece will still need €36bn from EU lenders to stabilize its finances, and the maturities of existing European loans will need to be extended significantly.  View Article
ESM: EFSF Board of Directors reserves its rights to act upon Greece’s default
(3rd July) The non-payment to the International Monetary Fund results in an Event of Default by Greece, according to EFSF financial agreements with Greece.  View Article
CEPS: The Greek economy is unlikely to benefit from further devaluation
(3rd July) There is no good option for the country: either be engulfed in the chaos following the rejection of the programme, exit from the Eurozone and collapse of the economy or accept another programme.   View Article
Financial Times: At the end of 2014 Greece was turning the corner
(2nd July) The forecast for 2015 was quite good; many analysts concluded that Greece was turning the corner. We do not know what would have happened if the previous government had stayed in power, but many may think it would not have turned out the way it did.  View Article
Deloitte: UK CFOs shrug off Grexit risks and back EU membership
Three quarters of Britain’s finance chiefs urge the UK to remain in the European Union, according to a survey made to the views of 122 CFOs of FTSE 350.  View Article
New MFA paper examines changes since passing of Dodd-Frank Act
The Managed Funds Association has released a new position paper detailing the changes financial markets have undergone since the passage of the Dodd-Frank Act, as well as the expanded role alternative investments now play.  View Article
ECB: Diverging monetary policy cycles impact international use of the euro
The euro was increasingly used as a funding currency by international borrowers in 2014 and early 2015, compared with the previous review period, while the share of the euro in foreign exchange reserves remained broadly stable.   View Article
ECB / Constâncio: Strengthening macroprudential policy in Europe
Macroprudential policy must prevent large fluctuations, and european regulators need a broader toolkit and should develop stress tests to tackle possible systemic risks coming from the shadow banking sector.  View Article
Policy Network: Europe’s unfinished business
Alongside the risk of Brexit, Greece's possible exit from the eurozone should force a debate on how the single market might function better in the whole of the EU, not simply within the currency union.  View Article

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