Greece reopens banks: waiting for the repayment to the ECB. Markets … – The Republic

MILAN – The banks, the financial system and ultimately the Greek economy, starting from Monday the return to normality that will still be gradual. After consultations with the ECB and the central bank the government in Athens, which was released by the reshuffle of Prime Minister Tsipras, ordered by decree the end of the long period of closure of the banks, which lasted three weeks. As anticipated by ECB President Mario Draghi, who surprisingly had raised Thursday Ela liquidity for institutions in the country providing valuable oxygen, the return to normality is gradually through the introduction of greater flexibility. The text passed by the government so whereas before it was set a daily maximum of 60 euro, now there is a maximum of 420 euro weekly cumulative.

The markets then try to leave behind the volatility of recent weeks, but the armed truce between Athens and international creditors remains fragile. Certainly the nightmare of a Grexit, the output of Athens from the euro, is for the moment averted, but not completely ruled out: the majority of Germans remain opposed to the bailout of Greece and the road to the final go-ahead It is full of unknowns. Tsipras has called the government to repay 4.2 billion by tomorrow the ECB, while still has two billion of arrears to the IMF. Wednesday, then, is the deadline for approval of the maneuvers necessary to unlock international aid.

In short, Greece remains the highlight of the markets in a week rather download of significant events. In Italy you look at orders and industry sales in May and retail sales, while Friday is a rain of incoming data from the eurozone PMI indices. The eighth, however, opens auspiciously characterized by the race to the bottom of the spread with falling bond yields of Italian debt. Also this insiders look carefully to the reaction that will have the markets to announcements of tax cuts made by Prime Minister Matteo Renzi who try so hard to defy the European austerity.

Monday.
Italy: current account balance (billion euro), May

Tuesday.
Japan: consumer sales, June

Wednesday.
France: Manufacturing confidence, July
Italy: Industrial orders and sales, in May; Retail Sales, May
US: Existing home sales, June

Thursday.
Japan: Trade Balance, June
UK: retail sales (ex-auto), June
Use: new unemployment claims (000), weekly; consumer confidence, July

Friday.
Japan: Manufacturing PMI, July
China: PMI manufacturing, July
France: PMI manufacturing, July; PMI services, July
Germany: PMI manufacturing, in July; PMI services, July
Eurozone: PMI manufacturing, in July; PMI services, July
Use: PMI manufacturing, in July; new home sales, June

Arguments:

agenda of markets

retail sales

Greek crisis

Greece crisis

Grexit

Starring: