Euro Area Ends Greece Negotiations Until Referendum Outcome – Bloomberg
Euro area finance ministers ruled out further negotiations between Greece and its creditors until a Sunday referendum on austerity, Dutch Finance Minister Jeroen Dijsselbloem said.
Greece Pushes Draghi’s Euro Near Reverse as Solidarity Fades – Bloomberg
Throughout the region’s debt crisis, current ECB President Mario Draghi has shown a willingness to push the central bank to act as a broad lender of last resort, a bulwark of confidence for a currency he’s said is “irreversible”. Yet he has always sought backing from Europe’s political masters – and that may be precisely the backstop he’s lacking to save Greece.
Swiss Government Says Backs SNB Efforts to Weaken Franc – Reuters
The Swiss government supports efforts by the country’s central bank’s to weaken a “strongly overvalued” Swiss franc, which is likely to keep growth very weak in the quarters ahead but not trigger a sudden economic crisis, it said on Wednesday.
No Need for Captain Euro to Ride to the Rescue – Financial Times(subscription)
Remember Captain Euro, the comic strip “Superhéro de l‘Europe” created by a think-tank to help promote the single currency’s 1999 launch? Not many Europeans do, so last year he was resurrected to breathe new life into the currency, starring in new cartoon adventures such as “Working with Renzi to Reform Italy” and “Angela Merkel Learns to Bluff”.
Riksbank Gooses Market With Surprise Rate Cut – Financial Times(subscription)
You never know with the Scandi central banks, and Sweden’s Riksbank has just chucked yet another curve ball into the market by cutting interest rates by 0.1 percentage points.
Traditional Currency Correlations Breaking Down, Warn Observers –Euromoney
A number of extreme market events in recent months, combined with ultra-loose monetary policy by the world’s leading central banks, have changed the relationships between many asset classes, including the euro, Swiss franc, yen and sterling.