The Baltic vs. The Med

Screen Shot 2015-02-23 at 11.24.01Summary
Frankfurt’s way over the top
The Greeks fold, for now!
United Kingdom: Flying it!
Eurozone: Service sector sentiment improves
The Week Ahead: All eyes on Yellen 

Good morning,

In Europe it’s a battle of the Baltic versus the Med. Germany, surrounded by its Baltic allies, has strong-armed Greece (which have the tacit support of some of the Med countries) for now. But will it last?

Obviously both sides are spinning.

Tsipras declared victory after defeat.

If you can’t win a battle, you can always pretend.

In politics you have to pretend, which is why the Greeks are pretending they have won and the Germans are pretending they have achieved a solution.

“Yesterday we took a decisive step, leaving austerity, the bailouts and the troika behind,” Tsipras said in a televised statement to the Greek nation. “We won a battle, not the war. The difficulties, the real difficulties … are ahead of us.”

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Global Macro-Daily Note 23rd February 2015

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