• GoldCore
    07/01/2015 - 10:07
    With all eyes on Greece it would seem another crisis relating to unpayable debt is brewing in the Caribbean. The governor of Puerto Rico, Alejandro García Padilla, has warned that the island is...

Tyler Durden's picture

Germany To Tourists: If You Go To Greece, Bring Plenty Of Cash

With the ATMs running on empty and the banks set to be closed for a week, the German foreign office has some advice for anyone traveling to Greece...



Tyler Durden's picture

The ECB Suddenly Has A Huge Headache On Its Hands

As that €126 billion or so of total ECB/Eurosystem claims on Greek banks were "charged off" in case of a terminal Greek "event" then the entire ECB capital buffer would also be wiped out, leaving the ECB with negative equity. Translated: dear Eurosystem members: we need more cash.



Tyler Durden's picture

Democracy Is Dangerous - It's Not For Greek Grandmas

After perusing a thousand views and pieces, many on the inevitable topic of ‘Da Referendum’, there is this huge divide between what a simple vote can and should be, and how it is perceived and presented, and this has left us wondering what causes the divide. Case in point, Bloomberg has a piece called “Tsipras Asking Grandma to Figure Out If Greek Debt Deal Is Fair”. The implied connotation being that asking grandma about anything other than knitting patterns and souvlaki recipes is asking for trouble. What does she know? Politics should be decided by politicians. Well, and bankers of course.



Tyler Durden's picture

Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday

Update: GREEK BANKS TO REMAIN CLOSED UNTIL JULY 6 : KATHIMERINI

Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that the CEO of Piraeus Bank just announced Greek banks would remain closed for at least one week; further as reported yesterday, the Greek stock market will also remain closed. 



Tyler Durden's picture

"Artificial" Phantom Liquidity Will Disappear In "Adverse, Turbulent" Markets, BIS Warns

"The growing size of the asset management industry may have increased the risk of liquidity illusion: market liquidity seems to be ample in normal times, but vanishes quickly during market stress. This liquidity may be artificial and less robust in the event of market turbulence." So what's the solution? Unfortunately there isn't one. Instead, fund managers are simply resorting to emergency liquidity lines with banks which is just another manifestation of using cheap cash to delay the Schumpeterian endgame scenario which, if ever allowed to play out, will finally purge capital markets, reset the system, and free the world from the nefarious clutches of central bankers gone mad with delusions of Keynesian grandeur.



Tyler Durden's picture

And This Is How NATO Member Turkey Celebrates Gay Rights

As America celebrates Gay Pride weekend with more exuberance than normal just 2 days after SCOTUS momentous decision, NATO ally Turkey appears not so keen for the lesbians, gays, bisexuals, and transgenders to walk the streets of Istanbul with rainbow flags... #LoveLosesInTurkey



Tyler Durden's picture

Draghi Freezes Greek ELA, Varoufakis Tells BBC "Looking At Imposing Capital Controls, Closing Banks"

A little under 24 hours before Europe opens for trading, and just under 12 hours before the open of equity futures, and things are not looking good.



Tyler Durden's picture

Caught On Tape - Elon Musk's SpaceX Falcon 9 Rocket Explodes On Take-Off After "Anomaly"

Having been picked by NASA, and funded by US taxpayers, to ship a cargo capsule to the Space Station, Elon Musk's SpaceX 9 Falcon Rocket has exploded shortly after takeoff due to what is being called an "anomaly."



Tyler Durden's picture

G-7, EU Banking Officials Hold Emergency Calls Ahead Of Black Monday

Multiple “emergency” meetings have been scheduled for Sunday as EU officials scramble to figure out how best to deal with what is likely to be a turbulent week and to consider the impact a potential Grexit will have on the currency bloc, its member nations and institutions, and on the global financial system as a whole. Meanwhile, Germany assesses Grexit damage.



Tyler Durden's picture

ECB Says "Greek Bank Holiday Now Necessary"

Bloomberg: ECB SAID TO VIEW BANK HOLIDAY FOR GREECE AS NECESSARY



Tyler Durden's picture

The Greek Butterfly Effect

This next week is not so much about Greece the butterfly, but it is about keeping the butterfly from becoming a hindrance to the math working globally. And the Greek government knows this. They are negotiating on the basis that a bad Greek deal from Europe’s point of view is better than a default. Angela Merkel wanted a concluded Greek deal before markets open on Monday. Now she has a mess.



Tyler Durden's picture

America Is Its Own Worst Enemy - Trapped In Irrational Exuberance

Yes, the clock’s ticking louder, louder, warns the Economist, “only a matter of time before the next recession strikes.” Unfortunately, the “rich world is not ready.” America’s not prepared. You are not ready.



Tyler Durden's picture

China Challenges Gold Price-Setting Regime; Confirms Launch Of Yuan-Denominated Fix

Less than two weeks after Bank of China became the first Chinese bank to join the list of participants in the London gold auction, The Shanghai Gold Exchange confirms that a yuan-denominated gold fix will be in place by the end of 2015.



Do NOT follow this link or you will be banned from the site!