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.

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.

What Bull Market? 42% Of Stocks Are In Correction

A correction is generally defined as any stock that is at least 10% off a recent high. If we look at a price performance over the past 200-days, 42% of all the stocks in the MSCI World Index are in a correction. Higher than you might have thought, right?

Eurozone Rejects Greek Bailout Extension: All Bailout Programs Expire On June 30, Referendum Moot

"Regrettably, despite efforts at all levels and full support of the Eurogroup, this proposal has been rejected by the Greek authorities who broke off the programme negotiations late on the 26 June unilaterally.  The current financial assistance arrangement with Greece will expire on 30 June 2015, as well as all agreements related to the current Greek programme including  the transfer by euro area Member States of SMP and ANFA equivalent profits."

Rent-A-Tent - The Next Silicon Valley Startup

In the modern economy, we share everything: STDs, food stamps, transportation, and housing. It's all facilitated by mobile technology. First there was Rent A Gent. Now, the next part of the sharing economy is upon us: Rent A Tent.

IMF Confirms Greek Referendum "Irrelevant" After Program Expires On Tuesday

If there was any confusion if, as we warned was the biggest problem with the Greek referendum namely that next weekend there will no longer be a proposal to vote on, the IMF's Christine Lagarde just put it to rest. As she told the BBC moments ago, the Greek government's planned referendum on the terms of any new bailout plan will be invalid after Tuesday, when the current programme expires. As a result, the Greek people would be voting on proposals that were no longer in place.

FX Brokerages Move To "Close Only" Ahead Of Monday Open

Upcoming risk - Instruments moving to 'Close Only' mode

Due to the uncertainty surrounding the ongoing Greek debt negotiations, and ahead of a potential announcement over the weekend that could lead to high volatility on the market, please be informed that we have decided to decrease your risks by temporarily moving all Instruments to 'Close Only' mode, from 22:30 GMT+3 on Friday the 26th of June 2015, until 00:30 GMT+3 on Monday the 29th of June 2015, trading terminal time.

Jim Grant Explains "Our" 3 Biggest Financial Mistakes

Speaking at Russell Napier’s Library of Mistakes in Edinburgh earlier this month, Jim Grant of Grant’s Interest Rate Observer was asked what financial mistakes we’re making today that future generations will regard as the most ridiculous. If you’re familiar with Grant’s writing the short answer won’t surprise you...

EU Officials Unleash The Fearmongery: "The Crisis Has Commenced"

Presented with little comment aside to ask if someone is off-script?

NOONAN: THE CRISIS HAS COMMENCED
SCHAEUBLE SAYS `HELLISH DIFFICULT TASK' ON GREECE
NOONAN: I HAVE SYMPATHY FOR THE GREEK PEOPLE

But always remember, "Greece doesn't matter," which as Mohamed El-Erian explains, is somewhat true, since European leaders have two other existential issues to contend with also...

Caught On Tape: Confederate Flag "Taken Down" From South Carolina Capitol

The Confederate Flag flying over South Carolina's Capitol building has been removed (temporarily)... not by congressional decree, but by the hands of spider-man-like Bree Newsome who scaled the 30-foot flagpole. However, shortly after her arrest by State Capitol police, the flag was raised again...

Moody's, Fitch Fret Over Billions In Student Loan ABS As Defaults Loom

The fact that Moody's and Fitch are beginning to reevaluate student loan ABS is indicative of an underlying shift in the market. Between the proliferation of IBR and the Department of Education's recent move to open the door for debt forgiveness in the wake of the Corinthian collapse, financial markets are beginning to see the writing on the wall. Perhaps Bill Ackman said it best: "there's no way students are going to pay it all back."

EU FinMins Admit Real Concern, Will Do 'Whatever It Takes' To Avoid Market Unease

It is clear from the EU Finance Ministers' template-like comments to the press what the real worry is in Europe (and the world). It's not The Greeks (Schaeuble: "No other decision was possible, no problem with Greek referendum... need to see what happens next"), it's something else:

*SCHAEUBLE SAYS DOING EVERYTHING POSSIBLE TO AVERT MARKET UNEASE
*DIJSSELBLOEM: OUR INSTITUTIONS ARE PREPARED TO TAKE ANY ACTION

And then there's this utter rubbish: ITALY'S PADOAN: "EURO AREA IS VERY STRONG."