• 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...

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NATO Member Turkey Breaks Ranks: Slams EU Austerity, Offers Greek Aid

While perhaps not on the scale of China or Russia assistance, Turkey has thrown its hat into the Troika-Greece farce by offering financial assistance to its embattled neighbor. As ekthimerini reports, "We are ready to help Greece survive its economic crisis with cooperation in tourism, energy, trade," Turkish Prime Minister Ahmet Davutoglu said and Turkey's left-wing parties showed solidarity by adding, "we believe that apart from imposing austerity policies on peoples of Europe, there can be more reasonable agreements." While no aid has been asked fro Turkey says it is ready to evaluate options.



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Malvinas 2.0? Argentina Plans Asset Seizure Of Falkland Oil Companies

Is it just election fever, or is Argentina serious about reclaiming the Falklands Islands?



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With Market Closed, Trading Greek ETF Is Gamble, Guessing Game

Anyone trading the Global X FTSE Greece 20 ETF should take a cue from Howard Marks and ask themselves the following question: can an ETF be more liquid than the assets it references? 



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Greece Asks For 2-Year Bailout From ESM, Merkel Shoots It Down

Update: EU finance ministers to hold call on Greek request for ESM loan.

GREECE ASKS FOR 2-YR BAILOUT PROGRAM FROM ESM: PM'S OFFICE



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Consumer Confidence Soars In June On Spike In Hope

As Gallup's Consumer Confidence plunges, The Conference Board's Consumer Confidence explodes higher from 94.6 to 101.4 (smashing expectations of 97.4). After missing by the most in 5 years in April, higher gas prices, market instability, and growing social unrest appear to be the perfect recipe for improved consumer confidence as The Conference Board data nears the highest since 2007. The biggest driver of the headline spike is the surge in "expectations" - in other words, hope - which jumped from 86.2 to 94.6, although expectations for higher incomes finally began to drop back to reality.



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Chicago PMI Prints Worst June Since 2008 As Employment Tumbles

Chicago PMI has now missed 4 of the last 5 months and printed sub-50 contractionary indications for 4 of the last 5 months. June's data improved from May (rising from 46.2 to 49.4) but missed expectations and is the weakest June print since 2008. Notably, away from 2015, June's print is the weakest since September 2009. Under the covers it was ugly - employment plunged to the weakest since Nov 2009, order backlogs plunges to the lowest since September 2009, and prices paid rose again (pressuring margins).



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The Global Template For Collapse: The Enchanting Charms Of Cheap, Easy Credit

Cheap, easy credit has created moral hazard and nurtured magical thinking throughout the global economy.



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There Is One 'Small' Problem With The Crowdfunded Greek Bailout Campaign

In the latest example that there are generous, perhaps even noble people, still left, Crowdfunding site Indiegogo has released a crowd sourced "Greek Bailout Fund" which in just 1 day has already managed to raise around €100,000 from over 6,300 contributors. Noble, generous... and quite idiotic, for one simple reason - the math is horribly wrong.



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Case-Shiller US Home Price Index Drops Most In A Year

While the 20-City index rose 4.9% YoY (but missed expectations by the most since July 2014), Case-Shiller's US Home Price Index dropped 0.02% in April - the first MoM drop since May 2014. Of course, all real estate is local and we note Denver and San Francisco reported the highest year-over-year gains with price increases of 10.3% and 10.0%, respectively, over the last 12 months.  As S&P's David Blitzer warns, "home prices continue to rise across the country, but the pace is not accelerating."



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When The PBOC Went All-In: China Stocks See Biggest Intraday Swing In 23 Years

Having thrown the kitchen sink at their collapsing ponzi-scheme of a market in the past two days, only to see stocks open and crash once again overnight, it appears The PBOC went full intervention-tard in the middle of the morning session. With CHINEXT down over 7% and Shnghai down over 4%, the manipulation was rooted in CSI-300 futures as while cash markets saw margin calls and liquidation, futures were surging. By the close China's 'Nasdaq' had ripped 13% off its lows and the broad market's intrday swing was the largest since 1992... The PBOC's got your back.



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In Big Boost To "No" Vote, Schauble Hints Greece Can Default And Stay In Euro

In waht appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:

*SCHAEUBLE SAID TO SAY GREECE MAY BE ABLE TO TAP EU SUPPORT FUND
*SCHAEUBLE SAID TO SEE GREECE STAYING IN EURO EVEN IF 'NO' VOTE

Thus spurring the probability of a consequence-less "no" vote on Sunday enabling the increased negotiating position that The Greek government had hoped for. Of course, desperate for any excuse, stocks and EUR are rallying on this and bonds are selling off.



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Frontrunning: June 30

  • EU in last-ditch bid to Greece, urges "yes" vote to bailout (Reuters)
  • In? Out? In between? A Greek legal riddle for EU (Reuters)
  • Tsipras Says EU Won’t Eject Greece as Cost ‘Immense’ (BBG)
  • Empty Greek ATMs Force Tourists to Stiff Santorini Cabbies (BBG)
  • Anti-austerity protests in Greece as bank shutdown bites (Reuters)
  • Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent' (Reuters)
  • Puerto Rico Urges Concessions From Creditors (WSJ)
  • Hilsenrath - For Fed to Delay Rate Hikes, Global Tumult Would Need to Infect U.S. (WSJ)


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Varoufakis Confirms Greece Will Default To IMF Today

GREEK FINANCE MINISTER SAYS GREECE WILL NOT PAY IMF ON TUESDAY.



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European Regulators Suspend Trading In Greek Bonds Citing "Trading Harmony"

Regulators across Europe are beginning to curtail trading in Greek assets as the country’s stock market remains closed and Greeks grapple with capital controls and prepare for a default to the IMF at midnight.



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