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.
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.
"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.
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
Draghi Freezes Greek ELA, Varoufakis Tells BBC "Looking At Imposing Capital Controls, Closing Banks"Submitted by Tyler Durden on 06/28/2015 - 11:29
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.
Just a week ago, we noted the hard-working US government was drawing up plans for "knife regulations." Well, in The UK it appears to have already begun...
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."
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.
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.
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.
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.
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?
"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."