• EquityNet
    06/29/2015 - 12:09
    Tomorrow at 8pm, we’re adding an extra second to the day. Over the past 200 years, the length of a day has increased by two milliseconds, which is all well and good, but the insane accuracy of the...

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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."



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Does 1987 Have Any Lessons For Today?

Here's how it plays out... "no one gets out of this alive"



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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."



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Greek IMF Default May Trigger €131 Billion Payment On EFSF Lonas

"A possible Greek default on debt due to the International Monetary Fund next week would trigger cross- default clauses on 130.9 billion euros that Greece owes the euro area’s temporary rescue facility, a European Union official says."



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Greek Stock Market May Not Open Monday, Greek Officials Warn

Despite all the talk of "containment" and "Greece doesn't matter," not only are we told by anonymous EU officials that some banks may not open Monday but now, a Greek SEC Official has warned...

*GREEK BOURSE MAY NOT TRADE MON IF NO ELA EXTENDED: SEC OFFICIAL

Greeks just got CYNK'd (or Hanergy'd).



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Bad Breadth Milestone A Warning For Stocks

Bad breadth is everywhere in US equity markets...



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Thanks Michelle: Black Market In Food Items Springs Up In US Schools

Politicians have always labored under the entirely mistaken impression that one can keep people from doing what they actually want to do, or that markets can be suppressed by outlawing them. It turns out that kids don’t like to be told how their food should be prepared either. In fact, they absolutely hate it. Congress just received an update on the “unintended consequences” of Michelle Obama’s school lunch rules. Apparently the stuff she wanted to push on children just tastes really crappy and now a black market in salt, pepper and sugar has developed...



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Varoufakis: Creditor Proposal Offers "No Hope," Greece At "Historic Moment"

As Jerome Dijsselbloem fearmongers all the worst parts of the bible that are about to befall Greece, Yanis Varoufakis is explainiing the Greek decision:

*VAROUFAKIS: CREDITOR OFFER LACKED HOPE FOR INVESTORS, CONSUMERS
*VAROUFAKIS SAYS GREECE FIND ITSELF AT `HISTORIC MOMENT'

Adding that the decision by the Eurogroup (ex-Greece) to veto the program extension damages Europe overall, Varoufakis defiantly concluded, "Greek aid programs have been clear failures" and the Greek government has no mandate to accept a "recessionary" aid offer.



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Dijsselbloem Says Greek "Program" Will Expire On Tuesday Night, Offer Won't Exist At Referendum Time

And just like that, game theory just became over theory:

  • DIJSSELBLOEM SAYS REST OF EUROGROUP REGRETS GREEK REJECTION
  • DIJSSELBLOEM SAYS `GREAT CONCERNS WITH CREDIBILITY' OF GREECE
  • DIJSSELBLOEM SAYS REST OF EUROGROUP REGRETS GREEK REJECTION
  • DIJSSELBLOEM: SITUATION IN GREECE WILL DETERIOATE IN BETWEEN

And the punchline, which as we hinted earlier is the biggest problem with the Greek referendum:

  • DIJSSELBLOEM: THE PROGRAM WILL EXPIRE ON TUESDAY NIGHT

So just what will the Greeks vote on next Sunday if the proposal is no longer on the table?



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"This Is A Sad Decision": Europe Responds To The Greek Referendum, Which Has One Massive Problem

While the path ahead suddenly just got very confusing for both Greece and Europe, one thing is clear: going forward the Greeks will only have themselves to blame for whatever the final outcome is. That, and the Greek trargicomedy which has now lasted for over 5 years, may finally be over.



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Greek Officials Warn "Some Banks May Not Open Monday"

Following Tsipras' surprise referendum decision (and subsequent pulling of proposals by Troika the institutions), Greece's bank jog has turned into a full sprint. ATM lines began to form at 2am, minutes after the announcement and now many ATMs are out of money and, as Bloomberg reports, some Greek banks are drastically limiting cash transactions. Despite all the reassurances that "banks will open Monday," two senior bank executives have warned that some lenders will not be able to open Monday (unless more emergency liquidity is released). Crucially, this is not just about banks being in trouble - drained of deposits electronically - this is running out of physical banknotes, there is literally no more 'real' money left in Greek banks.



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Here Are The Three Options Being Discussed In Brussels

With the ATMs literally running out of cash in Greece after PM Alexis Tsipras announced a referendum in a dramatic, early morning televised address to the nation, EU finance ministers are meeting in Brussels today to determine what the next steps are now that Athens has effectively given creditors an ultimatum. According to MNI, three options are being discussed at the Eurogroup emergency session.



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A Desperate China Cuts Key Policy Rates After Stock Market Crash; "It's Just Like 1987"

For the first time since October, 2008, China cuts both the benchmark lending rate and RRR on the same day, in a frantic attempt to sustain the country's equity bubble after stocks collapsed to the edge of bear market territory on Friday.



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