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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. 



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"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.



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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



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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.



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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."



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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.



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ECB Says "Greek Bank Holiday Now Necessary"

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



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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.



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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.



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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.



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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?



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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."



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Greek Parliament Votes In Favor Of Referendum

Update: As expected, the Greek parliament has voted in favor of the referendum announced Saturday by PM Alexis Tsipras. 



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