- N1 – Soft deal: The most unlikely scenario is that the euro-area partners offer a much softer programme to Greece.
- N2 – Default-and-stay: Moderately less unlikely is a scenario where Greece defaults but stays in the euro thanks to a direct recapitalisation of Greek banks by the euro-area partners, with the Greek government using only domestic resources for the country’s fiscal needs.
- N3 – New deal: The third scenario is one in which the rising economic and political cost of a closed banking system results in the Syriza government being replaced by a new government of national unity and a new deal with creditors being reached.
- N4 – Grexit: In our view, Grexit and Scenario N3 are the most likely – with about equal probabilities.
If the early bitcoin markets are an indication of what will happen once New Zealand opens for illiquid FX trade, it will be a risk off kinda day...
A poll by GPO on Mega TV gave 51.5% in favor of “no” and 48.5% in for “yes”
Metron Analysis on Antenna TV showed “no” leading with 49% vs 46% for “yes”
MRB on Star TV showed “no” leading with 49%-54% vs 46%-51% for “yes”
Marc opinion poll for Alpha TV shows “no” ahead with 49.5%-54.5% vs 45.5%-50.5%
Trillion-Dollar Asset Managers Warn On Greece Fallout: "No Blueprint" Means "All Kinds Of Uncertainty"Submitted by Tyler Durden on 07/05/2015 - 12:00
“If all of a sudden one member leaves, it creates a precedent, and maybe suddenly casts some doubt on the long-term future of the monetary union.”
“There is no blueprint for how a country exits the euro and redenominates [and] that’s going to create all kinds of uncertainty in Europe.”
“Without new money, salaries won’t be paid, the health system will stop functioning, the power network and public transport will break down and they won’t be able to import vital goods because nobody can pay” President of European Parliament Martin Schulz warned Greek voters one day before the crucial Referendum on Sunday.
The EIU forecast victory for the "No" camp as soon as the referendum was called. We are sticking to that call.
— The EIU Europe (@TheEIU_Europe) July 5, 2015
On Sunday, the China Securities Regulatory Commission announced that the PBoC is set to inject capital into China Securities Finance Corp which will use the funds to help brokerages expand their businesses and reinvigorate stocks. In other words, the PBoC is now in the business of financing leveraged stock buying.
That like it or not, this is where the democracy was born that allowed for America to become a nation of free people. The same democracy celebrated from sea to shining sea every Fourth of July. And also the same democracy that is under threat, in Greece, in Europe as a whole, and very much in the US too.
"I look at my three-year-old niece, I envy her ignorance, I envy her age... They say that all we hear is propaganda; but we have lost our trust in all sides, now everything seems to be lies... It feels like an end. The end of our lives as we knew them. Yes, the lives that, before Friday, we already thought could be better; now we realise they were better then. The only thing we truly wish for is that the worst is not yet to come."
What JPMorgan is doing to the "Other" commodities space, Citigroup has just done to the "Precious Metals" derivative market.
Even if you never intended to offend anyone and you had no idea that your words were insulting, in some countries you can be detained without bail and sentenced to years in prison for such speech. Today, there are highly restrictive hate speech laws in Canada, in Mexico and in virtually every single European nation. The United States is still an exception, but the truth is that our liberties and freedoms are being eroded every single day, and it is only a matter of time until “hate speech laws” are used to take away our freedom of speech too.
It’s simple, the euro is finished. It won’t survive the unmitigated scandal that Greece has become. Greece is not the victim of its own profligacy, it’s the victim of a structure that makes it possible to unload the losses of the big countries’ failing financial systems onto the shoulders of the smaller. There’s no way Greece could win. The damned lies and liars and statistics that come with all this are merely the cherry on the euro cake. It’s done. Stick a fork in it. The smaller, poorer, countries in the eurozone need to get out while they can, and as fast as they can, or they will find themselves saddled with ever more losses of the richer nations as the euro falls apart. The structure guarantees it.