• Pivotfarm
    07/07/2015 - 13:55
    Corruption has been the coveted jewel in everybody’s crown since antiquity. Aristotelian philosophy believed that everybody who had power could become corrupt.

Archive

July 7th, 2015

Tyler Durden's picture

The Biggest Winner From The Greek Tragedy





For every loser there is a winner, and in the case of Greece and its tragedy, just as millions are about to lose everything, a few not only made billions but quietly, under the guise of "sovereign bailouts" transferred their entire risk onto the taxpaying public.

 

Tyler Durden's picture

New Greek FinMin Arrives In Belgium "Empty-Handed", Will Submit New Proposal "Maybe" On Wednesday





At this point it is unclear who wants Grexit more: the ECB or Greece.

 

Tyler Durden's picture

Commodities Are Crashing





It appears the China-related margin calls are spreading... just as we warned.

 

Tyler Durden's picture

Greece "Matters" Again - Stocks, Silver, Copper & Bond Yields Are All Tumbling





Greece (or China) matters again...

 

Tyler Durden's picture

For Those Already Missing Varoufakis, He Was Just Sighted In Athens...





While the new Greek Finmin Euclid Tsakalotos is sweating to convince his peers at today's Brussels Eurogroup meeting, which was supposed to discuss the "latest" Greek proposal that the old, and rejected, Greek proposal is really Greece's best foot forward, a surprising development which will likely result in yet another very brief summit, his significantly more exciting, and polarizing, predecessor was just spotted in Athens having a far more enjoyable time.

 

Tyler Durden's picture

Iranian Oil Exports To Double Following Nuclear Deal





While not predicting that Tehran and six world powers will strike a deal by the new July 10 deadline, a senior Iranian oil official says his country hopes to nearly double its crude exports immediately if and when sanctions are lifted and hopes that OPEC will accommodate this growth by capping production by the cartel’s other members. “We are like a pilot on the runway ready to take off,” Mansour Moazami, Iran’s deputy oil minister for planning and supervision, told The Wall Street Journal inTehran on July 5. “This is how the whole country is right now.”

 

Tyler Durden's picture

The Three Greek "Scenarios" Discussed Today In Brussels





  1. A new program requiring very major structural reforms of the Greek side, and much larger than the last Juncker proposal.
  2. Introduction of parallel currency, primarily through promissory IOU.
  3. Controlled bankruptcy and leaving the euro
 

Tyler Durden's picture

Gold & Silver Slammed On Massive Volume As Margin Calls Mount





FX markets are roiling today, US and German bonds are surging (yields are tumbling), and European stock and bond markets are ugly again. Between all of this we are seeing 'jerky' moves in many disparate instruments as it appears margin calls are mounting and forced unwinds accelerate across markets, the latest of which is gold (and silver) which just saw someone decide to dump almost $1 billion notional instantly into the open market.

 

Tyler Durden's picture

ECB Board Member Says Introduction Of Another Greek Currency "Most Realistic Scenario"





ECB’S RIMSEVICS SAYS INTRODUCTION OF ANOTHER CURRENCY IN GREECE IS MOST REALISTIC SCENARIO, MAY BE ONE LESS EURO ZONE MEMBER IN FUTURE

 

Tyler Durden's picture

US Trade Deficit Widens In May As Exports Tumble Most In 3 Months





The US trade deficit increased from $40.7 bn to $41.8bn, slightly lower than expected. Impoorts fell a mere 0.1% (despite a record amount of imported auto parts) but exports fell 0.8% (driven by a decline in Aircraft sales), nudging GDP expectations lower. The trade deficit with China rose notably and exports to Europe dropped.

 

Tyler Durden's picture

Energy Credit Risk Re-Surges As WTI Crude Extends Losses To Worst Since November





Overnight hope has faded and WTI crude prices have retumbled as Iran deal expectations rebuild and China economic collapse fears grow. The last few days have seen crude break crucial support levels and tumble to 3 month lows, down over 12% - the biggest losing streak since November. Credit risk for HY energy names is resurgent, crushing the mal-investment dream in a double-whammy for the industry as cost of capital rises and incomes shrink.

 

williambanzai7's picture

VaMPYRoTeuTHiS TRoiKa INFeRNaLiS...





How do you say grilled squid in Greek?

 

Tyler Durden's picture

Ahead Of Dark ATMs, Import Shortages, Tsipras Goes Back To Brussels Begging For Bailout





On the heels of Sunday’s referendum wherein Greeks essentially gave the greenlight for an unceremonious EMU exit should Europe decide to spurn the IMF and stick to a “no debt relief” policy for Athens, PM Alexis Tsipras and his newly-appointed finance minister Euclid Tsakalotos are making a final push to break the stalemate with creditors before the ATMs go dark and a supplier credit crunch creates widespread shortages of imported goods.

 

Tyler Durden's picture

All The Latest Greek Headlines





Today's "final" Eurogroup meeting is yet another "last" chance for Greece to stay in the Euro according to Greek headlines. The meeeting begins in minutes, at 12:30pm CET/7:30am Eastern so expect the usual torrent of "Greek deal" headlines which send the S&P surging followed by prompt denials which the S&P algo soundly ignore. By now the game is quite familiar to everyone.

 
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