Archive - Jul 2, 2015 - Story

• Chinese stocks tumble again, ignoring Beijing's blandishments (Reuters)
• Plight of Greek pensioners heaps pressure on Tsipras (Reuters)
• Cash Crunch Hits Everyday Life in Greece (WSJ)
• Souvlakis Tell a Story Well Beyond Today's Greek Crisis (BBG)
• Greek Referendum on Bailout Too Close to Call, Poll Shows (BBG)
• Move Over Greece: For Treasuries Traders, Today Is About the Fed (BBG)
• ECB adds corporate names to QE-eligible bonds (FT)
• Special Report: How Greece went bust (Reuters)
• Puerto Rico’s Pain Is Tied to U.S. Wages (WSJ)

If it was Greece's intention to crush the Chinese stock market instead of Europe's, well - it succeeded.  Because despite the PBOC and politburo throwing everything but QE at the stock market, China stocks closed down sharply on Thursday after another wild trading day as investors shrugged off regulators' intensified efforts to put a floor under the sliding market, by cutting trading fees and easing margin rules, which has now crashed 25% in about two weeks wiping out $2.5 trillion of the peak $10 trillion in Chinese stock market cap as of June 14. This ultimately resulted with the Shanghai Composite closing under 4000 for the first time since April.

Buyout firms conducted 97 stock offerings in the second quarter, more than in any other three-month period. "It’s clear that we are currently in an environment of frothy valuations,” said Lise Buyer, founder of IPO advisory firm Class V Group. Her disturbing punchline: "The insiders - those with the most knowledge - are finding this a very good time to take some money off the table." In an echo of Leon Black, Frank Maturo, vice chairman of equity capital markets at UBS AG, said, “Private equity is selling everything that’s not bolted down."

"...won’t a successful Greece show others that — much as many young people who cannot afford to pay their rent return home — they, too, can return to the way things used to be?..."

Simply put -  Europe can't 'afford' anything positive to come of Greece...