Archive - Jul 3, 2015 - Story

• WHEN ARE RESULTS DUE?
  
• WHAT ARE GREEKS BEING ASKED TO VOTE ON?
  
• WHAT DO THE POLLS SHOW?
  
• WHAT IF IT’S YES?
  
• WHAT IF IT’S NO?
  
• HOW WILL MARKETS REACT?

The Greece impasse set to culminate on Sunday continues to have a massive impact on at least one stock market, unfortunately it is the wrong one, located on a continent which is mostly irrelevant to the future of the Greek people (unless that whole AIIB bailout does take place of course). We are, of course, talking about China which as noted earlier, started off horribly, plunging over 7% with over 1000 stocks hitting 10% limit down, then in the afternoon session mysteriously recovering all losses and even trading slightly higher on the day, before the late selling returned once more, and the Shanghai Composite plunged to close down 5.8%: an unimaginable 20% total roundtrip move!

... at this very moment, politicians from Spain's Podemos to Italy Five Star movement are drafting memos demanding that the IMF evaluate their own debt sustainability. Or rather unsustainability.

As Stalin said, “Those who vote decide nothing. Those who count the vote decide everything.”

When a message needs to be sent by the powers that be, the German press can always be relied upon to send it, no matter how divisive (as they did here, here, and here). So it is no surprise that with the stakes appearing to have never been higher, Handelsblatt unleashes the following...