Archive - Jul 8, 2015 - Story

• Greece and China expose limits of 'whatever it takes' (Reuters)
• China no longer has a market: China Stock Sellers Frozen Out of 71% of Market (BBG)
• China’s Market Rescue Makes Matters Worse as Prices Lose Meaning (BBG)
• China Stocks Plunge as State Support Fails to Revive Confidence (BBG)
• China Market Rout Spreads From Stocks to Price of Pig Food (BBG)
• China’s State-Owned Firms Ordered Not to Cut Share Holdings (BBG)
• Greece Requests Three-Year Bailout in First Step Toward Meeting Creditors’ Demand (WSJ)
• Greece Faces Euro Exit Unless Demands Accepted by Sunday (BBG)

Greece formally requested a three-year bailout from the eurozone’s rescue fund Wednesday and pledged to start implementing some of the overhauls demanded by creditors by early next week. Crucially for Greece’s creditors, the letter says the government would start implementing some measures, including on taxation and pensions, by the beginning of next week, though it doesn’t go into details. The letter is a first step toward fulfilling a demand by international creditors, who have given Athens until Sunday to come up with tougher measures they would impose in return for desperately needed financing that could keep the country from bankruptcy and even worse economic turmoil. 

Today's market battle will be between those (central banks) "hoping" that a Greek deal over the weekend is finally imminent (which on one hand looks possible after a major backpeddling by Tsipras - who may never have wanted to win the Greferendum in the first place - yesterday in Brussels and today during his speech in the Euro Parliament, but on the other will be a nearly impossible sell to Greece as any deal terms will be far harsher than the deal offered by the Troika 2 weeks ago and will have no debt reduction), and those who finally noticed that the Chinese central planners have effectively lost control.

It's shaping up to be a rough year for CEOs at Europe's most notorious rate rigging, scandal laden investment banks. Just three months after Brady Dougan left Credit Suisse and barely 30 days since Anshu Jain and Jürgen Fitschen tendered their resignations at Deutsche Bank, Barclays has shown CEO Antony Jenkins the door.