• Pivotfarm
    02/27/2015 - 08:17
    Euro-denominated emerging market sovereign issuance will soar to its highest levels in 10 years on the back of the European Central Bank's quantitative easing programme, as issuers outside the...

Corruption

Tyler Durden's picture

The Austrian Solution to Greece





Fill In The Blank: "Greece will achieve economic success when ____"

 
Tyler Durden's picture

Amid Probe, NY Governor Cuomo Orders Mass Deletion Of Government Emails





In an Onion-esque story almosty too unbelievable to be real, IB Times reports, in a memo obtained by Capital New York, Cuomo officials announced that mass purging of email records is beginning across several state government agencies. The timing of the announcement, which followed through on a 2013 proposal, is worth noting: The large-scale destruction of state documents will be happening in the middle of a sprawling federal investigation of public corruption in Albany.

 
Tyler Durden's picture

Troika "Happy" With Revised List Of Greek Reform Promises: Full Varoufakis Letter





What happened over the past week to the Syriza "mandate" is that the new government's list of unfulfillable promises to the Greek people has been replaced with a new list of unfulfillable promises to the Troika.

Update: EU COMMISSION SAYS GREEK LIST `SUFFICIENTLY COMPREHENSIVE'

 
Tyler Durden's picture

Tesla: Bonfire Of The Money Printers' Vanities





The trouble with the money printing madness in the Eccles Building is that it generates huge deformations, misallocations and speculative excesses in the financial markets. Eventually these bubbles splatter, as they have twice this century.  The resulting carnage, needless to say, is not small. Combined financial and real estate asset markdowns totaled about $7 trillion after the dotcom bust and $15 trillion during the 2008-2009 financial crisis. The Wall Street casino is now festooned with giant deadweight losses waiting to happen. But perhaps none is more egregious than Tesla - a crony capitalist con job that has long been insolvent, and has survived only by dint of prodigious taxpayer subsidies and billions of free money from the Fed’s Wall Street casino.

 
Tyler Durden's picture

Full Eurogroup Statement On Greece - Redline Comparison With Previously Rejected Statement





Just out from the Eurogroup, the final statement. Bottom line: Greece caves on pretty much everything, however it has two semantics successes: the dreaded "Troika" words has been replaced with "institutions" and "Current programme" has been changed to "Current arrangement" - surely nobody will notice. Sarcasm aside, Greece has just kicked the can for four months. Why four months? Because that's just ahead of the big Greek debt maturity.

 
Tyler Durden's picture

Today's Financial Thermopylae Beckons - But Don't Count On The Greeks





The global financial system desperately needs a big, bloody sovereign default - a profoundly disruptive financial event capable of shattering the current rotten regime of bank bailouts and central bank financial repression. Needless to say, Greece is just the ticket: A default on its crushing debt and exit from the Euro would stick a fork in it like no other. But don’t count on the Greeks.

 
Tyler Durden's picture

NYU Professor Uncovers How The FDA Systematically Covers Up Fraud & Misconduct In Drug Trials





"That misconduct happens isn’t shocking. What is: When the FDA finds scientific fraud or misconduct, the agency doesn’t notify the public, the medical establishment, or even the scientific community that the results of a medical experiment are not to be trusted. On the contrary. For more than a decade, the FDA has shown a pattern of burying the details of misconduct. As a result, nobody ever finds out which data is bogus, which experiments are tainted, and which drugs might be on the market under false pretenses."

 
Tyler Durden's picture

Caught On Tape - Erdogan's 'Kingmaker' Bill Sparks Mass Brawl In Turkish Parliament





Chairs flew and lawmakers traded punches as AP reports a brawl in the Turkish Parliament over a new security bill (dubbed the 'kingmaker') has forced the spotlight on mounting suspicions that President Recep Tayyip Erdogan's real goal is to hand himself more tools to crush dissent. Five lawmakers were injured early Wednesday in the fight that broke out as opposition leaders tried to delay a debate on the legislation.

 
Cognitive Dissonance's picture

Yanis Varoufakis: The Straw That Breaks the Ponzi’s Back?





The arrogant European Union has seriously overplayed its hand and now is no longer certain exactly who is the fool still seated at the table.

 
Tyler Durden's picture

In NYT Op-Ed, Yanis Varoufakis Says Greece Is Not Bluffing, "Will Not Cross Red Lines It Has Drawn"





With only a few short hours until the process of everyone's cards being revealed in Brussels begins, it is once again Greece' turn to remind the other players on the table that no matter the quality of cards it has, it is not bluffing. Which is precisely what anyone bluffing would say.  In a just released Op-Ed in the NYT (were there no European newspaper willing to accept the Greek finance minister's Op-Ed one wonders that he had to go all the way to the bastion of the left... in the United States) the new Greek finance minister says that not only is he not bluffing adding "that I have no right to bluff", but using recent military jargon says that "the lines that we have presented as red will not be crossed. Otherwise, they would not be truly red, but merely a bluff."

 
Tyler Durden's picture

Will China's Currency Peg Be The Next To Fall?





A pegged currency rises and falls against other currencies along with the underlying currency. Now that the USD has gained 16% in less than a year, that rise is dragging the RMB higher with it, making China's goods less competitive in markets outside the U.S. (and countries which use the USD as their currency). This major move has prompted Chinese authorities to widen the peg's range to allow the RMB to weaken slightly against the dollar. Japan's stunning devaluation of the yen has prompted much speculation that China will be forced to either end the peg to the USD or loosen the peg to match the depreciation of the yen.
 
Tyler Durden's picture

Greek Government "Not Holding Out Much Hope" For Monday Even As Market Signals Deal Imminent





According to Kathimerini, late last night, Greek PM Tsipras chaired a meeting of his cabinet on Friday night to brief ministers on the state of talks with the eurozone. "With the possibility of the government having to make a compromise with the eurozone over the way forward in the next few days, Tsipras was eager to assess the mood of his cabinet. Some members, such as Energy Minister Panayiotis Lafazanis have been adamant that the government should stick to its pre-election pledges." Which probably suggests that Greece is if not about to fold, then certainly cave on most, if not all, of its demands. Still, Greece is hopeful that some deus ex machina will appear in the last minute, and that delaying the inevitable will give it some further leverage. Which explains why, as Kathimerini reported, "the government is not holding out much hope for a solution in Brussels on Monday.

 
Tyler Durden's picture

The Untold Story Of A Ukrainian Sniper Who Took Part In The Maidan Massacre





In order to preserve the western narrative that the violent Ukraine coup was not one staged, massive, and very deadly false flag event, protest organisers have always denied any involvement. Which is why stories such as the one we wrote in March, which revealed that "Behind The Kiev Snipers It Was Somebody From The New Coalition" - A Stunning New Leak Released" got precisely zero traction in the western press. But now, for the first time, one man has spoken up and told the BBC a different story. 

 
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