• GoldCore
    07/01/2015 - 10:07
    With all eyes on Greece it would seem another crisis relating to unpayable debt is brewing in the Caribbean. The governor of Puerto Rico, Alejandro García Padilla, has warned that the island is...

Creditors

Tyler Durden's picture

Greek Banks On Verge Of Total Collapse: Bank Run Surges "Massively" As Depositors Yank €700 Million Today Alone





While the Greek government believes it may have won the battle, if not the war with Europe, the reality is that every additional day in which Athens does not have a funding backstop, be it the ECB (or the BRIC bank), is a day which brings the local banking system to total collapse. And another day, or two, like today, and it may all be over:  According to banking sources, the Greek bank outflows on Friday soared to 700 million Euros from 272 million Euros on Thursday.

 
Tyler Durden's picture

Furious Tsipras Addresses Greek Parliament, Blasts Creditors For Failure To Compromise: Live Feed





Greek PM Alexis Tsipras is set to address the Greek parliament after a tense week of negotiations with creditors that ended with no agreement and a missed IMF payment.

 
Tyler Durden's picture

Tsipras Plays Putin Pivot Card; Tests Parliament's Patience On Troika Proposal





Greek PM Alexis Tsipras is set to address parliament Friday as difficult discussions with creditors have reached yet another stalemate. In Germany, some reports suggest there's now tension between German Chancelor Angela Merkel and FinMin Wolfgang Schaeuble regarding how the EU paymaster should handle Greece going forward. Meanwhile, Tsipras and Putin will hold a phone call Friday to discuss "business and energy." 

 
Tyler Durden's picture

Frontrunning: June 5





  • Europe shares set for worst week of 2015 (Reuters)
  • Jobs Report Not Likely to Trigger June Rate Hike (Hilsenrath)
  • U.S. jobs market seen firming despite lackluster growth (Reuters)
  • Gross Says Bond Rout Scary as Hell Even Without Bear Market (BBG)
  • Apple Is the New Pimco, and Tim Cook Is the New King of Bonds (BBG), which ZH said in 2013
  • In 'year of Apple Pay', many top retailers remain skeptical (Reuters)
  • OPEC Nations Signal Few Prospects for Oil-Production Change (BBG)
  • China regulator says amending rules on margin trading, short selling  (Reuters)
 
Tyler Durden's picture

Futures Slump, Bund Selling Resumes With All Eyes On The Jobs Number





After yesterday's unprecedented volatility fireworks across all markets and continents, today so far has been a modest disappointment, with no crashes and subsequent surges in China, where the Politburo's only achievement was keeping the bubble dream alive by pushing the Shanghai Composite over 5,000 for the first time since January 2008, closing the index 1.5% higher on the day - a very modest gain by China's recent blow-off top standards.  Europe, too, has been relatively tame with the 10 Year Bund starting off on the wrong foot, the yield rising back above 0.91% before once again dipping to the upper 0.8% range, tracking the move in the EURUSD tick for tick, which also is a tractor beam for the US 10 Year. On the equity, front, things are just as muted, with futures at the Low of Day as of this moment, despite yesterday's last minute manic buying spree, the S&P set to open below 2100 as a result.

 
Tyler Durden's picture

Greece Unable To Make €300 Million IMF Payment, Requests "Bundling"





And just like that, after effectively defaulting to the IMF a month ago, Greece has just re-effectively re-defaulted to the same IMF on its payment due tomorrow, which now will not be made, just as we said it won't. 

Update: GREEK FINANCE MINISTRY REJECTS CREDITORS' BAILOUT PROPOSAL

 
Tyler Durden's picture

This Is What Capital Controls Will Look Like In Greece





"Under severe capital controls, redenomination and nationalisation risk rises. The Greek banks would be most at risk, while the two largest non-financial issuers could potentially continue to service their external debt even after a redenomination of domestic liquidity and revenues. Such a scenario also poses major risks to GGBs and other EGB markets"...

 
Tyler Durden's picture

Forget "Game Theory" - Yanis Varoufakis Introduces "Hope Theory"





While hope has long been dismissed as a strategy among the investing public, for game-theory expert (and Greek FinMin) Yanis Varoufakis, "hope" appears to be all he has left. Reflecting on James Byrnes 1946 speech, Varoufakis explains a “Speech of Hope” for Greece would make all the difference now – not only for us, but also for our creditors, as our renaissance would terminate the default risk.

 
GoldCore's picture

Bitcoin “Total Crypto Breakdown” Highlights Risks to Non-tangible Assets





Blockchain.com, which claims to be the maker of the most popular Bitcoin wallet, suffered at the weekend what the Guardian describes as a "total crypto breakdown", highlighting once again the vulnerability of electronic and digital currencies to human and technological errors and hacking.

 
Tyler Durden's picture

Tsipras Sticks To "Red Line" Rhetoric Cornered By Party Radicals





"An early election would be possible, but the least likely: the PM will likely be able to pass an agreement through parliament with opposition support, in turn generating strong incentives for a shift to a more moderate coalition within the existing parliament rather than a new electoral campaign following a painful compromise with European creditors," Deutsche Bank says, laying out the likely outcome if and when Greek PM Alexis Tsipras does finally accept an unpopular deal with creditors.

 
Tyler Durden's picture

Frontrunning: June 4





  • China stocks fall, led by ChiNext, on margin tightening; Hong Kong down too (Reuters)
  • Bond market sell-off rumbles on, stocks feel the pinch (Reuters)
  • Bond Rout Wipes Out 2015 Gains as Traders Stay Glued to Screens (BBG)
  • Greek Groundhog Day Continues With Talks Failing to Break Impasse (BBG)
  • Greece and Its Creditors Agree on Some Measures in Bailout Talks (WSJ)
  • 'Bellingcat Report Doesn't Prove Anything': Expert Criticizes Allegations of Russian MH17 Manipulation (Spiegel)
  • GE Said to Hire Banks to Start Sale on $20 Billion Assets (BBG)
  • Alibaba Pictures plans $1.6bn share sale (FT)
  • How Companies Justify Big Pay Raises for CEOs (BBG)
 
Sprott Money's picture

Rinse and Repeat, Greece Faces Imminent Collapse





Rinse and repeat, rinse and repeat, that’s the story of the ongoing financial crisis that surrounds Greece.

Greece, once again, is staring over the edge into the abyss and is facing imminent financial default, possible collapse and a system breakdown. That is, unless they can once again pull a rabbit out of their hat and stave off disaster for just one more month.

 
Tyler Durden's picture

Greece: Out Of Cash, Out Of Time, Out Of Options





Most commentary still appears predicated on the idea that there will be some last-minute deal - either because the creditors will back down and give Greece some more money without requiring it to be paid back or because the Greek government will back down if it understands that not doing so would ultimately mean leaving the euro. On the other hand, some believe neither side is particularly interested in achieving a deal.

 
Tyler Durden's picture

Tspiras Says "Don't Worry" About IMF Payment After Latest Failure To Clinch Deal





Following this evening's "private" meeting with Jean-Claude Juncker and Jeroem Dijsselbloem, Greek PM Alexis Tsipras once again admits that there is no deal. Both sides issued statements - The EU's was a 3 sentence boiler-plate; and Tsipras was a brief press conference on Greek TV. In the interests of clarity we provide the statements (and their actual translations from "we have nothing to say" to "this is what we are trying not to say.")

 
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