Creditors

Tyler Durden's picture

Define Irony: Greek Banks Refuse To Buy ESM Bonds To Fund Greek Bailout





In the latest example of what happens when circular funding schemes begin to trip over each other, National Bank of Greece has refused to participate in an auction for paper issued by the bailout fund which is set to recapitalize the Greek banking sector. 

 
Tyler Durden's picture

Greeks Laugh As Bankers Beg Depositors To Return Money





President of Greek Banks Association Louka Katseli appealed at the citizens to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV, “Let’s all help our economy... If you take your money out of your chests and houses – which are not safe in any case – and deposit at banks, this will enhance liquidity.” Katseli’s appeal triggered laughter among Greeks with one exclaiming “Ah sure! Banks will never see my money again, I prefer to buy tonnes of peanuts with it.”

 
Tyler Durden's picture

"Something Revolutionary Is In The Air": Grexit By "Insurrection" Is The "Most Probable" Outcome





My own most likely Grexit scenario is a different one yet again. Donald Tusk, the president of the European Council, hinted at this in his interview with the Financial Times last week when he said that he felt "something revolutionary" in the air. He is on to something. The most probable scenario for me is Grexit through insurrection.

 
Tyler Durden's picture

Commodity Rout Halted On Dollar Weakness, Equities Unchanged





If yesterday's market action was boring, today has been a virtual carbon copy which started with the usual early Chinese selloff levitating into a mildly positive close, with the SHCOMP closing just above the psychological 4,000 level: the next big hurdle will be 4058, the 38.2% Fib correction of the recent fall. In the US equity futures are currently unchanged ahead of a day in which there is no macro economic data but lots of corporate earnings led by Microsoft, Verizon, UTX and of course Apple. Most importantly, some modest USD weakness overnight (DXY -0.1%) has helped the commodity complex, with gold rebounding from overnight lows, while crude has at least stopped the recent carnage which sent WTI below $50.

 
Tyler Durden's picture

The Greek Economy Is Finished! A Quarter Of Firms Shifting Abroad





Capital controls imposed by the Greek government are taking a heavy toll on Greek businesses, according to a new report from Endeavour Greece. With over two-thirds of respondents reporting a "significant drop in revenues," and 1 in 9 firms forced to suspend production due to shortages of raw materials (unable to buy due to capital controls), the problems created by The Greek government's action seem asymmetric as almost a quarter (23%) of firms are now "planning to transfer their headquarters abroad for security, cashflow, and stability reasons."

 
Tyler Durden's picture

Pay Attention Greece: Puerto Rico Refuses To Pay Creditors Before It Fully Funds Its Citizens' Needs





We hope the Greek government is watching and learning, and taking appropriate measures so that it too can, at least once, prioritize its own people's needs over those of a global banking oligarchy.

 
Tyler Durden's picture

95% Of The Real Estate Market In Greece Is "All Cash"





"At least 50% of real estate agents have closed down."

"The market is only those who can afford to pay cash."

 
Tyler Durden's picture

Greek "Scarecrow" To Terrorize Spanish, Portuguese Elections





"While the hardcore of Podemos voters will read the outcome as an even stronger need to change the economic and political order in Europe, the more undecided voters will probably look twice at the Greek economy — held in stasis by bank holidays and capital controls — before risking voting for Podemos," Bloomberg says.

 
Tyler Durden's picture

Value-Added-Tax-nado: Greeks Face Soaring Food & Tourism Costs





More than 40,000 food items are being sold with a "poisonous" 10% Value Added Tax hike as of today, burdening the average Greek household with at least 55 euro extra costs per month.

 
Tyler Durden's picture

Greek "Hell" Remains After Athens Uses Creditor Money To Repay Creditors





As we showed before when we showed the various Greek circle of debt hell, unless Greece finds a way to access the market once again following its "triumphal return" in mid-2014 when it issued bonds that cost investors (with other people's money) their 2015 bonus, it is only then that the Greek debt repayment hell begins.

 
Tyler Durden's picture

Futures Levitate After Greek Creditors Repay Themselves; Commodities Tumble To 13 Year Low





Today's action is so far an exact replica of Friday's zero-volume ES overnight levitation higher (even if Europe's derivatives market, the EUREX exchange, did break at the open for good measure leading to a delayed market open just to make sure nobody sells) with the "catalyst" today being the official Greek repayment to both the ECB and the IMF which will use up €6.8 billion of the €7.2 billion bridge loan the EU just handed over Athens so it can immediately repay its creditors. In other words, Greek creditors including the ECB, just repaid themselves once again. One thing which is not "one-time" or "non-recurring" is the total collapse in commodities, which after last night's precious metals flash crash has sent the Bloomberg commodity complex to a 13 year low.

 
Tyler Durden's picture

"The Streets Of Athens Will Fill With Tanks": Kathimerini Reveals Grexit "Black Book" Shocker





"If this plan is implemented, the streets of Athens will sound the tracks of tanks"...

 
Tyler Durden's picture

Portugal’s Debts Are (Also) Unsustainable





Everyone seems to be focusing on Greece these days – a country so indebted that it needs even more loans to repay just a fraction of its gigantic credits. Clearly this is unsustainable and something has to give. Even the IMF agrees. But what about the other Southern European countries? Actually, Portugal’s financial situation is looking particularly shaky, and any hiccups could have serious cross-border repercussions from Madrid all the way to Berlin.

 
Marc To Market's picture

Next Week in the Context of the Big Picture





The divergence theme is not longer being eclipsed by the Greek drama and the Chinese stock market slide.  See how this week's developments fit into the bigger picture.  

 
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