European Central Bank

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Nomi Prins: In A World Of Artificial Liquidity – Cash Is King





Global central banks are afraid. Before Greece tried to stand up to the Troika, they were merely worried. Now it’s clear that no matter what they tell themselves and the world about the necessity or even righteousness of their monetary policies, liquidity can still disappear in an instant. Or at least, that’s what they should be thinking. The problem is that central banks have no plan B in the event of a massive liquidity event. In this cauldron of instability and lack of leadership, cash is the one remaining financial possession that Main Street can translate into goods, services and security. That’s why private banks want more control over it.

 
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Athenian Democracy vs. Neoliberal Gods





Prime Minister Alexis Tsipras allows the Greek people to decide their own fate via a democratic referendum. That’s enough to send the troika – the European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) - into a paroxysm of rage. Here, in a nutshell, is everything one needs to know about the EU “dream”.

 
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Greek Banks Considering 30% Haircut On Deposits Over €8,000: FT





"Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said."

 
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Fearing Spillover, ECB Moves To Shield Neighboring Banks From Greek Meltdown





The ECB is moving to backstop Bulgaria's banking sector in an effort to get ahead of a Greek contagion."The ECB would provide access to its refinancing operations, offering euros to the banking system against eligible collateral," Bloomberg reports, citing unnamed sources. 

 
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The Complete Greek Referendum Walk-Thru: When, How, What To Expect; And What Comes Next





  • 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?
 
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Chinese Stocks Plummet Despite Government Threats To Shorts, Europe Lower, US Closed





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!

 
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NSA Leak Reveals Both Merkel And Schauble Saw Greek Debt As Unsustainable Even After Haircut





"Merkel's fear was that Athens would be unable to overcome its problems even with an additional haircut, since it would not be able to handle the remaining debt... Within the German cabinet, Finance Minister Wolfgang Schnaeuble alone continued to strongly back another haircut... with IMF Managing Director Christine Lagarde described as undecided on the issue."

 
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Equities Soar As Tsipras Said Ready To Accept Most Of Expired Bailout Offer, European Response Muted





It's deja vu all over again.

Just hours after Greece became the first developed country to default to the IMF, as a result being expelled from its existing bailout program, a little before 5am CET news hit that Greek PM Tsipras was willing to concede to virtually all creditor demands, with a few exceptions. As the FT first reported, "Greek prime minister Alexis Tsipras will accept most of the bailout creditors’ conditions offered last weekend, but is still insisting on a handful of changes that could thwart a deal according to a letter he sent late on Tuesday night."

 
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For Greeks The Nightmare Is Just Beginning: Here Come The Depositor Haircuts





With capital controls already imposed on Greece, some have wondered if this is as bad as it gets. Unfortunately, as the Cyprus "template" has already shown us, for Greece the nightmare on Eurozone street is just beginning.

 
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Greece Becomes First Developed Country To Default To The IMF





*IMF SAYS GREECE FAILED TO MAKE PAYMENT DUE TUESDAY
*IMF BOARD INFORMED THAT GREECE IS NOW IN ARREARS

 
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In Big Boost To "No" Vote, Schauble Hints Greece Can Default And Stay In Euro





In waht appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:

*SCHAEUBLE SAID TO SAY GREECE MAY BE ABLE TO TAP EU SUPPORT FUND
*SCHAEUBLE SAID TO SEE GREECE STAYING IN EURO EVEN IF 'NO' VOTE

Thus spurring the probability of a consequence-less "no" vote on Sunday enabling the increased negotiating position that The Greek government had hoped for. Of course, desperate for any excuse, stocks and EUR are rallying on this and bonds are selling off.

 
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Varoufakis Confirms Greece Will Default To IMF Today





GREEK FINANCE MINISTER SAYS GREECE WILL NOT PAY IMF ON TUESDAY.

 
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Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday





Update: GREEK BANKS TO REMAIN CLOSED UNTIL JULY 6 : KATHIMERINI

Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that the CEO of Piraeus Bank just announced Greek banks would remain closed for at least one week; further as reported yesterday, the Greek stock market will also remain closed. 

 
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Draghi Freezes Greek ELA, Varoufakis Tells BBC "Looking At Imposing Capital Controls, Closing Banks"





A little under 24 hours before Europe opens for trading, and just under 12 hours before the open of equity futures, and things are not looking good.

 
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G-7, EU Banking Officials Hold Emergency Calls Ahead Of Black Monday





Multiple “emergency” meetings have been scheduled for Sunday as EU officials scramble to figure out how best to deal with what is likely to be a turbulent week and to consider the impact a potential Grexit will have on the currency bloc, its member nations and institutions, and on the global financial system as a whole. Meanwhile, Germany assesses Grexit damage.

 
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