Is something really big about to happen?
On the heels of what appeared to be an ultimatum from EU creditors, Greece remains defiant on pension cuts and a VAT hike, testing the troika's resolve as the countdown to the next maybe-deadline continues. Meanwhile, Germany warns that Grexit could embolden EU "separatist" movements and Dijsselbloem reminds Tsipras that noncompliance isn't an option.
- Razor-edge U.S. Congress vote to decide fate of Obama Pacific trade pact (Reuters)
- EU Readies for Default as Tsipras Drives Greek Finances to Brink (BBG)
- Greece Can’t Plan a Barbecue, Let Alone a Currency, Nielsen Says (BBG)
- IMF quits Greece talks amid ‘air of unreality’ as deal unravels (FT)
- Greece Counts Cost of One Man's Gamble (BBG)
- Merkel urges Greece and creditors to keep pushing for deal (Reuters)
- Fearful ECB starts countdown on Greek funding lifeline (Reuters)
- Greek stocks suffer further pummelling (FT)
"Greece was warned by a group of European Union officials in Brussels it had less than 24 hours to come up with a serious counter-proposal," Bloomberg says. Meanwhile, Reuters reports that Germany is "holding 'concrete consultations' on what to do in the case of a bankruptcy of the Greek state."
Gazprom has vowed to entirely cut out Ukraine as a transit hub for natural gas exports to Europe. “We will not export gas via Ukraine after 2019. The customers will get gas at (newly) agreed delivery points,” Gazprom’s Deputy CEO Alexander Medvedev said on June 9.
- Pope urges Putin to make 'sincere, great effort' for Ukraine peace (Reuters)
- Merkel Tells Tsipras It’s Time to Back Talk With Policy Action (BBG)
- 'Greek tragedy' needs happy ending now: EU's Moscovici (Reuters)
- Vulture Funds Circle Greece Targeting Europe’s Best Trading Bet (BBG)
- Germany against third aid program for Greece under any circumstances, says daily (Reuters)
- Biggest OPEC Members Pump Record Oil With Rally in Jeopardy (BBG)
- Greek ruling reversing pension cuts will cost state 1 to 1.5 bln euros (Kathimerini)
- China’s Former Security Chief Zhou Yongkang Sentenced to Life in Prison (WSJ)
- MSCI backs itself into corner on China share inclusion (Reuters)
Greece should get out as fast as it can, all member countries should, especially the poorer ones. There is no benign or even economically viable future for any of them in the Union. A future inside the union is infinitely more frightening than one outside. What is evident by now is that the troika creditors don’t come to the table to negotiate, they come to impose their will. And those countries that carry the most debt are most vulnerable to the threats flung across the table. If you don’t get out, in time Germany will decide what you can eat, what your children learn in school, and how you are to behave. You will no longer live in sovereign nations.
Greek Economy In "Doomsday" Tailspin: 59 Businesses, 613 Jobs Lost Each Day, Suppliers Demand Cash Up FrontSubmitted by Tyler Durden on 06/10/2015 10:50 -0400
While the Greek government has wasted the past 4 months experiment with game (and hope) theory-based negotiations with the Troika, debating what reforms it should implement, what the budget surplus should be, and how much of a pension and wage haircut the local workforce should undergo just to keep the trickle of European money flowing and "allow" the IMF to repay Greek IMF obligations and the ESM to repay the ECB, the Greek economy has slammed into a brick wall because according to Greece's retailers association, about 59 businesses close down and some 613 jobs are being lost each day.
- White House denies Obama said strong dollar a problem (Reuters)
- Lira Falls to Record Amid Stock Rout as AK Party Loses Majority (BBG)
- Bond-Market Game of Chicken With Fed Is Riskier Than Ever (BBG)
- Xetra Dax enters correction territory (FT)
- China trade shrinks amid slowing demand (FT)
- Greek government eyes compromise with lenders, rules out snap polls (Reuters)
- If You Think Greece’s Crisis Will End Soon, Think Again (BBG)
- China growth data ‘overstated’ due to data error (FT)
- Calpers to Cut External Money Managers by Half (WSJ)
The European "Template" For Dealing With Crises: Freezing Accounts, Bank Holidays, and Capital Controls…Submitted by Phoenix Capital Research on 06/07/2015 18:08 -0400
More and more analysts are beginning to take note of the “War on Cash.” However, they’re missing the fact that the actual template for what’s coming to the US first appeared in Europe back in 2012.
Amid escalating violence in Ukraine,"the Obama administration officials are considering new deterrence strategies to rein in Russian meddling in Europe, in what some say would amount to an updated version of Cold War-era containment," WSJ reports.
If you think the corporate-fascist state is overbearing and oppressive now, you ain’t seen nothing yet.
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.
After disappearing from the public scene last November when his term in EC expired, Herman has re-emerged, or rather, reincarnated into his new role. And while it is not hardly as dramatic as the emergence of a Hermina van Rompuy, his new role will surely raise several (knowing) eyebrows. Meet: Japan's new Haiku Ambassador.
- 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)