This is getting ridiculous...
IMF Says It Will Continue Lending To Ukraine Even After A Default, And Why This Is Bad News For Greek GoldSubmitted by Tyler Durden on 06/13/2015 23:01 -0400
As we enter Sunday and what may well be the last possibility to get deal done before the "accidental" Grexit scenario is put in play, we thought our Greek readers would be interested to learn that while Lagarde's "apolitical" IMF is digging in tooth and nail against giving Greece even the smallest amount of breathing room, the equivalent of half an our of a typical daily Fed POMO notional amount, yesterday the same Lagarde said that the IMF "could lend to Ukraine even if Ukraine determines it cannot service its debt."
Today, following yet another diplomatic snafu when yesterday the IMF announced unexpectedly that it had cut off negotiations on with an intransigent Greek delegation, which hardly restored depositor confidence in their local banks (hit by the double whammy of yet another S&P downgrade) Greek media newsit.gr reports that the relentless bank run once again surged and that as of 3:30 pm, another €600 million or more were withdrawn from local banks by locals "who fear that something might happen over the weekend."
Are we QE'd out??? It was supposed to be about the quality of growth,not helping the oligarchy protect their collective arses
“There’s no more space for gambling, there’s no more time for gambling. The day is coming, I’m afraid, where someone says the game is over."
As unemployment rises to near 27%, a new poll shows more than half of Greeks support giving in to creditors "if they insist on it." Meanwhile, anti-austerity protests are back, with communist-affiliated union members demonstrating at the finance ministry in Athens.
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.
After Bridgewater, and Goldman Sachs, today it is SocGen's turn, which overnight advised clients that with "US set to unwind QE", now is the time to "increase cash" and "reduce risk." This is how SocGen advises its clients to be positioned ahead of the end of QE...
The highly regarded former chairman of the Federal Reserve, Paul Volcker, has severely criticized the State Governments in the U.S. over “faulty practices” used to devise budgets which mask the true financial position of those states.
Ex-SNB Head / Blackrock CIO - HILDEBRAND SAYS SEES NO SHORT-TERM CONTAGION ON POSSIBLE GREXIT
Dutch Central Bank - GREXIT WOULD SHOCK FINANCIAL MARKETS
“A positive scenario requires almost everything to go right from now on,” BofAML says, adding that “Greece needs to receive new funding before the end of June, otherwise it will not be able to repay the IMF on June 30 … which would put ELA access of Greek banks at risk.”
Every great con game eventually comes to an end.
Why has the dollar jumped in recent weeks? Global conspriacy and lies? Are thousands of investors and participants being deluded?
Some events make us question in which of the two we might actually be living in: what if it was some version of Bizarro?
If Greek PM Alexis Tsipras is serious about sticking with the mandate that got Syriza elected, he got a rude awakening on Saturday when, insulted by the PM’s fire and brimstone speech to parliament, EU Commission President Jean-Claude Junker refused a meeting, noting that if Tsipras is serious about going down with the ship, there’s nothing left to talk about.