• Phoenix Capital...
    10/07/2015 - 18:54
    If you think this sounds like some kind of conspiracy theory, consider that France just banned any transaction over €1,000 Euros from using physical cash. Spain has already banned transactions...


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Complete Humiliation: Greek Parliament Pressed To "Approve" German "Coup"

In the final act of what has become a modern Greek tragedy, lawmakers will now be forced to choose between "approving" what is effectively a German overthrow of the Greek government, or face the collapse of the banking system and an economic depression of unimaginable propotions. 

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Schaeuble's Modest Proposal For Greek Bridge Loan: Pay Salaries In IOUs

While Greek PM Alexis Tsipras is busy figuring out how best to go about pushing the "deal" he reached on Monday morning in Brussels through parliament, EU finance ministers are scrambling to put together billions in bridge financing that will hold Athens over until the activation of the ESM program which is likely at least four months away. Although it's as yet unclear which "least bad" option is preferable for Greece's external debt, Wolfgang Schaeuble has an idea for how the country might pay public sector employees.

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Greek Lawmakers Won't Back Deal; Finnish FinMin Says "Can't Agree" To New Greek Loans

Is the Greek "deal" falling apart already?



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Munchau: "The Eurozone As We Know It Is Destroyed"

Despite the euphoria in global equity markets, The FT's Wolfgang Munchau - once one of the keenest euro enthusiasts - warns regime change is coming in Europe. The actions of the creditors has "destroyed the eurozone as we know it and demolished the idea of a monetary union as a step towards a democratic political union," Munchau exclaims, fearing they have "demoted the eurozone into a toxic fixed exchange-rate system, with a shared single currency, run in the interests of Germany, held together by the threat of absolute destitution for those who challenge the prevailing order." He concludes rather ominously, "we will soon be asking ourselves whether this new eurozone, in which the strong push around the weak, can be sustainable."

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After "Deal", Here's What's Next For Greece

Now that Greece has capitulated and offered up its sovereignty in what can only be described as an unconditional surrender to Berlin and Brussels, here's what's next for the country, the government, and the Greek people.

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Deal Struck Following Total Capitulation By Tsipras: Market Awaits Greek Reaction To Draconian Deal Terms

Just around 9am CET, after a 17-hour mammoth all-night session, Greece did manage to cobble together a "deal" if one may call this latest embarrassing can-kicking that, which was nothing short of total capitulation by Tsipras. As part of the deal, Greece "surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid Greece needs to stay in the euro" in the words of Bloomberg.

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How Fascist Capitalism Functions: The Case Of Greece

There is democratic capitalism, and there is fascist capitalism. What we have today is fascist capitalism; and the following will explain how it works, using as an example the case of Greece. Simply out - The whole system is a money-funnel, from the public, to the aristocracy.

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"It's Not Possible To Reach A Deal Today" - EU Summit Canceled As Leaders Scramble To Keep The Dr€am Alive

It was a weekend in which, according to traders, Greece facing an "absolutely final" was going to be saved. Instead, it may go down in history as the weekend in which the Eurozone finally split and its long-overdue disintegration began.

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Finland Echoes Germany, Wants Greece Out; Five Other Nations Back Grexit

Initially it was just an unconfirmed rumor circulating in the German FAS media that the local FinMin had proposed a "temporary Grexit" option. It now appears that this was not only not a rumor, but Schauble's sentiment is contagious: moments ago Finnish broadcaster MTV reported that first Finland, and then the Eurozone's smaller, if somewhat more solvent nations, Estonia, Lithuania, Slovakia, Slovenia and even the Netherlands, support the German position on temporarily suspending Greece' Euro membership.

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Peter Schiff On The Big Picture: The Party's Ending

While the party in the 1990s ended badly, the festivities currently underway may end in outright disaster. The party-goers may not just awaken with hangovers, but with missing teeth, no memories, and Mike Tyson's tiger in their hotel room.

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Why Is the American Dream Dead In The South?

The top 1 percent aren't killing the American Dream. Something else is - if you live in the wrong place. We like to tell ourselves that America is the land of opportunity, but the reality doesn't match the rhetoric - and hasn't for awhile.

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Greece Invokes Nuclear Option: Tsipras Calls For Referendum

Greek PM Tsipras just delivered the biggest Friday night bomb in recent European history: he stunned the Troika and his peers in Europe with the biggest shocker of all - a referendum announcement, aka the Greek "nuclear option", something which cost his predecessor George Papandreou his job. At this point there is no turning back, and the Greeks - of which 80% want to stay in the Euro even as 80% want an end to austerity - will get to choose their own fate. Whatever choice they make, they will now only have only themselves to blame.

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Eurogroup Meeting Ends With No Deal

Given that the Greek delegation already left, this is hardly a surprise but...

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"When The Unwind Comes, It Comes Sharply As The Exit Door Is Tiny"

“There are three things that matter in the bond market these days: liquidity, liquidity and liquidity. When the unwind comes, like we’ve seen in the past few months, it comes abruptly and sharply as the exit door is tiny"...

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