• EconMatters
    11/30/2015 - 16:21
    The ISIS group sells most of its crude directly to independent traders at the wellhead for $20-$45 a barrel earning the group an average of $1.5 million a day.

International Monetary Fund

Tyler Durden's picture

Greek Parliament Votes In Favor Of Referendum

Update: As expected, the Greek parliament has voted in favor of the referendum announced Saturday by PM Alexis Tsipras. 

Tyler Durden's picture

IMF Confirms Greek Referendum "Irrelevant" After Program Expires On Tuesday

If there was any confusion if, as we warned was the biggest problem with the Greek referendum namely that next weekend there will no longer be a proposal to vote on, the IMF's Christine Lagarde just put it to rest. As she told the BBC moments ago, the Greek government's planned referendum on the terms of any new bailout plan will be invalid after Tuesday, when the current programme expires. As a result, the Greek people would be voting on proposals that were no longer in place.

Tyler Durden's picture

Greek IMF Default May Trigger €131 Billion Payment On EFSF Lonas

"A possible Greek default on debt due to the International Monetary Fund next week would trigger cross- default clauses on 130.9 billion euros that Greece owes the euro area’s temporary rescue facility, a European Union official says."

Tyler Durden's picture

"This Is A Sad Decision": Europe Responds To The Greek Referendum, Which Has One Massive Problem

While the path ahead suddenly just got very confusing for both Greece and Europe, one thing is clear: going forward the Greeks will only have themselves to blame for whatever the final outcome is. That, and the Greek trargicomedy which has now lasted for over 5 years, may finally be over.

Tyler Durden's picture

The US & Europe Will Collapse Regardless Of Economic "Contagion"

We cannot forget that crisis is in itself a distraction as well. Whatever pain we do feel tomorrow, or the next day, or the next decade, remember who it was that caused it all: the international banks and their globalist political counterparts. No matter what happens, never be willing to accept a centralized system. No matter how reasonable or rational it might sound amid the terror of fiscal uncertainty, never give the beast what it wants. Refuse to conform to the dialectic. This is the only chance we have left to get back to true prosperity. Once we cross the line into the realm of worldwide institutionalized interdependency, we will never know prosperity or freedom again.

GoldCore's picture

Chinese Stock Market Collapses 7.4% - Gold Demand Surges To Record

Shanghai Gold Exchange volume climbed to a record today as prices declined incentivizing value driven Chinese buyers as Chinese stocks crashed 7.4%. Chinese stocks have had the biggest two-week loss in more than 18 years and are close to entering a bear market after extending losses from their June 12 peak to 19 percent in less than three weeks.

Tyler Durden's picture

China Plunges Most Since 2007, Points Away From Bear Market; Greek Drama Continues

Following yesterday's furious market drop in Chinese stocks, just before the overnight open, Morgan Stanley came out with a much distributed report urging investors "Not to buy this dip", and so they didn't. As a result, the Shanghai Composite imploded, at one point trading down 8% while the Chinext and Shenzhen markets crashed even more. This was the single biggest Shanghai Composite one-day drop since 2007, and with a close at 4192.87 the SHCOMP is now on the verge of a bear market, down 19% from its June 12 highs. China's second largest market, Shenzhen, is now officially in a bear market.

Tyler Durden's picture

Grexident Looming: Eurogroup Meeting Ends Prematurely With No Deal

Following meetings with EU officials and then with IMF chief Christine Lagarde and ECB chief Mario Draghi on Wednesday evening, Greek PM Alexis Tsipras is back at it on Thursday, in a frantic attempt to salvage a deal with creditors. He'll need to win over EU finance chiefs (who are collectively losing their will to keep Greece in the currency bloc) and the IMF as the EU summit kicks off in Brussels.

Tyler Durden's picture

We Are Reaching Peak Energy Demand, BP Data Suggests

Some people talk about peak energy (or oil) supply. They expect high prices and more demand than supply. Other people talk about energy demand hitting a peak many years from now, perhaps when most of us have electric cars. Neither of these views is correct. The real situation is that we right now seem to be reaching peak energy demand through low commodity prices.

Tyler Durden's picture

Greece Rejects "Totally Unacceptable" IMF Counterproposal Demanding Pension Cuts: Full Redline Comparison

The renewed optimism that's surrounded Greek debt negotiations since Monday evening evaporated like deposits on a hot summer day in Athens this morning as the IMF has indicated it will stick to its "red lines" on pension cuts and the VAT, meaning PM Alexis Tsipras will either surrender unconditionally or embrace an EMU exit.

Tyler Durden's picture

Frontrunning: June 24

  • Greece Handed New Terms as Tsipras Approaches Decision Time (BBG)
  • As U.S. Probes $12.7 Trillion Treasury Market, Trader Talk Is a Good Place to Start (BBG)
  • Signs Swedish QE Backfiring as Liquidity Evaporates (BBG)
  • ECB approves ELA funding requested by Greece- banking source (Reuters)
  • Greek Millennials Can't Find Work But Actually Want to Keep the Euro (BBG)
  • Greek deal or not, the euro is now a different beast (Reuters)
  • Promoter’s Arrest Sheds Light on Cynk’s $6 Billion Surge (BBG)
  • The World's Biggest Economies Are About to Feel the Impact of China's Slowdown (BBG)
  • Senate Clears Trade Bill’s Way to Passage (WSJ)
Tyler Durden's picture

"No Deal": Tsipras Says Creditors Did Not Accept Greek Proposal

Who could have possibly foreseen that the IMF would throw up all over the Greek "proposal"... aside from this post here "Why The IMF Will Reject The Latest Greek Proposal In Just Two Numbers" yesterday afternoon of course. In any event, moments ago Bloomberg reported that just as we wrote here yesterday afternoon, there is no deal and that Greek PM Alexis Tsipras told his associates that creditors not accepting equivalent fiscal measures has never happened before, according to a Greek govt official, who asked not to be named in line with policy. Creditors “not accepting parametric measures has never happened before. Neither in Ireland, nor in Portugal, nor anywhere. This strange stance can hide two scenarios; they either don’t want an agreement or serve specific interests in Greece.”

Tyler Durden's picture

IMF Spoils The Party Again: Throws Up On Latest Greek Proposal

But it was all looking so great based on the market's all-knowing discounting mechanism of idiot algos. Despite Merkel's comments on "no discussion of restructuring" and Schaeuble's dysphoria over the proposals, a Greek Minister's overconfident "Greece is rescued" comment is about to be crushed by Lagarde's heavy hand:


Yeah - but as they say - apart from that The IMF loved the Greek Proposal!?

Tyler Durden's picture

Greece Capitulates: Tsipras Crosses "Red Line", Will Accept Bailout Extension

Under pressure from all sides (and most importantly from Mario Draghi who holds the fate of the Greek banking sector in his hands) Greece looks to have folded and is now set to accept an extension of its current bailout program. PM Alexis Tsipras now faces an uphill battle to unite Syriza around what is likely to be an unpopular agreement. If he fails, the country could plunge into political and social turmoil. 

Tyler Durden's picture

European Bonds, Stocks Explode Higher As "Optimism" Trade Gets Second Wind

Early hope began to fade as nothing appeared to be settled... and then The BBC unleahed the ultimate "Greece is rescued" quote from an EU Minister. Bond risk is now collapsing (PORTUG -55bps!) as Bunds & TSYs are dumped, Greek stocks are up 9%, and all European Bourses are surging as even EURUSD is rallying (breaking its earlier correlation)...

Syndicate content
Do NOT follow this link or you will be banned from the site!