• Phoenix Capital...
    07/02/2015 - 11:09
    This process has already begun in Europe. It will be spreading elsewhere in the months to come. Smart investors are preparing now BEFORE it hits so they are in a position to profit from it...

International Monetary Fund

Tyler Durden's picture

Greece Abandons "Red Lines" As Troika Meets In Berlin To Craft "Deal"





We have long argued that the most likely endgame for Greece is that PM Tsipras caves to the troika, compromises on the government’s ‘red lines’ and risks a government reshuffle on the way to a third program, thus averting a euro exit and keeping Greece from descending into a drachma death spiral, even as the “solution” effectively strips the Greek people of their right to choose how they want to be governed — a tragically absurd outcome in what is the birthplace of democracy. It now appears that scenario is set to unfold.

 
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Greek Default, Deposit Blocks, New Government "May Be Necessary" To End Impasse, Goldman Says





"Not only is it possible that we may need to see technical default and deposit blocks in order to come to a new programme, it may be necessary to do so in order to break the current impasse in negotiations," Goldman says, after indicating that a Greek government shakeup is now likely inevitable.

 
Tyler Durden's picture

Frontrunning: June 1





  • Senate lets NSA spy program lapse, at least for now (Reuters)
  • Draghi Deflation Relief Means Little With Greek Threat Unsolved (BBG)
  • Tepid factory data add to Asian gloom (FT)
  • Citigroup Likely to Close Banamex USA (WSJ)
  • Frugality of High Earners in U.S. Shows Long Shadow of Recession (BBG)
  • Greece’s Tsipras Warns Bell May Toll for Europe (BBG)
  • Carnegie Mellon Reels After Uber Lures Away Researchers (WSJ)
  • Romário leads drive for Brazilian probe into Fifa (FT)
  • Faster than China? India's road, rail drive could lay doubts to rest (Reuters)
 
Tyler Durden's picture

Defiant Tsipras Warns European Leaders They Are "Making A Grave Mistake"





On Sunday, PM Alexis Tsipras penned a lengthy statement expressing his frustration at creditors’ insistence on presenting what he calls “absurd proposals” even as the Greek delegation has gone most of the way towards meeting the troika’s demands. "Judging from the present circumstances, it appears that this new European power is being constructed, with Greece being the first victim. To some, this represents a golden opportunity to make an example out of Greece. If some, however, think or want to believe that this decision concerns only Greece, they are making a grave mistake. I would suggest that they re-read Hemingway’s masterpiece, 'For Whom the Bell Tolls.'"

 
Tyler Durden's picture

Frontrunning: May 29





  • Former House Speaker Hastert indicted on federal charges (Reuters)
  • Blatter expected to win re-election despite soccer corruption scandal (Reuters)
  • NYSE Looks to Ease Late-Day Pileup (WSJ)
  • What Will Happen to a Generation of Wall Street Traders Who Have Never Seen a Rate Hike? (BBG)
  • Japan spending slump casts doubt on central bank optimism  (Reuters)
  • Unclear rules, market volatility take toll on bank capital  (Reuters)
  • Greece Told Budget a Red Line for Creditors Venting at G-7 (BBG)
  • The Economist Who Realized How Crazy We Are (Michael Lewis)
  • Pimco Said to Have Considered Goldman’s Cohn for Top Job (BBG)
 
Tyler Durden's picture

Putting The 'Great' In Great Depression, Stephen Roach Warns On TPP's Currency Rules





History has not been kind to major trade blunders. Just as the Smoot-Hawley Tariff Act of 1930 sparked a global trade war that may well have put the “great” in the Great Depression, Congressional enactment of enforceable currency rules today could spark retaliatory actions that might devastate the free flow of trade that a sluggish global economy desperately needs.

 
Tyler Durden's picture

With Greece "Nowhere Close" To Deal, Depositors Pull €300 Million From Banks In Single Day





Greece is "nowhere close" to a deal with its creditors and will miss a May deadline to strike a compromise ahead of an IMF payment due on June 5. Meanwhile, the ECB tightens the screws on the country's banking sector by refusing to lift the ceiling on the emergency liquidity that until now has helped to offset deposit flight.

 
Tyler Durden's picture

Frontrunning: May 27





  • FIFA Raided by Swiss Authorities in 2018, 2022 World Cup Probe (BBG)
  • Companies Send More Cash Back to Shareholders (WSJ)
  • Time Warner Cable Deal Stirs Debt Concerns (WSJ)
  • Qatar $200 Billion World Cup Under More Scrutiny Amid FIFA Probe (BBG)
  • Philippine, Vietnamese troops play soccer and sing on disputed island (Reuters)
  • The G-7's Problem: Can the World Deal With a Greek Default? (BBG)
  • SocGen Deal for Bache Illustrates Commodity-Trading Woe (WSJ)
  • China’s Naval Abilities Test Asia’s Insecurities (WSJ)
 
Tyler Durden's picture

Surplus Repression And The Self-Defeating Deep State





The nation is wallowing self-piteously in a fetid trough of denial and adolescent rage/magical thinking now that the nation's bogus, debt-based "prosperity" has crashed and cannot be restored.

 
Phoenix Capital Research's picture

Greece Could Trigger a $9 Trillion Chain Reaction





Will Greece default or is this a bluff? The larger implication is that Greece may be the straw that breaks the proverbial camel’s back: a Greek default or breakup from the Euro would, trigger considerable US Dollar strength.

 
Tyler Durden's picture

Frontrunning: May 26





  • Developed-Country Growth Slows, OECD Says (WSJ)
  • Charter Agrees to Buy Time Warner Cable for About $55 Billion (BBG)
  • Dollar hits one-month high as periphery woes weigh on Europe (Reuters)
  • IMF Says Yuan No Longer Undervalued Amid Reserve-Status Push (BBG)
  • Hanergy secured $200m loan ahead of solar group stock tumble (FT)
  • Congressional Inaction Threatens NSA Spy Program (WSJ)
  • Germany sees progress on Greece, EU officials to confer on Thursday (Reuters)
  • Hayes ‘motivated by greed’, prosecutor says in Libor case (FT)
  • Whistleblowers Find SEC Rewards Slow and Scarce (WSJ)
 
Tyler Durden's picture

Austria Confirms Faith In Fiat Fading: Repatriates 110 Tons Of Gold From BOE





Six months ago we warned that Austria was considering it, and now, as Kronen-Zeitung reports, with no rigged Swiss-like referendum required, Austrian Central Bank Governor Edwald Nowotny has committed to repatriating 110 tonnes of gold. This is part of Nowotny's new "gold strategy" and with his position (on paper) as one of Draghi's foremost lieutenants, appears to be a huge stab in the back for super-Mario.  While gold withdrawals from the NY Fed are incessant, this time it appears the Bank of England faces the trust-fall as 80% of Vienna's gold is held there.

 
Tyler Durden's picture

Greece May Need To Issue IOUs Schaeuble Says After Latest Failure To Reach A Deal





"German Finance Minister Wolfgang Schaeuble conceded the possibility that Greece may need a parallel currency alongside the euro if the country’s talks with creditors fail," Bloomberg reports. Meanwhile, "sideline" negotiations between Greek PM Tsipras and Angela Merkel breakdown in Riga.

 
Tyler Durden's picture

Guest Post: This October The World Will Change - "China Is Preparing For Something Big"





"China... across the board... is preparing for something big in currency markets... The world has an unease about the dollar system... former President Hu of China said 'the dollar is a product of the past'."

 
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