International Monetary Fund

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Bank Of Greece Pleads For Deal, Says "Uncontrollable Crisis", "Soaring Inflation" Coming





As the war of words between Athens and Brussels reaches a fever pitch ahead of Thursday's Eurogroup meeting, the Bank of Greece has made a plea to both sides as capital controls and a "Lehman Weekend" loom. "A manageable debt crisis, as the one that we are currently addressing with the help of our partners, would snowball into an uncontrollable crisis, with great risks for the banking system and financial stability. An exit from the euro would only compound the already adverse environment, as the ensuing acute exchange rate crisis would send inflation soaring.

 
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Frontrunning: June 17





  • Greek central bank issues 'Grexit' warning if aid talks fail (Reuters)
  • Kerry says 'patience wearing thin' on Syria's Assad (Reuters)
  • Juncker accuses Athens of misleading Greek people (FT)
  • Al Qaeda kills two Saudis accused of spying for America (Reuters)
  • Hedge-Fund Bet Hits Pensions (WSJ)
  • ‘Flash Crash’ Trader Navinder Sarao Worked With Fund Network Now Under Investigation (WSJ)
  • 'Me? Rich?' U.S. presidential hopefuls play middle-class card (Reuters)
  • You’ve Been Warned: Central Bankers Turning Less Market-Friendly (BBG)
 
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"Horrified" Syriza Hardliners Back "Immediate" Greek Bank Nationalization, Euro Exit





Caught between a recalcitrant Left Platform and exasperated creditors, Greek PM Alexis Tsipras must decide how he wants history to remember his tenure as Prime Minister. Either he will be the leader who allowed Greece to crash out of the euro on its way to a redomination-driven economic collapse, or he will go down as the fiery advocate for change who caved under pressure and allowed the troika to stamp out democracy in the place where it was born. 

 
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Low Energy Prices And Conflict Drive Shell Out Of Ukrainian Shale





Royal Dutch Shell has been considering ending its partnership with a Ukrainian energy company in a shale gas exploration venture in eastern Ukraine because of the fighting in the region and prospect of little profit from the project. In fact, at least two news reports say Shell already has notified Ukraine that it’s leaving in a formal “notice of withdrawal.”

 
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As "Options Run Out", This Is What Greek Capital Controls Would Look Like





Irrespective of the political wrangling going on behind the scenes both in Athens and in Brussels, a terminal bank run could plunge Greece into a crisis faster than politicians can react, an eventuality which would have to be met with capital controls. As FT reports, Athens is "running out of options" to avoid a Cyprus repeat.

 
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Greece Refuses To Blink; EU Says Noncompliance "Not An Option"





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.

 
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IMF Crushes Greek Deal Hopes, Says "No Progress Made", Halts Talks After Major Differences Remain





And just like that we are back to the rumor drawing board.

IMF'S RICE SAYS NO PROGRESS MADE TOWARD DEAL WITH GREECE, IMF HAS MAJOR DIFFERENCES WITH GREECE IN KEY AREAS: SPOKESMAN
IMF'S TECHNICAL TEAM ON GREECE HAS LEFT BRUSSELS, RICE SAYS

But "two Bloomberg sources" said yesterday a deal was almost assured. What gives? 

 
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China's Global Ambitions Take Shape As AIIB Structure Revealed, Germany Pledges Full Support





As China builds its own multilateral institutions, Beijing has been keen to dispel the notion that it seeks to supplant the Bretton Woods order with its own brand of Eastern hegemony and although one can certainly question the degree to which China’s aims are rooted purely in an inclination to be benevolent towards nations in need of fixed asset investment, Beijing is making an effort to distance itself from the way the US governs the institutions under its control.

 
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Meet The Participants Of This Year's Bilderberg Conference





From Greek lobbyists to Silicon Valley VCs and from Goldman BSDs to FT reporters, The Bilderberg Group will meet later this week in Tirol to discuss what happens next to the rest of the world... here are the participants...

 
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"Not Credible" Is Europe's Response To Latest Greek 3-Page Proposals As Greek Islanders Threaten Referendum





In attempt to bridge the gap between a proposal submitted by Greek PM Alexis Tsipras last Monday and a draft agreement devised by creditors the following day, Athens has reportedly submitted a "revised" proposal to creditors. Unnamed officials say the new draft is "not credible" and represents but "a vague rehash" of last week's effort. Meanwhile, Athens is looking to tap ESM emergency funding to pay the ECB.

 
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Frontrunning: June 5





  • Europe shares set for worst week of 2015 (Reuters)
  • Jobs Report Not Likely to Trigger June Rate Hike (Hilsenrath)
  • U.S. jobs market seen firming despite lackluster growth (Reuters)
  • Gross Says Bond Rout Scary as Hell Even Without Bear Market (BBG)
  • Apple Is the New Pimco, and Tim Cook Is the New King of Bonds (BBG), which ZH said in 2013
  • In 'year of Apple Pay', many top retailers remain skeptical (Reuters)
  • OPEC Nations Signal Few Prospects for Oil-Production Change (BBG)
  • China regulator says amending rules on margin trading, short selling  (Reuters)
 
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