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Phoenix Capital Research's picture

The Template for the End Game: Lies and Fraud Followed by Bail-Ins





This process will be spreading throughout the globe going forward. Indeed, the FDIC has proposed precisely the same “bail-in” program if a “systematically important financial institution” were to go belly-up in the US.

 
 
Secular Investor's picture

Cash On A Greek Bank Account? *Poof* It’s Gone!





Meanwhile, Greece defaults on an ECB payment nobody remembered...

 
Tyler Durden's picture

Chinese Stocks Plummet Despite Government Threats To Shorts, Europe Lower, US Closed





The Greece impasse set to culminate on Sunday continues to have a massive impact on at least one stock market, unfortunately it is the wrong one, located on a continent which is mostly irrelevant to the future of the Greek people (unless that whole AIIB bailout does take place of course). We are, of course, talking about China which as noted earlier, started off horribly, plunging over 7% with over 1000 stocks hitting 10% limit down, then in the afternoon session mysteriously recovering all losses and even trading slightly higher on the day, before the late selling returned once more, and the Shanghai Composite plunged to close down 5.8%: an unimaginable 20% total roundtrip move!

 
Tyler Durden's picture

For The Bookies The Referendum Outcome Is Clear: Paddy Power Pays Out For "Yes" Votes





The market may be scratching its head over the outcome of this Sunday's Greek referendum, soaring on the faintest trace of good news such as the report of Tsirpas' capitulation this morning then reluctantly selling off as the euphoria is rejected, but for the bookies the outcome is now clear: earlier today Ireland's Paddy Power announced it has "paid out five figures" in winnings to gamblers who bet that Greece will back a July 5 austerity referendum that may seal the nation’s future as part of the euro region.

 
Tyler Durden's picture

Frontrunning: July 1





  • Tsipras backs down on many Greece bailout demands (FT)
  • Creditors skeptical of Tsipras' offer (Reuters)
  • Greek Pension Rationing Begins; Poll Shows Tsipras Backed (BBG)
  • Greek referendum poll shows lead for 'No' vote, but narrowing (Reuters)
  • Greek Bank Controls Heap More Pain on Crisis-Weary Citizens (BBG)
  • Greek Crisis Ripples Across European Companies as Markets Swing (BBG)
  • China Stocks Fall: Shanghai Composite Index Drops 5.2% (BBG)
  • China June factory, services surveys fuel hopes economy leveling out (Reuters)
  • Some Chinese Are Taking 22% Margin Loans to Finance Stock Purchases (BBG)
 
Tyler Durden's picture

Frontrunning: June 30





  • EU in last-ditch bid to Greece, urges "yes" vote to bailout (Reuters)
  • In? Out? In between? A Greek legal riddle for EU (Reuters)
  • Tsipras Says EU Won’t Eject Greece as Cost ‘Immense’ (BBG)
  • Empty Greek ATMs Force Tourists to Stiff Santorini Cabbies (BBG)
  • Anti-austerity protests in Greece as bank shutdown bites (Reuters)
  • Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent' (Reuters)
  • Puerto Rico Urges Concessions From Creditors (WSJ)
  • Hilsenrath - For Fed to Delay Rate Hikes, Global Tumult Would Need to Infect U.S. (WSJ)
 
Tyler Durden's picture

Greece May Not Even Have The Funds To Conduct A Referendum





According to Germany's FAZ, "the Greek Court also estimates that the referendum will cost around 110 million euros, according to a well-informed policy analyst. Money that in view of the strapped Greek Checkout simply will not be there, even if the country saves a EUR 1.6 billion full-scale default to the International Monetary Fund this Tuesday."

 
Tyler Durden's picture

Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday





Update: GREEK BANKS TO REMAIN CLOSED UNTIL JULY 6 : KATHIMERINI

Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that the CEO of Piraeus Bank just announced Greek banks would remain closed for at least one week; further as reported yesterday, the Greek stock market will also remain closed. 

 
Tyler Durden's picture

G-7, EU Banking Officials Hold Emergency Calls Ahead Of Black Monday





Multiple “emergency” meetings have been scheduled for Sunday as EU officials scramble to figure out how best to deal with what is likely to be a turbulent week and to consider the impact a potential Grexit will have on the currency bloc, its member nations and institutions, and on the global financial system as a whole. Meanwhile, Germany assesses Grexit damage.

 
Tyler Durden's picture

Decapitated Head Found Pinned To Gate in French "Terrorist Attack"





Six months after the massacre at Charlie Hebdo that left 12 dead in Paris, France was hit by what officials are calling a terrorist attack on Friday. According to multiple reports, two men drove a car into the entrance of an Air Products factory in southeastern France triggering multiple explosions. A decapitated head covered in Arabic writing was pinned to the factory’s gate.

 
Tyler Durden's picture

"Angry And Embarrassed" France Calls US Spying "Unacceptable", Demands US "Repair Damaged Relations"





Angry and embarrassed, France summoned the U.S. ambassador Wednesday to respond to the revelations by WikiLeaks that the U.S. National Security Agency eavesdropped on three successive French presidents and other top officials. Prime Minister Manuel Valls said the U.S. must do everything it can, and quickly, to "repair the damage" to U.S.-French relations from the revelations, which he called "a very serious violation of the spirit of trust" between the allies. "If the fact of the revelations today does not constitute a real surprise for anyone, that in no way lessens the emotion and the anger. They are legitimate. France will not tolerate any action threatening its security and fundamental interests."

 

 
Tyler Durden's picture

Russia Slams Extension Of European Sanctions; Pentagon Warns Of "Nuclear Saber-Rattling"





Over the past several months, tensions between Russia and the West have escalated meaningfully. While it’s certainly true that, since Crimea, US-Russia relations have deteriorated steadily (baskets of potatoes notwithstanding), recent events suggests the situation may come to a head more quickly than either side cares to admit. In the latest provocation, Europe has extended economic sanctions against Moscow for another six months or, until the Kremlin agrees to abide by the terms of the Minsk agreement which Europe, on the word of Kiev, assumes Moscow is violating. Meanwhile, US Secretary of Defense Ash Carter blasts Russian "nuclear saber rattling."

 
Tyler Durden's picture

12 Signs That The United States And China Are Moving Toward War





If the United States and China are supposed to be such “great friends”, why are both sides acting as if war is in our future? There were years of diplomatic troubles before Japan finally made the decision to launch a “surprise” attack on Pearl Harbor. Right now, it appears we are moving into a similar period of diplomatic trouble with China.

 
Tyler Durden's picture

Greece Told To Have A Deal Ready Before Monday Meeting; Tsipras Submits Revised Plan With No Pension Cuts





With just under 24 hours until Monday's final summit after which even JPMorgan now agrees the ECB will be forced to use a nuclear option and limit or cut Greek ELA thus imposing capital controls as a "negotiating tactic", earlier today both France and Germany told Greece it must have a reform deal agreement with the Troika finalized and delivered before a crucial leaders’ summit between Athens and its creditors on Monday; in other words before trading opens on Monday.

 
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