Reuters

US Pushed For IMF Greek Haircut Study Release After Euro 'Allies' Tried To Block

The timing of the release of The IMF's 'Greece needs a debt haircut no matter what' report this week was odd to say the least. Being as it confirmed everything the Greek government has been saying and provided the perfect ammunition for Tsipras to spin Sunday's Greferendum as a Yes/No to debt haircuts - something everyone can understand (and get behind). It is understandable then that, as Reuters reports, Greece's eurozone allies tried to block the release of the damning report this week but the Europeans were heavily outnumbered and the United States, the strongest voice in the IMF, was in favor of publication, sources said. While The IMF concluded, "Facts are stubborn. You can't hide the facts because they may be exploited," one wonders if this move merely reinforces Goldman's concpiracy theory.

Frontrunning: July 2

  • Chinese stocks tumble again, ignoring Beijing's blandishments (Reuters)
  • Plight of Greek pensioners heaps pressure on Tsipras (Reuters)
  • Cash Crunch Hits Everyday Life in Greece (WSJ)
  • Souvlakis Tell a Story Well Beyond Today's Greek Crisis (BBG)
  • Greek Referendum on Bailout Too Close to Call, Poll Shows (BBG)
  • Move Over Greece: For Treasuries Traders, Today Is About the Fed (BBG)
  • ECB adds corporate names to QE-eligible bonds (FT)
  • Special Report: How Greece went bust (Reuters)
  • Puerto Rico’s Pain Is Tied to U.S. Wages (WSJ)

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.

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)

Equities Soar As Tsipras Said Ready To Accept Most Of Expired Bailout Offer, European Response Muted

It's deja vu all over again.

Just hours after Greece became the first developed country to default to the IMF, as a result being expelled from its existing bailout program, a little before 5am CET news hit that Greek PM Tsipras was willing to concede to virtually all creditor demands, with a few exceptions. As the FT first reported, "Greek prime minister Alexis Tsipras will accept most of the bailout creditors’ conditions offered last weekend, but is still insisting on a handful of changes that could thwart a deal according to a letter he sent late on Tuesday night."

"Diva Of Distress" Dissed: Court Tosses Lynn Tilton's Lawsuit Against SEC, Which Is Suing Her For Fraud

Just hours after the SEC sued Lynn Tilton for CLO fraud, the "Diva of Distress" countersued the SEC to stop it from pursuing its civil charge, alleging the SEC violated her constitutional rights or something. As she said then, "I hold hope that our nation will allow a fair fight for truth, to defend integrity and intent against allegations and provides fair forums," Tilton posted on Twitter. Our nation did not.

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)

Russia Promises "Economic And Military" Aid To Syria As US Refloats Assad "Chemcial Weapons" Trial Balloon

The Syrian "chemical weapons" narrative is back and with it is the confirmaton that Russia will not leave the US dictate middle eastern borders unilaterally. Syria's foreign minister said on a visit to Moscow on Monday that top ally Russia had promised to send political, economic and military aid to his country. "I got a promise of aid to Syria - politically, economically and militarily," Walid al-Moualem said at a televised news conference in Moscow after meeting Russian President Vladimir Putin.