• GoldCore
    07/01/2015 - 10:07
    With all eyes on Greece it would seem another crisis relating to unpayable debt is brewing in the Caribbean. The governor of Puerto Rico, Alejandro García Padilla, has warned that the island is...

Reuters

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"Free Labor" Or "Slave Labor" - Hillary's Unpaid Intern Hypocrisy





What difference does it make? In yet another gross exposure of Hillary hypocrisy, The Guardian reports that the great savior of "everyday Americans", promising to fight for fairness for working Americans; She who proclaims $15 per hour minimum wage is fair for all, is in the midst of a 'hiring freeze' of paid organizing positions, forcing experienced grassroots campaign workers to offer their services for free, unpaid internships.  Perhaps, a rephrasing of the campaign slogan should be "do as I say, not as I do."

 
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OMT Decision By EU Top Court Sets Europe On Renewed "Collision Course" With Germany





As expected, earlier today the pro-ECB top European Union court found that Draghi's impromptu announcement of an OMT, which was basically the wrapping of his "whatever it takes" policy from 2012 to prevent the collapse of the Eurozone when peripheral bond yields were hitting daily records, was perfectly legal.

 
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Frontrunning: June 16





  • Greek PM sticks to hard line as contagion hits euro zone bonds (Reuters)
  • Greek Deadlock Has Leader Hoping for Miracle to Avoid Default (BBG)
  • Greek Showdown Puts Merkel's Teflon Legacy at Risk (BBG)
  • Greek standoff saps Europe, dollar swings ahead of Fed (Reuters)
  • Allianz Increased Holdings of Greek Debt as Its Largest Investor (BBG)
  • French Bonds Infected as Greek Crisis Swells Euro-Region Spreads (BBG)
  • Statoil to cut 1,500 more jobs as savings drive intensifies (FT)
  • UnitedHealth, Anthem Seek to Buy Smaller Rivals (WSJ)
  • Five Million Reasons Why China Could Go to War (BBG)
 
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Global Risk Off From China To Europe To US, As Greek Impasse Hits Markets





Another day of constant Grexit chatter, and this time the futures are really starting to react as what was seen as mostly impossible for the past 4 months is now almost inevitable. The first tremors emerged when Greece announced it would not present a new proposal to the Eurogroup to unlock aid, relying instead on what has already been submitted and which the Troika said was inadequate. Then, confusing matters, a new GPO poll posted on Greece's Mega TV showed that increasingly more, or over 56% at last count, of Greece would prefer a "bad" deal with creditors than being kicked out of the Eurozone putting the future of Tsipras' cabine tin jeopardy. And then, hinting that the endgame is officially here, the FT reported that "Eurozone officials discuss holding emergency summit on Greece", suggesting a second Lehman weekend may be just around the corner.

 
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Russia Condemns "Aggressive" US Weapons Deployment; Will Send Troops To Protect Border





The Russian Defense Ministry is out condemning NATO plans to store heavy weapons in Eastern Europe, calling it "the most aggressive step by the Pentagon and NATO" since the Cold War and conjuring up memories of a bygone bipolarity.

 
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Grexit Contagion Uncontained: Peripheral Bond Risk Surges As Greek Banks Collapse





Despite weeks of reassurances and repetitions that Grexit is "contained" - it's not! Bond spreads for Portugal, Italy, and Spain are blowing out (now up 35-50bps in the last 2 days). While Draghi desperatly soaks up selling pressure, Spanish bond yields have surpassed US yields for the first time since October. But while bonds are turmoiling (Bunds/TSYS -5-7bps, everything else ugly), the real carnage is in Greece. Greek bank bonds are pushing to new record lows and the broad ASE is down over 13% from last week's exuberant surge when Greece was fixed again (based on a Reuters headline rumor).

 
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Europe Warns Of "State Of Emergency" As Greek Stalemate Drags On





With talks between Greece and creditors at what appears to be an intractable stalemate, Germany's EU Commissioner warns that a "state of emergency" could leave Greeks without energy and medicine. Meanwhile, PM Alexis Tsipras has pledged to defend democracy "in the place where it was born."

 
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Frontrunning: June 15





  • Tsipras Hardens Greek Stance After Collapse of Talks (BBG)
  • Obama Fights to Save Trade Bill (WSJ)
  • German Stock Market Pain Seen Just Beginning Should Greece Exit (BBG)
  • Russia to boost forces in western flank if U.S. stations arms in east Europe (Reuters)
  • Lab Nears Settlement Over Pricey Medicare Drug Tests (WSJ)
  • China's $358 Billion in Margin Loans Points to Next Bear Market (BBG)
  • Draghi Faces EU Court Ruling on 2012 Bond Plan as Greece Teeters (BBG)
  • Sex, lies and debt potentially exposed by U.S. data hack (Reuters)
 
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UK Said To Withdraw Spies After Russia, China Hack Snowden Encryption, Sunday Times Reports





Perhaps just to make sure that the fear level spread by the Department of "Developed Market" Fear hits panic level promptly, overnight the UK's Sunday Times reported via Reuters, "citing unnamed officials at the office of British Prime Minister David Cameron, the Home Office (interior ministry) and security services" that Britain has pulled out agents from live operations in "hostile countries" after Russia and China cracked top-secret information contained in files leaked by former U.S. National Security Agency contractor Edward Snowden.

 
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Assailant Attacks Dallas Police Headquarters With Automatic Guns, Pipe Bombs





As many as four gunmen fired automatic weapons against the Dallas Police headquarters, and that at least at least two pipe bombs were found outside the police headquarters after the initial shooting. At least one attacker opened fire on Dallas' police headquarters early Saturday, riddling windows and police cars with bullets before fleeing in a van to a suburban restaurant parking lot, where officers surrounded the vehicle in a standoff that has lasted for hours, CNN reports.

 
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Greece Looks To Trade Concessions For Writedowns As Standoff Continues





"If we have a sustainable solution, regardless of how difficult the compromise is, we will bear the burden because the only criteria are exiting the crisis and the bailouts."

 
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How The Report That Europe Is Formally Discussing A Greek Default Shook Markets





"Senior EU officials have formally discussed for the first time a possible Greek debt default as negotiations between Athens and its creditors have stalled ahead of an end-month repayment deadline," Reuters reports. Or, translated from political correctness into the truth: "EU officials have stopped pretending that no one has discussed a Greek default." 

 
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Greek Stocks, Bank Bonds Battered As Deal Hope Fades





Headline hockey remains all that matters if one is "trading" European stocks, bonds, or FX. Today, so far,  no deal... and so Athens Stock Exchange and Greek bank bonds are plunging (for now)...

 
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Frontrunning: June 12





  • Razor-edge U.S. Congress vote to decide fate of Obama Pacific trade pact (Reuters)
  • EU Readies for Default as Tsipras Drives Greek Finances to Brink (BBG)
  • Greece Can’t Plan a Barbecue, Let Alone a Currency, Nielsen Says (BBG)
  • IMF quits Greece talks amid ‘air of unreality’ as deal unravels (FT)
  • Greece Counts Cost of One Man's Gamble (BBG)
  • Merkel urges Greece and creditors to keep pushing for deal (Reuters)
  • Fearful ECB starts countdown on Greek funding lifeline (Reuters)
  • Greek stocks suffer further pummelling (FT)
 
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