Reuters

Tyler Durden's picture

Frontrunning: July 8





  • Greece and China expose limits of 'whatever it takes' (Reuters)
  • China no longer has a market: China Stock Sellers Frozen Out of 71% of Market (BBG)
  • China’s Market Rescue Makes Matters Worse as Prices Lose Meaning (BBG)
  • China Stocks Plunge as State Support Fails to Revive Confidence (BBG)
  • China Market Rout Spreads From Stocks to Price of Pig Food (BBG)
  • China’s State-Owned Firms Ordered Not to Cut Share Holdings (BBG)
  • Greece Requests Three-Year Bailout in First Step Toward Meeting Creditors’ Demand (WSJ)
  • Greece Faces Euro Exit Unless Demands Accepted by Sunday (BBG)
 
Tyler Durden's picture

Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary





Greece formally requested a three-year bailout from the eurozone’s rescue fund Wednesday and pledged to start implementing some of the overhauls demanded by creditors by early next week. Crucially for Greece’s creditors, the letter says the government would start implementing some measures, including on taxation and pensions, by the beginning of next week, though it doesn’t go into details. The letter is a first step toward fulfilling a demand by international creditors, who have given Athens until Sunday to come up with tougher measures they would impose in return for desperately needed financing that could keep the country from bankruptcy and even worse economic turmoil. 

 
Tyler Durden's picture

Merkel Mocks Greece And The Referendum: There Is Money, But The Deal Is Much Harsher Now (And No Debt Haircut)





GREEK PROPOSALS HAVE TO GO BEYOND WHAT BAILOUT INSTITUTIONS DEMANDED BEFORE REFERENDUM
MERKEL RULES OUT DEBT 'HAIRCUT'
JUNCKER: LAST MOMENT FOR GREEK GOVT WILL BE MONDAY MORNING

 
Tyler Durden's picture

Cronyism Pays: Eric Holder Triumphantly Returns To Law Firm That Lobbies For Banks





After failing to criminally prosecute any of the financial firms responsible for the market collapse in 2008, former Attorney General Eric Holder is returning to Covington & Burling, a corporate law firm known for serving Wall Street clients. The move completes one of the more troubling trips through the revolving door for a cabinet secretary. Holder worked at Covington from 2001 right up to being sworn in as attorney general in Feburary 2009. And Covington literally kept an office empty for him, awaiting his return. When the firm moved to a new building last year, it kept an 11th-story corner office reserved for Holder.

 
Tyler Durden's picture

Why GM Is Back Below Its IPO Price - Pictures From GM's China "Parking Lot"





Despite broad and deep price cuts introduced earlier in the year, GM's sales in China were roughly flat in June continuing the streak of weakness since March (when GM changed its reporting to retail sales from wholesale delivery). This is the weakest start to a year for China auto sales since 2012 and GM's share price is now back notably below its 2012 IPO price. Judging by the massive volume of cars 'parked' in GM's Shenyang Liaoning lots, it is clear that automakers learned nothing from the last "if we build it, they will come" channel-stuffing inventory surging dysphoria that, among other things, led to their last bankruptcy... if only Chinese buyers would take up the credit terms like Americans.

 
Tyler Durden's picture

Stocks Storm Into The Green (Again) As Greek "Hope" Returns





Everyone was expeting today's "hope" headlines, and as usual, they were not disappointed.

 
Tyler Durden's picture

Tsipras Dials Obama





Greek Prime Minister Alexis Tsipras spoke to U.S. President Barack Obama by telephone on Tuesday shortly before an emergency euro zone summit and briefed him on Greece's request for a rescue loan, a Greek government official said. The official said Obama had voiced strong U.S. hopes for a successful outcome to the negotiations. The United States has said it wants an early solution to Greece's debt crisis that keeps Athens in the European currency area.

 
Tyler Durden's picture

New Greek FinMin Arrives In Belgium "Empty-Handed", Will Submit New Proposal "Maybe" On Wednesday





At this point it is unclear who wants Grexit more: the ECB or Greece.

 
Tyler Durden's picture

All The Latest Greek Headlines





Today's "final" Eurogroup meeting is yet another "last" chance for Greece to stay in the Euro according to Greek headlines. The meeeting begins in minutes, at 12:30pm CET/7:30am Eastern so expect the usual torrent of "Greek deal" headlines which send the S&P surging followed by prompt denials which the S&P algo soundly ignore. By now the game is quite familiar to everyone.

 
Tyler Durden's picture

Frontrunning: July 7





  • Greece faces last chance to stay in euro as cash runs out (Reuters)
  • Tsipras Begins Brussels Campaign to Keep Greece Inside the Euro (BBG)
  • Greek Crisis Shows How Germany’s Power Polarizes Europe (WSJ)
  • Eurogroup Head Dijsselbloem Calls for ‘Credible’ Greece Package (BBG)
  • Europe Not Playing ‘Domino Theory’ Leaves Markets Calm on Greece (BBG)
  • China stocks fall again despite support measures (Reuters)
  • Chinese Trading Suspensions Freeze $1.4 Trillion of Shares Amid Rout (BBG)
  • Crude Creeps Higher After Downturn (WSJ)
 
Tyler Durden's picture

It Begins: ECB Hikes Greek ELA Haircuts; Full "Depositor Bail-In" Sensitivity Analysis





Earlier today we reported that as Bloomberg correctly leaked, the ECB would keep its ELA frozen for Greek banks at its ceiling level disclosed two weeks ago. However we did not know what the ECB would do with Greek ELA haircuts, assuming that the ECB would not dare risk contagion and the collapse of the Greek banking system by triggering a collapse in Greek banks if and when it boosts ELA haircuts. Turns out we were wrong, and as the ECB just announced "the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA."

 
Tyler Durden's picture

Greece Set To Restart Negotiations, IMF "Ready To Assist" Greece, Lagarde Says





LEADERS OF GREEK RULING AND OPPOSITION PARTIES ISSUE JOINT STATEMENT BACKING EFFORTS TO REACH DEAL WITH CREDITORS

"The IMF has taken note of yesterday's referendum held in Greece. We are monitoring the situation closely and stand ready to assist Greece if requested to do so."

 
Tyler Durden's picture

Frontrunning: July 6





  • Greece Bailout Referendum: They Voted ‘No’. Now What? (BBG)
  • Varoufakis Quits as Greece Enters New Showdown With Europe (BBG)
  • Merkel to Meet Hollande as Greece Told to Make Next Move (BBG)
  • German line hardens after Greek referendum 'No' (Reuters)
  • BOJ keeps rosy view of regional Japan, watching markets after Greek upset (Reuters)
  • Oil falls on Greece vote, China stock market turmoil (Reuters)
  • China Urges U.S.-Iran Compromise 36 Hours to Nuclear Deadline (BBG)
  • U.S. and Iran: the unbearable awkwardness of defending your enemy (Reuters)
 
Tyler Durden's picture

All The Latest Greek Headlines





With the only thing that matters in the hours ahead, at least until China reopens and the Pandamonium repeats, is the sheer chaos out of Greece which now literally changes the narrative by the minute, here is a convenient timeline of everything that has happened so far this morning starting with Varoufakis' unexpected resignation and going from there.

 
Tyler Durden's picture

Volatility, Confusion Reign As PBoC Intervenes: Chinese Stocks Surge Then Tumble





On the heels of a weekend which saw Beijing launch a series of ad hoc policy maneuvers designed to stop the bleeding in China's equity markets, the SHCOMP opened sharply higher Monday only to give back half of its opening gains minutes later in a preview of what will likely be a week of unprecedented volatility as panicked housewives and banana vendors looking to sell the rips battle the PBoC for control of China's stock market mania.

 
Syndicate content
Do NOT follow this link or you will be banned from the site!