• Marc To Market
    08/29/2015 - 10:18
    Dollar recovered from the exaggerated panic at the start of last week.  Outlook is still constructive.  Here is an overview of the technical condition of currencies, bonds, oil , and S&...

Romania

Tyler Durden's picture

These Currencies Could Be The Next To Tumble In Global FX Wars





Shockwaves from China’s devaluation have conspired with sluggish global demand and an attendant commodities slump to wreak havoc on developing market currencies the world over. On the heels of Kazakhstan's dramatic move to float the tenge, here's which currencies are next in line to tumble.

 
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Frontrunning: July 30





  • Second-quarter GDP seen rebounding on consumer spending, housing (Reuters)
  • China Stocks Fall as Traders Puzzle Over Sudden Late-Day Swings (BBG)
  • European 'alliance of national liberation fronts' emerges to avenge Greek defeat (Telegraph)
  • Thomas Cook warns on earnings over Greece (MW)
  • Largest Greek toy seller Jumbo warns of hit from capital controls (Kathimerini)
  • Chevron and Exxon Get the Plaudits, but Some Smaller Drillers Faring Well (WSJ)
  • Schäuble outlines plan to limit European Commission powers (FT)
  • UBS Deal Shows Clinton’s Complicated Ties (WSJ)
 
Tyler Durden's picture

Fearing Greek Fallout, ECB Extends "Secret" Credit Lines To Balkans





"The European Central Bank has introduced secret credit lines to Bulgaria and Romania as part of a broader effort to convince foreign regulators not to pull the plug on the local subsidiaries of Greek banks," FT reports.

 
Tyler Durden's picture

Why Grexit Is The Most Likely Outcome





1. Greece is already in default to the IMF
2. Greece and the rest of the Eurozone are further apart than ever
3. Capital controls are notoriously hard to unwind
4. The “no” vote protects the Eurozone’s politicians from looking like they pushed Greece out

 
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Trillion-Dollar Asset Managers Warn On Greece Fallout: "No Blueprint" Means "All Kinds Of Uncertainty"





“If all of a sudden one member leaves, it creates a precedent, and maybe suddenly casts some doubt on the long-term future of the monetary union.”

“There is no blueprint for how a country exits the euro and redenominates [and] that’s going to create all kinds of uncertainty in Europe.”

 

 
Tyler Durden's picture

This Is Why The Euro Is Finished





It’s simple, the euro is finished. It won’t survive the unmitigated scandal that Greece has become. Greece is not the victim of its own profligacy, it’s the victim of a structure that makes it possible to unload the losses of the big countries’ failing financial systems onto the shoulders of the smaller. There’s no way Greece could win. The damned lies and liars and statistics that come with all this are merely the cherry on the euro cake. It’s done. Stick a fork in it. The smaller, poorer, countries in the eurozone need to get out while they can, and as fast as they can, or they will find themselves saddled with ever more losses of the richer nations as the euro falls apart. The structure guarantees it.

 
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Fearing Spillover, ECB Moves To Shield Neighboring Banks From Greek Meltdown





The ECB is moving to backstop Bulgaria's banking sector in an effort to get ahead of a Greek contagion."The ECB would provide access to its refinancing operations, offering euros to the banking system against eligible collateral," Bloomberg reports, citing unnamed sources. 

 
Tyler Durden's picture

Beggar Thy Neighbor? Greece's Battered Banks Beget Balkan Jitters





"Millions of people in ex-Communist Bulgaria, Macedonia, Albania, Serbia and Romania have deposits in banks owned by Greek lenders, putting this corner of south-eastern Europe in the frontline if there is contagion from the Greek crisis."

 
Tyler Durden's picture

The NATO Buildup On Russia's Border - Groundless Pretext For Cold War Revival





Have you picked up on the new trope du jour? We are all encouraged to bask in our innocence as we lament the advent of a new Cold War. The thought has been in the wind for more than a year, of course, at least among some of us. But we witness a significant turn, and I hope this same some of us are paying attention. As of this week, leaders who know nothing about leading, thinkers who do not think and opinion-shaping poseurs such as Tom Friedman are confident enough in their case to sally forth with it: The Cold War returns, the Russians have restarted it and we must do the right thing - the right thing being to bring NATO troops and materiel up to Russia’s borders, pandering to the paranoia of the former Soviet satellites as if they alone have access to some truth not available to the rest of us.

 
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The Pentagon Goes Nuclear On Russia





MAD – Mutually Assured Destruction – is way over. It kept a somewhat uneasy peace during seven decades of Cold War. Cold War 2.0 is as hardcore as it gets. And with all those Breedhate Strangeloves on the loose, nuclear madness is now at five seconds to midnight.

 
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Putin Strikes Back: Cuts Ukraine Gas Discount





We had wondered at the relative lack of response by Russia to extended sanctions and asset freezes in Europe and now we see the first major move. Having confirmed new counter-sanctions this morning, Russian President Vladimir Putin just threw The IMF (US taxpayers), and Ukraine's 'American' finance minister under the bus... "Moscow can no longer give Ukraine gas discounts due to the current drop in oil prices." The price must be on level of other countries like Poland, he added.

 
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Russia Fed Up With US "Lecturing" As Pentagon Deploys 250 Tanks To Eastern Europe





"If they want to lecture us on democracy building, let them lecture students at some American university," Russia’s Commissioner for Human Rights, Democracy and the Rule of Law Konstantin Dolgov said Tuesday, regarding the collapse of a bilateral arrangement struck in 2009 between Moscow and Washington. Fortunately for Dolgov, it doesn't appear as though he, or any other Russian diplomats for that matter, will be forced to endure a "lecture" on democracy from the US anytime soon because as the positioning of 250 Bradleys and self-propelled howitzers, and associated armored brigade combat team equipment" in Eastern Europe makes clear, the time for dialogue of any kind has long since passed.

 
GoldCore's picture

Hold "Physical Cash,” “Including Gold and Silver” To Protect Against "Systemic Risk" - Fidelity





A fund manager for one of the largest mutual fund and investment groups in the world, Fidelity, has warned investors and savers to have an allocation to “physical cash,” “including  precious metals” to protect against "systemic risk".

 
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