Romania

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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.”

 

 
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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. 

 
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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."

 
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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.

 
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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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The Russian Pipeline Waltz





This is an eventful period for EU-Russia gas relations. How should the most recent evolutions of the Russian waltz of pipelines be interpreted? There are three possible scenarios...

 
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Bail-Ins Coming - EU Gives Countries Two Months To Adopt Rules





The European Commission has ordered 11 EU countries to enact the Bank Recovery and Resolution Directive (BRRD) within two months or be hauled before the EU Court of Justice, according to a report from Reuters on Friday.

 
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Europe Shocked When Russia Does To It What Europe Did To Russia





The EU issued a press release this morning which could perhaps be summed up in 2 words - "not fair." Following the denial-of-entry by Russia of several EU politicians, Russia has released a list of 89 names who will face travel bans - of exactly the same type as EU and US enforced upon numerous Russian elites. Europe is displeased that Russia would dare do unto them as they have done unto others... "we deem this measure as totally arbitrary and unjustified," they exclaimed, adding, "we don’t have any further information on the legal basis or the criteria or the process of these decisions."

 
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Key Events In The Coming "Most Impotant Jobs Report Ever" Week





June is off with a bang, and a very busy week in the macro economic calendar, both globally and in the US, which culminates with the latest "most important ever" payrolls report, one which will surely be closely watched by a Fed which may hike as soon as a few weeks from now (but probably won't).

 
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Cold War 2.0 Caught On Tape: US Military Convoy Crosses Eastern Europe While NATO Sings Karaoke Peace Ballad





A day after Kiev chose hawkish US Senator John McCain to serve on President Poroshenko's advisory committee (spoiler alert: he had to decline), the US military rolls through Romania with a "simple message" for Vladimir Putin and Russia. Meanwhile, European officials hold hands and sing Michael Jackson and Lionel Richie's "We Are The World" at a NATO dinner. And yes, we have the video clips. 

 
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