With all eyes firmly focused on pensioners at the gate and ATM lines, there is another - just as cruel and unusual - crisis occurring in Greece. Europe's immigration 'problem' is front-and-center on the island of Lesvos, as KeepTalkingGreece reports, unbelievable scenes as refugees try to raid a food truck. No, this is not Somalia...
- 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)
With Greece’s debt situation spiraling downwards, the European project is showing some cracks. The July 5 referendum could end up amounting to a mandate on whether or not Greece stays in the euro. In the meantime, the turmoil offers an opportunity for Russia to advance its interests... and with The Krlemlin reporting that Putin held discussions with Hollande today, it appears something is going on behind the scenes.
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.
... Greeks should be united in their fight for the rule of law and against the cleptocracy, and not divided over a referendum on an absurd question. That division, however, serves the cleptocrats well—they can go about their usual ways unnoticed. Whoever said “divide and rule” knew what they were talking about.
In the last few days there were dozens of separate attacks in Egypt from the Sinai up to Cairo. More than 60 people died while the Egyptian army used F16 attack plains to protect itself against it disgruntled population. It is clear that the Egyptian rulers will not be able to contain the current situation, today could be marked as the start of Egypt’s civil war.
What if your country didnt really exist?
A Short History: The Neocon "Clean Break" Grand Design & The "Regime Change" Disasters It Has FosteredSubmitted by Tyler Durden on 07/01/2015 22:30 -0400
To understand today’s crises in Iraq, Syria, Iran, and elsewhere, one must grasp their shared Lebanese connection. This assertion may seem odd. After all, what is the big deal about Lebanon? That little country hasn’t had top headlines since Israel deigned to bomb and invade it in 2006. Yet, to a large extent, the roots of the bloody tangle now enmeshing the Middle East lie in Lebanon: or to be more precise, in the Lebanon policy of Israel.
While perhaps not on the scale of China or Russia assistance, Turkey has thrown its hat into the Troika-Greece farce by offering financial assistance to its embattled neighbor. As ekthimerini reports, "We are ready to help Greece survive its economic crisis with cooperation in tourism, energy, trade," Turkish Prime Minister Ahmet Davutoglu said and Turkey's left-wing parties showed solidarity by adding, "we believe that apart from imposing austerity policies on peoples of Europe, there can be more reasonable agreements." While no aid has been asked fro Turkey says it is ready to evaluate options.
- 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)
"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."
As America celebrates Gay Pride weekend with more exuberance than normal just 2 days after SCOTUS momentous decision, NATO ally Turkey appears not so keen for the lesbians, gays, bisexuals, and transgenders to walk the streets of Istanbul with rainbow flags... #LoveLosesInTurkey
The Fed's QE policies of recent years have, for all intents and purposes told the world that “the dollar is our currency and your problem.” And, in recent years, the dollar has been a genuine problem for a number of emerging countries. Following this traumatic event, and the change in the perception of US stability, China went around the world and invited the likes of Brazil, Indonesia, South Africa, Turkey and Korea to shift some of their China trade away from the dollar and into renminbi. China started doing this in 2011 and, as we see it, the renminbi’s attempt to become a trading currency is potentially one of the most important financial developments. Yet no-one seems to care.
An extensive look at what would happen if Greece were to leave the Eurozone, through a legal fudge.
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.