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All The Latest Greek Headlines

Tyler Durden's picture




 

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.

From Reuters, here are the latest headlines as they happened on Greece's debt crisis following its overwhelming rejection of a bailout offer from creditors (all times GMT):

  • 1115 - The European Central Bank's Governing Council will discuss on Monday the provision of emergency funding to Greece's banks, two sources say.
  • 1112 - Italian Prime Minister Matteo Renzi says euro zone meetings scheduled slated for Tuesday must resolve Greece's debt crisis once and for all.
  • 1055 - Latest developments have not made it easier for the European Central Bank to change its stance on emergency funding it has granted to Greek banks, ECB Governing Council member Ewald Nowotny says.
  • 1048 - French President Francois Hollande's office denies remarks from a Greek source that he has spoken by phone on Monday with Greek Prime Minister Tsipras.
     
  • 1030 - Tsipras will speak by phone on Monday with Russian President Vladimir Putin, a Greek government official says.

  • 1013 - Spain's Economy Minister Luis de Guindos says Greece should remain part of the euro zone and Madrid is open to negotiating a third bailout.

  • 0948 - Germany's government spokesman says the door for negotiations with Greece is open, but conditions for such talks are not yet met.

  • 0928 - Euro zone finance ministers say they expect to hear new proposals for credit from Greece when they meet on Tuesday.

  • 0926 - The head of Germany's BDB banking association says the immediate consequences of any Greek default should be manageable for banks in other euro zone states.

  • 0916 - Russia hopes Greece will quickly reach a compromise deal with creditors, and questions regarding financial help for Greece should be addressed to Athens, a Kremlin spokesman says.

  • 0906 - Jeroen Dijsselbloem, head of the Eurogroup of finance ministers, says the ministers will meet on Tuesday at 1100.

  • 0903 - The European Central Bank's Christian Noyer says the ECB cannot restructure the Greek debt it holds as that would amount to financing a government, which it is banned from doing.

  • 0836 - European Commission's vice president for the euro, Valdis Dombrovskis, will give a news conference at 1000 on the impact of the Greek referendum.

  • 0812 - U.S.-listed shares of National Bank of Greece are down 15 percent in pre-market trading.

  • 0811 - Italy's top official for European Union affairs calls for Greece and its creditors to resume negotiations with an increased willingness to compromise.

  • 0728 - Greece's chief negotiator in bailout talks, Euclid Tsakalotos, is the top candidate to be finance minister after the resignation of Yanis Varoufakis, a government official says.

As an extra bonus here is the office of Herr Schauble doing what it does best: pouring cold water on everything:

  • GERMAN FINANCE MINISTRY SPOKESMAN SAYS A DEBT CUT FOR GREECE IS NOT ON THE AGENDA FOR US
  • GERMAN GOVERNMENT SPOKESMAN SAYS RESPECTS RESULT OF GREEK REFERENDUM
  • GERMAN GOVERNMENT SPOKESMAN SAYS DOOR FOR TALKS WITH GREEKS REMAINS OPEN
  • GERMAN GOVERNMENT SPOKESMAN SAYS CONDITIONS FOR TALKS WITH GREECE ARE NOT YET MET, WAITING FOR PROPOSALS FROM GREEK SIDE
  • GERMAN GOVERNMENT SPOKESMAN SAYS GREECE IS PART OF EURO ZONE, GOVERNMENT MUST ACT SO THAT THIS REMAINS THE CASE
  • GERMAN GOVERNMENT SPOKESMAN, ASKED ABOUT VAROUFAKIS RESIGNATION, SAYS POSITIONS NOT PEOPLE ARE THE MOST IMPORTANT FOR GERMANY
  • GERMAN FINANCE MINISTRY SPOKESMAN SAYS NO PLANS TO CHANGE GERMAN BUDGET PLANS NOW DUE TO GREEK SITUATION
 

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Mon, 07/06/2015 - 07:19 | 6275621 Latitude25
Latitude25's picture

Here's the biggest news.  China warns Russia that it is now at war with the US.  China's market crash due to US banks meddling.

http://www.eutimes.net/2015/07/china-warns-russia-that-state-of-war-now-...

The article goes on to say that China will probably win.

Mon, 07/06/2015 - 07:22 | 6275639 StackShinyStuff
StackShinyStuff's picture
  • 1108 -  Greeks STILL can't get money out of the bank
Mon, 07/06/2015 - 07:40 | 6275671 Squid-puppets a...
Squid-puppets a-go-go's picture

Maybe Varoufakis' resignation was a deliberate ploy to ensure maximum chaos - will the banks be able to reopen until a successor is found and in place??

Mon, 07/06/2015 - 07:51 | 6275691 Dubaibanker
Dubaibanker's picture

As Europe continues to implode....as in Greece leading the chaos and is just the tip of the iceberg with barely 11m population (and declining) in the Eurozone's total of approx 500 million....Imagine what will be the chaos if Austria (who are also planning to leave Eurozone) and Italians (who also wish to leave) https://www.youtube.com/watch?v=7qcx2O_Q9w0 and UK is also planning to leave.....and do a referendum before 2017....

Meanwhile, the fun is still on Italy where a man killed his cousin and dumped his body on the streets or Rome...

Man kills cousin, dumps body in Rome street 

 And, Spain has become a more autocratic state - that too legally - than China or Russia.

 Guess they are bringing more Freedom and Democracy - little by little - to the European citizens! No discussions, no talk, no protests, no social media,...straight jail! 

 Welcome to the Eurozone prison!

No media whores are even talking about this.

 Spain's 'gag' law comes into force    

Guess who is stealing the limelight on the world stage and are set to tackle the ISIS on thier own - without any support from the Great Satan ...oops...the US or the Europeans...it is the Russians and Chinese finding another issue on which to collaborate. Expect some slowdown in ISIS in the next few weeks.....hopefully.

Islamic State in Afghanistan on Xi Jinping,Vladimir Putin's Summit Agenda: China

Mon, 07/06/2015 - 07:25 | 6275643 Senduko
Senduko's picture

If any of this was true, how can they go to "war " if they hold the biggest amount of US debt? 

Mon, 07/06/2015 - 07:26 | 6275645 SubjectivObject
SubjectivObject's picture

Link is junk schitt site.

Mon, 07/06/2015 - 07:31 | 6275651 Latitude25
Latitude25's picture

OK tell me what FOX and CNN have to say.

Mon, 07/06/2015 - 07:41 | 6275672 Took Red Pill
Took Red Pill's picture

Although tensions are high and it may eventually happen, I don't see the story referenced on any other site.

Mon, 07/06/2015 - 08:05 | 6275736 Latitude25
Latitude25's picture

The first news source to break a story is HAS TO BE a lie.

Mon, 07/06/2015 - 08:17 | 6275761 Took Red Pill
Took Red Pill's picture

The article is dated two days ago. I think other sites would have the story by now if it was true.

Mon, 07/06/2015 - 07:57 | 6275712 Squid-puppets a...
Squid-puppets a-go-go's picture

srsly, Latitude?

The site has a story about a freaking washed up 'sea monster' with the most preposterous conjecture about US genetic engineering 

 

 

Mon, 07/06/2015 - 08:03 | 6275726 Latitude25
Latitude25's picture

Trying to discredit another web site with lies makes you look stupid.

Mon, 07/06/2015 - 07:30 | 6275648 Headbanger
Headbanger's picture

Russia is not going to bail out Greece now

It's much better to let Europe suffer the impact of the Greek default so Russia bargains with greater strength.

China won't go near helping Greece although Europe imploding now will crush Chinese exports there.

Which will cascade to China dumping US Treasuries that explode rates in the US and implode the world economy.

And with any luck, a massive comet will impact the Earth and solve all these problems for us.

Mon, 07/06/2015 - 07:47 | 6275684 Oldwood
Oldwood's picture

Russia's involvement is simply there to put pressure on the EU to capitulate to Greece.

Greece must stay within the EU. If they can bail out, then so can all the rest and that is not acceptable.

Like a good pimp knows, the whores must first be made dependent, initially based on protection, then sustenance, and when they resist or talk back, slapped around a bit. But the dependency remains for it is the most intractable illness. The whores may claim a hatred of their pimps but they will never willingly leave.

Mon, 07/06/2015 - 07:38 | 6275666 HowdyDoody
HowdyDoody's picture

Russia has held the view that the US is at war with it for a while. So the US is going all in attacking on multiple fronts like it's 1941 all over again.

From February 2015

http://vineyardsaker.blogspot.co.uk/2015/02/social-warning-from-russia-w...

Mon, 07/06/2015 - 09:08 | 6275919 DutchR
DutchR's picture

@Latitude25  Look at the Source, By: Sorcha Faal

Psyop

Mon, 07/06/2015 - 10:33 | 6276239 jmcwala
jmcwala's picture

http://rationalwiki.org/wiki/Sorcha_Faal

Good read on to who this fictitious conspiracy "reporter" is.

Mon, 07/06/2015 - 07:18 | 6275622 Ulterior
Ulterior's picture

gold is further falling

Mon, 07/06/2015 - 07:30 | 6275649 cpnscarlet
cpnscarlet's picture

OF coure. In the current environment, TPTB have decreed -

1) PMs can never be allowed to rise in USD.

2) Interest rates can never be allowed to rise ANYWHERE.

3) Sovereign debt will never officially "default" so that CDS have to pay out.

Mon, 07/06/2015 - 07:39 | 6275670 Fun Facts
Fun Facts's picture

Gold gapped up the past 2 sunday opens and was immediately shot down by the CB's so as not to build any momentum or give the donkeys any bad ideas.

It's predictable.

Mon, 07/06/2015 - 08:06 | 6275738 mijev
mijev's picture

Gold's been doing that every sunday for the last several years like clockwork.

Mon, 07/06/2015 - 07:19 | 6275626 unrulian
unrulian's picture

I'm Shocked V is still alive to resign

Mon, 07/06/2015 - 07:22 | 6275629 Gyges
Mon, 07/06/2015 - 08:03 | 6275727 Louiscypher
Louiscypher's picture

good spot

Mon, 07/06/2015 - 07:20 | 6275631 Watson
Watson's picture

>>>
0903 - The European Central Bank's Christian Noyer says the ECB cannot restructure the Greek debt it holds as that would amount to financing a government, which it is banned from doing.
<<<

A rich guy with a sense of fun might want to investigate to see whether the _Greek debt_ is available in publicly tradeable form, and written under English law.

If it is, buy some pieces and demand repayment in full on any attempt to restructure.
And keep the world (via website) updated with status.

Watson

Mon, 07/06/2015 - 07:23 | 6275640 JustObserving
JustObserving's picture

GERMAN FINANCE MINISTRY SPOKESMAN SAYS A DEBT CUT FOR GREECE IS NOT ON THE AGENDA FOR US

Vote was a major defeat for Merkel:

Berlin led the campaign for a “yes” vote in support of the EU’s last set of austerity demands. German government officials made it clear that their intention was to use such a vote to push for the ouster of Greece’s Syriza-led government.

In advance of the referendum, Berlin warned that the EU would respond to a “no” vote by cutting off credit to Greece’s financial system and bankrupting the country. This would be followed by the expulsion of Greece from the euro zone.

The Greek media campaigned relentlessly for a “yes” vote. Retired Greek army officers intervened publicly on the eve of the referendum to attack Prime Minister Alexis Tsipras and demand that the Greek people back the EU’s austerity demands. This was a blatant act of political intimidation, which, in a country still traumatized by the seven-year dictatorship of the Greek colonels, carried an implied threat of military coup.

Fully 61.3 percent of the Greek people, drawn largely from the working class and poorer layers of the population, responded by voting “no.”

http://www.wsws.org/en/articles/2015/07/06/pers-j06.html

Mon, 07/06/2015 - 07:35 | 6275659 gatorengineer
gatorengineer's picture

yep its a check to Herr Merkel to see how big a set of balls he really has....  Kick em out, and in an ugly fashion, is the only option for Germany, CDS's be damned.

Mon, 07/06/2015 - 07:37 | 6275664 JustObserving
JustObserving's picture
Breaking news:

 

EU questions legality of Greek referendum after Yanis Varoufakis resigns following No vote


Brussels says Greece's referendum is "neither legally nor factually correct" after more than 60pc vote to reject lenders bail-out terms

http://www.telegraph.co.uk/finance/economics/11719974/Greece-news-live-E...

Mon, 07/06/2015 - 07:42 | 6275678 PermaBug
PermaBug's picture

Greek banks will run out of money this week.

Yes the pressure really is on the Germans, Greece may cut off their supply of yogurt.

 

 

Mon, 07/06/2015 - 07:24 | 6275642 Viglud Nov Simse
Viglud Nov Simse's picture

What are the primary motives for Varoufakis to resign now?

Mon, 07/06/2015 - 07:29 | 6275647 Ghordius
Ghordius's picture

his prime minister asking him to, and of course fame, kudos, book printing offers and less risk of being accused of not having been very effective in collecting taxes from Greeks

in all this we haven't forgotten that his main task was to collect taxes from the citizens and companies of Greece, did we?

Mon, 07/06/2015 - 07:34 | 6275655 Viglud Nov Simse
Viglud Nov Simse's picture

If you want please feel free to elaborate on the last part. 

Mon, 07/06/2015 - 07:52 | 6275693 Raul44
Raul44's picture

Varoufakis planed to make tax collecting more efficient(and was his primary task by then) - by using tourists as a spies that would report on tax fraud. For example if you visited Greece for holiday and in the restaurant you would become aware of "side pay-cash" tactics, you could report it there to authorities. This was of course totally hilarious to use tourists as a tax reporters, so much that both EU and here on ZH we had a very good laugh about. Instead of making some sharp and effective decisions on tax collecting and corruption elimination we got that.

So that is our "hero" Varoufakis that everyone praise today, a moron who appeared in the TV few times, did nothing at all but came with stupid idea and of course did not shy himself to publish online photos of his luxury life - right in the face of greeks who economically suffer(not that I feel sorry for them). Person that I admit have a charm and personality, but that is all he got and now every idiot praise him like Jesus fucking Christ.

Mon, 07/06/2015 - 07:46 | 6275683 JustUsChickensHere
JustUsChickensHere's picture

Less risk of nail guns too

Mon, 07/06/2015 - 07:47 | 6275685 negative rates
negative rates's picture

We were on the tax institutional reforms, side.

Mon, 07/06/2015 - 08:36 | 6275817 samjam7
samjam7's picture

How come a finance minister's main task is tax collection? Is that a specific german view? Is Mr. Schäuble a tax collector? Please enlighten me Ghoridus

Mon, 07/06/2015 - 07:41 | 6275675 HowdyDoody
HowdyDoody's picture

V's head is the sacrificial pound of flesh. Psychos always need their pound of flesh.

Mon, 07/06/2015 - 07:53 | 6275697 Fíréan
Fíréan's picture

What are the primary motives for Varoufakis to resign now?

 

This link, to the man's own blog, was posted on a Zero Hedge article earlier today.

http://yanisvaroufakis.eu/2015/07/06/minister-no-more/

 

 

Mon, 07/06/2015 - 08:02 | 6275723 Viglud Nov Simse
Viglud Nov Simse's picture

Thanks, just read it. I assumed something of the kind. As a libertarian, is it weird that i admire Varoufakis? Is my understanding of things completely fucked?

Mon, 07/06/2015 - 08:02 | 6275724 Viglud Nov Simse
Viglud Nov Simse's picture

Thanks, just read it. I assumed something of the kind. As a libertarian, is it weird that i admire Varoufakis? Is my understanding of things completely fucked?

Mon, 07/06/2015 - 07:32 | 6275654 new game
new game's picture

good day -ph

Mon, 07/06/2015 - 07:36 | 6275663 Raul44
Raul44's picture
  • 0948 - Germany's government spokesman says the door for negotiations with Greece is open, but conditions for such talks are not yet met.

     

  • 0928 - Euro zone finance ministers say they expect to hear new proposals for credit from Greece when they meet on Tuesday.
  • 0811 - Italy's top official for European Union affairs calls for Greece and its creditors to resume negotiations with an increased willingness to compromise.
  • GERMAN GOVERNMENT SPOKESMAN SAYS GREECE IS PART OF EURO ZONE, GOVERNMENT MUST ACT SO THAT THIS REMAINS THE CASE
  • GERMAN GOVERNMENT SPOKESMAN SAYS DOOR FOR TALKS WITH GREEKS REMAINS OPEN

^And so, the farce continue as expected. Lets me remind us from weeks ago:

http://www.zerohedge.com/news/2015-06-30/germany-pre-emptively-crushes-t...

http://www.zerohedge.com/news/2015-06-27/eurozone-rejects-greek-bailout-...


 

Mon, 07/06/2015 - 07:48 | 6275688 SpanishGoop
SpanishGoop's picture

"The European Central Bank's Christian Noyer says the ECB cannot restructure the Greek debt it holds as that would amount to financing a government, which it is banned from doing."

 

Tricky, first buy all the debt from other banks (who are allowed) and then say you are not allowed to restructure.

 

Mon, 07/06/2015 - 07:57 | 6275705 El_Puerco
El_Puerco's picture

May be, is here, the Solution at this time..

 

http://bit.ly/1CayDcZ }

 

Nice interview..

 

FELICITACIONES Blanco Europeos.

Esta vez {Grecia}.

 

 

Mon, 07/06/2015 - 07:55 | 6275706 Czar of Defenes...
Czar of Defenestration's picture

.

.

The linked article is in German.  It may be of use to those interested in this matter:

http://www.faz.net/aktuell/wirtschaft/eurokrise/griechenland/griechenlan...

Mon, 07/06/2015 - 08:43 | 6275838 samjam7
samjam7's picture

It's propaganda, German propaganda saying that only one third of bailout funds were actually used to bailout banks the rest was sent to Greece to help better living standards of Greeks, it's laughable but that's what German press has become. Particularly FAZ has shown to be extremely hostile towards Greece in recent weeks as this whole crisis accelerated and reading it now really takes a strain on my nerves...but well...

Mon, 07/06/2015 - 08:13 | 6275754 The Shape
The Shape's picture

Whatever happens it will be a yawn compared to the shit that's talked here.

Mon, 07/06/2015 - 08:36 | 6275809 PatriotFirst1776
PatriotFirst1776's picture

The best seat in the house for what is transpiring on the "world stage" is on a merry-go-round.....take a seat in the middle and be prepared as it goes, faster and faster and faster .... and becomes sickening. When that starts making you dizzy, find the Hillary Clinton parade and jump in  as it passes by....but know that you will be immediately enclosed in a roped in area. Do not confuse this with a VIP section of some high-end night club.

If Hillary gets elected it will be proof that the mass-clinical insanity will spread to the US and our own merry-go-round will start up and the "roped in area" will become a "wire-fence area" enclosing the populace.

PS The fact that JP Morgan came out last week and eluuded that they were going to have a hard time making money in the future is "telling" and numbing.

http://www.theliberist.com

Mon, 07/06/2015 - 11:58 | 6276628 iamtheeggman wh...
iamtheeggman whooooooooooooo's picture

Wipe those stains (and debt) right out with OxiClean!

http://www.oxiclean.com

 

Mon, 07/06/2015 - 13:02 | 6276952 Sudden Debt
Sudden Debt's picture

I wonder If Varoufakis managed to pull all his money out...

I wonder if those Chinese politicians managed to sell their stocks on the spike...

I wonder if a frog’s ass is waterproof...

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