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ECB Strikes Back: Threatens With Greek Deposit Haircut If And When ELA Found To Be "Illegal" On Wednesday





The threats are flying fast and furious now. Moments after the WSJ quoted a Greek official as saying that Greece will not make its IMF bond payment, the ECB struck back when Bloomberg reported that the ECB would review the legality of Greek aid should there not be a deal, i.e., on July 1 post an IMF default. According to Austrian central bank Governor and ECB member, Ewald Nowotny, on Wednesday’s governing council meeting the central bank will decide whether it can continue to provide emergency support for Greece once current bailout program expires June 30, as the Wiener Zeitung originally reported.

 
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Greek Contagion Uncontained: Portugal Bond Risk Spikes Most In Over 7 Years





Portuguese bond risk spiked a massive 49bps today. Early efforts to limit the contagion failed and Portuguese risk went out at its highs of the day and the biggest spike in risk since March 2008. Yes we know Draghi has a big bazooka but so does China... and how did that work out?

 
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Chinese Regulator Blames Ongoing Market Crash On "Rumors", Demands Traders "Act Rational"





After soaring exponentially over 100% in the past 12 months, amid spiking margin debt for illiterate farmers and housewives, Chinese regulators appear upset that their stock market 'wealth creation' model is failing hard. CSRC just released a statement clarifying why it is happening ("clearly profit-taking"); who is to blame ("The Government hopes investors can make independent judgement; Don't believe or follow negative rumors against Chinese economic development,"); and what to do next - Buy because it has "ample liquidity to meet investor needs." The regulator ends with a stunner - demanding investors "act rationally."

 
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Varoufakis Reveals Europe's Stunning Denial Of Greek People's Right To Vote





We are watching the total collapse of Democracy and the birth of a new era – Economic Totalitarianism from Arrogant people who are totally clueless beyond their own greed for power and money.

 
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Russia Promises "Economic And Military" Aid To Syria As US Refloats Assad "Chemcial Weapons" Trial Balloon





The Syrian "chemical weapons" narrative is back and with it is the confirmaton that Russia will not leave the US dictate middle eastern borders unilaterally. Syria's foreign minister said on a visit to Moscow on Monday that top ally Russia had promised to send political, economic and military aid to his country. "I got a promise of aid to Syria - politically, economically and militarily," Walid al-Moualem said at a televised news conference in Moscow after meeting Russian President Vladimir Putin.

 
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Project "Make Everyone German" Has Failed...





Eurocrats have spent untold billions of other people’s money to save face, just so they wouldn’t have to admit that Project “Make Everyone Germany” has failed. But what they never acknowledged was that no matter how much they extend and pretend, the disease will always reach its crisis. And this financial disease is going to slay the patient. History is very clear on this point: debt kills.

 
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Gold Tumbles Despite UK Mint Seeing Europeans Rush To Buy Bullion





European investors are increasing purchases of gold as Bloomberg reports, Greece’s turmoil boosts the appeal for an alternative to the euro. Demand from Greek customers for Sovereign gold coins was double the five-month average in June, the U.K. Royal Mint said in an e-mailed statement.As one Frankfurt-based bullion dealer noted, "most of our common gold coins are sold out, when people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold."

 
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Systemic Turmoil, Structural Reform





In the natural course of things, structural reform can occur, but that natural course entails some degree of disorder and loss.

 
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European Bank Risk Spikes Most In 5 Years To 19-Month Highs





Europe's Senior Financial credit index traded a stunning 20bps wider at the open to 97bps before giving a little back and holding at around 90bps. This is the biggest spike in European bank risk since May 2010... and is the highest level of risk since December 2013. Is faith in central bank omnipotence faltering?

 
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Dow Tumbles 200 Points - Gives Up 2015 Gains





Trannies touched unchanged and instantly reversed but Dow Industrials only managed a modest bounce of opening lows. However, the momo did not last and there's no Nike to save the day today - The Dow is now down over 200 points and has tumbled back into the red for 2015.

 
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Greek 10Y Bonds Collapse - Yield Tops 15%





Greek stocks may be closed and the bond market super-illiquid but traders are willing to dump GGBs at almost any price for now. 10Y Greek government bonds are spiking over 400bps and have topped 15% for the first time since December 2012.

 
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Greece May Not Even Have The Funds To Conduct A Referendum





According to Germany's FAZ, "the Greek Court also estimates that the referendum will cost around 110 million euros, according to a well-informed policy analyst. Money that in view of the strapped Greek Checkout simply will not be there, even if the country saves a EUR 1.6 billion full-scale default to the International Monetary Fund this Tuesday."

 
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Mission Accomplished SNB: Euro Storms Back To Unchanged





Because nothing of import happened this weekend. And if it did, the central banks "got it covered."

 
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Dallas Fed Surges Back, Beats By Most Since Jan 2012 But Hope Tumbles





After breaking to 6 year lows in May, expectations were for a bounce in Dallas Fed's Manufacturing Outlook from -20.8 to -16. After missing expectations for six straight months, June's bounce to a -7.0 print is the biggest best since January 2012. This surge was all due to the current conditions shift as future hope for new orders and production tumbled. While most subindices rose, we note that CapEx fall once again to 3-month lows. This is the 6th consecutive negative (contractionary) print in a row for Dallas Fed - something not seen outside of a recession.

 
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