This page has been archived and commenting is disabled.

Tyler Durden's picture

Don't Blame Austerity: Five "Dastardly" Ways Italy Burned Through Taxpayer Money





What has really been going on in Europe over the past 5 years, if the debt load kept creeping higher, and yet little money was actually making its way to the broader population? The answer is simple: abuse of taxpayer funding, also known as fraud and corruption. As Italy's TheLocal reports, the EU anti-fraud office, Italy currently has 61 open investigations into fraud involving EU funds. This means Italy has the second highest number of investigations in the EU, ranking just below Greece's neighbor to the north, Bulgaria.

 
Tyler Durden's picture

Dow, S&P Give Up Last-Minute-Greek-Deal Dead-Cat-Bounce Gains





Shocked...

 
Tyler Durden's picture

Chart Of The Day: Is China Sending A Warning?





"I think China may be more important than Greece. Stick with the drill – stay wary, alert and very, very nimble."

 
Tyler Durden's picture

Fiat Faith Faltering? Bitcoin Surges 12% Post-Greferendum Announcement





Like it or not, Bitcoin is an alternative to the fiat fraud money that is the backbone of the status quo. Since Tsipras proposed the Greferendum, Bitcoin has surged 12% as perhaps - away from the cornered and manipulated precious metals markets - faith in fiat is faltering...

 
Tyler Durden's picture

NATO Member Turkey Breaks Ranks: Slams EU Austerity, Offers Greek Aid





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.

 
Tyler Durden's picture

Malvinas 2.0? Argentina Plans Asset Seizure Of Falkland Oil Companies





Is it just election fever, or is Argentina serious about reclaiming the Falklands Islands?

 
Tyler Durden's picture

With Market Closed, Trading Greek ETF Is Gamble, Guessing Game





Anyone trading the Global X FTSE Greece 20 ETF should take a cue from Howard Marks and ask themselves the following question: can an ETF be more liquid than the assets it references? 

 
Tyler Durden's picture

Varoufakis Confirms Greece Will Default To IMF Today





GREEK FINANCE MINISTER SAYS GREECE WILL NOT PAY IMF ON TUESDAY.

 
Tyler Durden's picture

Consumer Confidence Soars In June On Spike In Hope





As Gallup's Consumer Confidence plunges, The Conference Board's Consumer Confidence explodes higher from 94.6 to 101.4 (smashing expectations of 97.4). After missing by the most in 5 years in April, higher gas prices, market instability, and growing social unrest appear to be the perfect recipe for improved consumer confidence as The Conference Board data nears the highest since 2007. The biggest driver of the headline spike is the surge in "expectations" - in other words, hope - which jumped from 86.2 to 94.6, although expectations for higher incomes finally began to drop back to reality.

 
Tyler Durden's picture

Chicago PMI Prints Worst June Since 2008 As Employment Tumbles





Chicago PMI has now missed 4 of the last 5 months and printed sub-50 contractionary indications for 4 of the last 5 months. June's data improved from May (rising from 46.2 to 49.4) but missed expectations and is the weakest June print since 2008. Notably, away from 2015, June's print is the weakest since September 2009. Under the covers it was ugly - employment plunged to the weakest since Nov 2009, order backlogs plunges to the lowest since September 2009, and prices paid rose again (pressuring margins).

 
Tyler Durden's picture

Case-Shiller US Home Price Index Drops Most In A Year





While the 20-City index rose 4.9% YoY (but missed expectations by the most since July 2014), Case-Shiller's US Home Price Index dropped 0.02% in April - the first MoM drop since May 2014. Of course, all real estate is local and we note Denver and San Francisco reported the highest year-over-year gains with price increases of 10.3% and 10.0%, respectively, over the last 12 months.  As S&P's David Blitzer warns, "home prices continue to rise across the country, but the pace is not accelerating."

 
Tyler Durden's picture

The Global Template For Collapse: The Enchanting Charms Of Cheap, Easy Credit





Cheap, easy credit has created moral hazard and nurtured magical thinking throughout the global economy.

 
Tyler Durden's picture

When The PBOC Went All-In: China Stocks See Biggest Intraday Swing In 23 Years





Having thrown the kitchen sink at their collapsing ponzi-scheme of a market in the past two days, only to see stocks open and crash once again overnight, it appears The PBOC went full intervention-tard in the middle of the morning session. With CHINEXT down over 7% and Shnghai down over 4%, the manipulation was rooted in CSI-300 futures as while cash markets saw margin calls and liquidation, futures were surging. By the close China's 'Nasdaq' had ripped 13% off its lows and the broad market's intrday swing was the largest since 1992... The PBOC's got your back.

 
Tyler Durden's picture

In Big Boost To "No" Vote, Schauble Hints Greece Can Default And Stay In Euro





In waht appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:

*SCHAEUBLE SAID TO SAY GREECE MAY BE ABLE TO TAP EU SUPPORT FUND
*SCHAEUBLE SAID TO SEE GREECE STAYING IN EURO EVEN IF 'NO' VOTE

Thus spurring the probability of a consequence-less "no" vote on Sunday enabling the increased negotiating position that The Greek government had hoped for. Of course, desperate for any excuse, stocks and EUR are rallying on this and bonds are selling off.

 
Do NOT follow this link or you will be banned from the site!