SWIFT

"Russia intends to support the revival of Greece's economy by broadening cooperation in the energy sector. Accordingly we are studying the possibility of organising direct deliveries of energy resources to Greece, starting shortly."

For those who missed today's festivities in Brussels, here is the 30,000 foot summary: Europe has given Greece a "choice": hand over sovereignty to Germany Europe or undergo a 5 year Grexit "time out", which is a polite euphemism for get the hell out.

After ramping gloriously on Thursday and Friday, basking in the warm after-glow of an assured done-deal, the FX market appears to be deja-vu-ing all over again as EU leaders throw up all over Greek proposals. EURUSD is indicated 1.1085/1.1056 in pre-market - down around 100 pips from the Friday close - following what one official called "extensive mental waterboarding" of Greek PM Alexis Tsipras.

"In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from the euro area with possible debt restructuring."

“The energy sector of the high-yield market continues to be a silo of misery... If we stay near these levels, marginal high-cost producers won’t be able to survive.”

The long-awaited BRICS bank has officially launched, marking yet another milestone on the road to global de-dollarization and lending further credence to the notion that the sun is finally setting on the US-dominated multilateral institutions that have defined the post-war world and served to underwrite six decades of dollar dominance.  

The Export-Import Bank died last night when its charter expired. After 81 years, what is commonly known as Boeing’s Bank is headed toward Washington’s trash bin. When Congress returns it could revive Ex-Im, which primarily subsidizes big business exports. But a proper burial for what Barack Obama once called “corporate welfare” would save Americans money, reduce economic injustice, and promote economic growth. Ex-Im’s closure is a very rare victory for the good guys in Washington. Crony capitalism is running rampant in America, undermining confidence in a market economy.

How do you change the way people think? You start by changing the words they use.

• Chinese Stock Plunge Leaves State Media Speechless (BBG)
• China’s Market Selloff Accelerates (WSJ)
• Any Deal on New Greek Bailout Funds Put Off Until Weekend (WSJ)
• ECB keeps ELA funding limit for Greece unchanged for third day in a row (Reuters)
• Impoverished Greek City Stands With Alexis Tsipras (WSJ)
• Why It Won’t Be a Default If Greece Misses IMF Payment Next Week (BBG)
• Valeant Makes Takeover Approach to Zoetis (WSJ) - or how Ackman assures himself another good T+3 quarter
• Obamacare ruling puts Supreme Court on hot seat in U.S. presidential race (Reuters)

Just when you think we have finally hit "peak farce" this happens:

NO EUROGROUP AGREEMENT IN SIGHT ON GREECE: EU OFFICIAL
EUROGROUP HAS BEEN 'INDEFINITELY SUSPENDED:' EU OFFICIAL
EUROGROUP MAY RECONVENE ONCE GREECE PROPOSAL RECEIVED: OFFICIAL

- Doubts over City of London’s “fintech” in age of cyber war - Thousands left in “financial limbo” after tech “error” - 600,000 RBS customer payments go "missing" in "system failure”

Time for the musicians to learn the lessons that the video guys in Hollywood learned from them...

In the latest populist act of America's largest retailer, minimum-wage-raising, mysterious store-closing Wal-Mart has decided to remove all Confederate Flag merchandise from its stores. Apparently it will continue to stock handguns, rifles, crossbows, ammunition, and other land-of-the-free-to-choose merchandise.

• Mood brightens after latest Greek offer to creditors (Reuters)
• ECB's Nowotny - Greek banks have funding extension for today (Reuters)
• Any Greece deal must match party manifesto, minister says (Reuters)
• Greece says now up to lenders to move on an agreement (Reuters)
• Greece sends wrong documents to monitors... Again (FT)
• U.S. won't let Russia 'drag us back to the past': Pentagon chief (Reuters)
• Belgium unblocks part of Russian diplomatic missions’ frozen accounts (Tass)
• Fed Scoop Heralded Era of Closed Doors for $100,000 Newsletters (BBG)