Eurozone

• Greek lawmakers split over bailout as vote looms (Reuters)
• Greek Bailout Rests on Asset Sale Plan That Already Failed (BBG)
• Greece Needs $25 Billion to Get Through August, Scicluna Says (BBG)
• Tsipras Enters Parliament Den to Sell Aid Deal to Greeks (BBG)
• Greece makes samurai bond repayment (FT)
• Iran, World Powers Have Reached Nuclear Agreement (BBG)
• Janet Yellen’s Fed Flounders in Political Arena (WSJ)

"Sorry, but there is no way you are leaving this room"...

Similar to the US banks who funded home owners that shouldn’t have received mortgages and made a fortune doing so – at least initially, the Germans funded the periphery nations in an effort to drive output growth domestically. However, financing a large portion of ones’ customer purchases is a high risk endeavour. And the Germans are in the midst of this hard lesson.

"The idea was that with Greece out, Germany would be more likely to provide the financial support the eurozone needed because the German people would no longer perceive aid to Europe as a bailout for the Greeks. At the same time, a Grexit would be traumatic enough that it would help scare the rest of Europe into giving up more sovereignty to a stronger banking and fiscal union."

The new Greek deal is "absolutely impossible, totally non-viable and toxic …[they were] the kind of proposals you present to another side when you don’t want an agreement." Speaking with The New Statesman, former Greek FinMin Yanis Varoufakis blasts Wolfgang Schaeuble's position which will lead to "a humanitarian crisis" for Greece and warns, regarding this latest creditors' proposal, "if anything it will be worse [for the Greeks]." His conclusion is succinct, "we were set up...," Merkel and Schäuble’s control over the Eurogroup is absolute, and that the group itself is beyond the law.

"In our view, there are two main factors keeping investors sidelined. One is the residual implementation risks involved in the latest arrangements...  The second, of much broader importance, is the accumulated evidence of the inadequacy of the Euro area's present fiscal governance, which takes up too many resources and exposes the whole system to collapse."

Despite the euphoria in global equity markets, The FT's Wolfgang Munchau - once one of the keenest euro enthusiasts - warns regime change is coming in Europe. The actions of the creditors has "destroyed the eurozone as we know it and demolished the idea of a monetary union as a step towards a democratic political union," Munchau exclaims, fearing they have "demoted the eurozone into a toxic fixed exchange-rate system, with a shared single currency, run in the interests of Germany, held together by the threat of absolute destitution for those who challenge the prevailing order." He concludes rather ominously, "we will soon be asking ourselves whether this new eurozone, in which the strong push around the weak, can be sustainable."

"Greece will continue to fight, and we will continue to fight, so that we can return to growth, regain our lost national sovereignty"

• Greece Capitulates to Creditors’ Demands to Cling to Euro (BBG)
• Euro zone strikes deal with Greece after all-night struggle (Reuters)
• Tsipras Moves From Predator to Prey at Euro 'Torture' Summit (BBG)
• Euro’s Greek Boost Evaporates as Analysts Predict Losses to Come (BBG)
• Greek Fury Meets Resignation at Demands for Concessions (BBG)
• Poland Blames ‘Carefree’ Greek Populists for Tough EU Aid Deal (BBG)
• Europeans Press for Iran Nuclear Deal on Monday (WSJ)
• Iran nuclear talks: Deal 'near completion' (BBC)
• In speech, Clinton to put wages at heart of economic policy (Reuters)
• China’s Incendiary Market Is Fanned by Borrowers and Manipulation (NYT)

Just around 9am CET, after a 17-hour mammoth all-night session, Greece did manage to cobble together a "deal" if one may call this latest embarrassing can-kicking that, which was nothing short of total capitulation by Tsipras. As part of the deal, Greece "surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid Greece needs to stay in the euro" in the words of Bloomberg.

Me: How are the talks going?
EU source: "Shitty."
Me: "Getting more shitty or less?"
Source: "Pretty steady level of shittiness

As far as transatlantic security is concerned, the danger posed by the Grexit is not confined to the questions it raises over Greece's NATO membership, or the security ripple effects caused by the Greek economy's collapse. Grexit's danger lies in the fact that it serves as a symbol of the reversal of transatlantic institutions' fortunes in their attempts to build and maintain a hegemonic political, economic and military order in Europe.

There is democratic capitalism, and there is fascist capitalism. What we have today is fascist capitalism; and the following will explain how it works, using as an example the case of Greece. Simply out - The whole system is a money-funnel, from the public, to the aristocracy.

"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."

Facing abject humiliation at the hands of the German finance ministry, Alexis Tsipras arrived at Sunday’s Eurosummit a broken man. Still, the PM did his best to fight the good fight, debating both the IMF's role in the third Greek program and the treatment of the country's debt with German Chancellor Merkel late Sunday evening in Brussels.