Submitted by Tyler Durden on 06/29/2015 - 12:21 Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi said that "Greece’s debt would still remain outstanding and creditors would expect this money back." So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours: "Greece won't pay IMF tranche due Tuesday, government official says"
Greek Contagion Uncontained: Portugal Bond Risk Spikes Most In Over 7 Years
Submitted by Tyler Durden on 06/29/2015 - 13:38 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?
ECB Strikes Back: Threatens With Greek Deposit Haircut If And When ELA Found To Be "Illegal" On Wednesday
Submitted by Tyler Durden on 06/29/2015 - 13:34 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.
Chinese Regulator Blames Ongoing Market Crash On "Rumors", Demands Traders "Act Rational"
Submitted by Tyler Durden on 06/29/2015 - 13:14 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."
Varoufakis Reveals Europe's Stunning Denial Of Greek People's Right To Vote
Submitted by Tyler Durden on 06/29/2015 - 12:52 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.An Inadvertent Warning From BlackRock - Get Your Money Out Of Mutual Funds ASAP
Submitted by Tyler Durden on 06/29/2015 - 11:00
by Dave Hodges, The Common Sense Show:
Russian proxy forces, armed with Russian EMP technology are
responsible for bringing down an F-16 piloted by an Iraqi general flying
near the Mexican border. Russia has fired the first shots of World War
III.
F-16 Crash at the Mexican Border
An Iraqi pilot who had been training in the United States for four years was flying an F-16 Fighting Falcon aircraft that crashed in southern Arizona, a spokesman for the Iraqi defense minister said last Thursday. Brigadier General Rasid Mohammed Sadiq Hasan was alone in the F-16 Fighting Falcon when it went down during a training mission on Wednesday. The crash occurred near the Mexican border.
Read More
Russian proxy forces, armed with Russian EMP technology are
responsible for bringing down an F-16 piloted by an Iraqi general flying
near the Mexican border. Russia has fired the first shots of World War
III.F-16 Crash at the Mexican Border
An Iraqi pilot who had been training in the United States for four years was flying an F-16 Fighting Falcon aircraft that crashed in southern Arizona, a spokesman for the Iraqi defense minister said last Thursday. Brigadier General Rasid Mohammed Sadiq Hasan was alone in the F-16 Fighting Falcon when it went down during a training mission on Wednesday. The crash occurred near the Mexican border.
Read More
Russia Promises "Economic And Military" Aid To Syria As US Refloats Assad "Chemcial Weapons" Trial Balloon
Submitted by Tyler Durden on 06/29/2015 - 12:24 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.
by David Stockman, Contra Corner:
Late Friday night a solid blow was struck for sound money, free
markets and limited government by a most unlikely force. Namely, the
hard core statist and crypto-Marxist prime minister of Greece, Alexis
Tsipras. He has now set in motion a cascade of disruption that will
shake the corrupt status quo to its very foundations.
And just in the nick of time, too. After 15 years of rampant money printing, falsification of financial market prices and usurpation of democratic rule, his antagonists—–the ECB, the EU superstate and the IMF—-have become a terminal threat to the very survival of the kind of liberal society of which these values are part and parcel.
Read More @ DavidStockmansContraCorner.com
Late Friday night a solid blow was struck for sound money, free
markets and limited government by a most unlikely force. Namely, the
hard core statist and crypto-Marxist prime minister of Greece, Alexis
Tsipras. He has now set in motion a cascade of disruption that will
shake the corrupt status quo to its very foundations.And just in the nick of time, too. After 15 years of rampant money printing, falsification of financial market prices and usurpation of democratic rule, his antagonists—–the ECB, the EU superstate and the IMF—-have become a terminal threat to the very survival of the kind of liberal society of which these values are part and parcel.
Read More @ DavidStockmansContraCorner.com
Project "Make Everyone German" Has Failed...
Submitted by Tyler Durden on 06/29/2015 - 12:04 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.
from MineWeb.com:
China plans to launch a yuan-denominated gold fix by the end of 2015
via the Shanghai Gold Exchange (SGE), in a move aimed at giving the
world’s biggest bullion producer and consumer more influence over
pricing.
The first public confirmation made by an exchange official comes after Reuters cited sources in February on the proposal for the fix to be set through trading on the SGE, the world’s biggest physical bullion exchange.
“We will be introducing a renminbi-denominated fix at the right moment, we are hoping to introduce by the end of the year,” Shen Gang, SGE’s vice president, said at the LBMA Bullion Market Forum in Shanghai on Thursday.
Read More @ MineWeb.com
China plans to launch a yuan-denominated gold fix by the end of 2015
via the Shanghai Gold Exchange (SGE), in a move aimed at giving the
world’s biggest bullion producer and consumer more influence over
pricing.The first public confirmation made by an exchange official comes after Reuters cited sources in February on the proposal for the fix to be set through trading on the SGE, the world’s biggest physical bullion exchange.
“We will be introducing a renminbi-denominated fix at the right moment, we are hoping to introduce by the end of the year,” Shen Gang, SGE’s vice president, said at the LBMA Bullion Market Forum in Shanghai on Thursday.
Read More @ MineWeb.com
Systemic Turmoil, Structural Reform
Submitted by Tyler Durden on 06/29/2015 - 11:47 In the natural course of things, structural reform can occur, but that natural course entails some degree of disorder and loss.
European Bank Risk Spikes Most In 5 Years To 19-Month Highs
Submitted by Tyler Durden on 06/29/2015 - 11:35 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?
Dow Tumbles 200 Points - Gives Up 2015 Gains
Submitted by Tyler Durden on 06/29/2015 - 11:25 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.
Greek 10Y Bonds Collapse - Yield Tops 15%
Submitted by Tyler Durden on 06/29/2015 - 11:17 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.
Mission Accomplished SNB: Euro Storms Back To Unchanged
Submitted by Tyler Durden on 06/29/2015 - 10:50 Because nothing of import happened this weekend. And if it did, the central banks "got it covered."
Greece May Not Even Have The Funds To Conduct A Referendum
Submitted by Tyler Durden on 06/29/2015 - 10:22 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."
National Bank Of Greece Crashes To Record Low
Submitted by Tyler Durden on 06/29/2015 - 09:55 While the Greek Stock Market remains closed, ADRs trade around the world and National Bank of Greece - theoretically the strongest and least ELA-exposed (although still a disaster) - is trading down 24% in US markets on extremely heavy volume...
Grexit Is Good - Dow Transports Ramp Back To Unchanged
Submitted by Tyler Durden on 06/29/2015 - 09:48 See! Greece doesn't matter... nor does China... nor does Puerto Rico...
from The News Doctors:
No one – as usual – saw it coming.
So guess who walks into a room in St. Petersburg this past Thursday; Saudi Arabia’s Deputy Crown Prince – and Defense Minister – Muhammad bin Salman, favorite son of King Salman; Foreign Minister Adel al-Jubeir (former ambassador to the US and very close to key players in the Beltway); and all-powerful Oil Minister Ali al-Naimi. They were all there for a face-to-face with President Vladimir Putin, on the sidelines of the St. Petersburg Economic Forum.
In principle, there could not be a more spectacular game-changer-in-waiting. A royal Saudi caravan offering tribute, in the form of incense, gold and myrrh (or higher oil prices)? No one knows, yet, how this will play out in the New Great Game in Eurasia, of which a major spin-off is Cold War 2.0 between the US and Russia.
Read More @ TheNewsDoctors.com
No one – as usual – saw it coming.So guess who walks into a room in St. Petersburg this past Thursday; Saudi Arabia’s Deputy Crown Prince – and Defense Minister – Muhammad bin Salman, favorite son of King Salman; Foreign Minister Adel al-Jubeir (former ambassador to the US and very close to key players in the Beltway); and all-powerful Oil Minister Ali al-Naimi. They were all there for a face-to-face with President Vladimir Putin, on the sidelines of the St. Petersburg Economic Forum.
In principle, there could not be a more spectacular game-changer-in-waiting. A royal Saudi caravan offering tribute, in the form of incense, gold and myrrh (or higher oil prices)? No one knows, yet, how this will play out in the New Great Game in Eurasia, of which a major spin-off is Cold War 2.0 between the US and Russia.
Read More @ TheNewsDoctors.com
Russia Promises "Economic And Military" Aid To Syria As US Refloats Assad "Chemcial Weapons" Trial Balloon
Submitted by Tyler Durden on 06/29/2015 - 12:24 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.
from The Daily Coin:
Everything in this country is becoming Third World – nothing functions anymore. – Dr. Paul Craig Roberts, Shadow of Truth
Based on the reaction tonight by the stock market futures to the EU/Greek situation – the S&P 500 futures are down 25 pts/1.2% – I would hazard the opinion that the zombies on CNBC were slighly off-base when they asserted last week that a Greek default was already “priced into the market.”
This idiocy displayed on CNBC is emblematic of the extreme degree to which propaganda has infected our media. But it also highlights the degree to which the American public has willingly turned a blind eye to the Orwellian fog that has completely enveloped our system.
Read More @ TheDailyCoin.org
Everything in this country is becoming Third World – nothing functions anymore. – Dr. Paul Craig Roberts, Shadow of Truth
Based on the reaction tonight by the stock market futures to the EU/Greek situation – the S&P 500 futures are down 25 pts/1.2% – I would hazard the opinion that the zombies on CNBC were slighly off-base when they asserted last week that a Greek default was already “priced into the market.”
This idiocy displayed on CNBC is emblematic of the extreme degree to which propaganda has infected our media. But it also highlights the degree to which the American public has willingly turned a blind eye to the Orwellian fog that has completely enveloped our system.
Read More @ TheDailyCoin.org
from Gold Core:
Greece embarked on capital controls as talks over the weekend between
Tsipras’ leftist government and foreign lenders fell apart.
All banks and the Greek stock exchange are closed today. Greek citizens cued in long lines at ATMs or cash machines over the weekend and a run on the banks left most ATMs empty. There is a €60 limit on withdrawals from cash machines under strict capital controls. The ATMs will reopen tomorrow. Citizens are also lining up for petrol and food.
Central banks have run out of options to deal with the next global financial crisis the Bank of International Settlements (BIS) has warned in its annual report. Failure to make difficult policy decisions and raise rates throughout the “recovery” have left central banks with no stimulus options with which to juice the economy when the next downturn arrives.
Read More @ GoldCore.com
Greece embarked on capital controls as talks over the weekend between
Tsipras’ leftist government and foreign lenders fell apart.All banks and the Greek stock exchange are closed today. Greek citizens cued in long lines at ATMs or cash machines over the weekend and a run on the banks left most ATMs empty. There is a €60 limit on withdrawals from cash machines under strict capital controls. The ATMs will reopen tomorrow. Citizens are also lining up for petrol and food.
Central banks have run out of options to deal with the next global financial crisis the Bank of International Settlements (BIS) has warned in its annual report. Failure to make difficult policy decisions and raise rates throughout the “recovery” have left central banks with no stimulus options with which to juice the economy when the next downturn arrives.
Read More @ GoldCore.com
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