Submitted by Tyler Durden on 06/30/2015 - 10:21 That an ETF can satisfy redemption with underlying bonds or shares, only raises the nightmare possibility of a disillusioned and uninformed public throwing in the towel once again after they receive thousands of individual odd lot pieces under such circumstances.
by Oscar Williams-Grut, Business Insider:
It looks like Greece has confirmed what we’ve been expecting — it’s going to default.
Reuters just tweeted that Greece’s Finance Minister Yanis Varoufakis has confirmed that Greece won’t pay the International Monetary Fund the €1.6 billion (£1.14 billion, $1.79 billion) it’s due today.
Government officials signalled to the Wall Street Journal yesterday that this would be the case but up until now we’ve only heard it from anonymous sources. Varoufakis is second only to Prime Minister Alexis Tsipras in the Greek hierarchy.
Read More @ Businessinsider.com
Photo: Reuters
It looks like Greece has confirmed what we’ve been expecting — it’s going to default.
Reuters just tweeted that Greece’s Finance Minister Yanis Varoufakis has confirmed that Greece won’t pay the International Monetary Fund the €1.6 billion (£1.14 billion, $1.79 billion) it’s due today.
Government officials signalled to the Wall Street Journal yesterday that this would be the case but up until now we’ve only heard it from anonymous sources. Varoufakis is second only to Prime Minister Alexis Tsipras in the Greek hierarchy.
Read More @ Businessinsider.com
Photo: Reuters
by Paul Joseph Watson, Infowars:
The EU reacted to Greek Prime Minister Alexis Tsipras’s announcement
that the country’s decision on whether to accept a bailout deal would be
put to a national referendum by showing “contempt” and “disdain” for
the very notion of democracy, according to Finance Minister Yanis
Varoufakis.
The announcement that Greek banks would be shut for a week was made after the European Central Bank said it would not provide any further emergency monetary support. ATMs remain open but they are running out of cash fast, despite the fact that Greeks are restricted to withdrawing just 60 euros ($66) a day.
After Tsipras announced the referendum for July 5, the ECB said it would refuse to extend a deadline on an €1.6bn payment to the IMF which is due on Tuesday. If Greece refuses to pay, it could exit the EU and prompt a crash of the Euro single currency.
Read More @ Infowars.com
The EU reacted to Greek Prime Minister Alexis Tsipras’s announcement
that the country’s decision on whether to accept a bailout deal would be
put to a national referendum by showing “contempt” and “disdain” for
the very notion of democracy, according to Finance Minister Yanis
Varoufakis.The announcement that Greek banks would be shut for a week was made after the European Central Bank said it would not provide any further emergency monetary support. ATMs remain open but they are running out of cash fast, despite the fact that Greeks are restricted to withdrawing just 60 euros ($66) a day.
After Tsipras announced the referendum for July 5, the ECB said it would refuse to extend a deadline on an €1.6bn payment to the IMF which is due on Tuesday. If Greece refuses to pay, it could exit the EU and prompt a crash of the Euro single currency.
Read More @ Infowars.com
In Big Boost To "No" Vote, Schauble Hints Greece Can Default And Stay In Euro
Submitted by Tyler Durden on 06/30/2015 - 08:14 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.
Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down
Submitted by Tyler Durden on 06/30/2015 - 10:10 Update: EU finance ministers to hold call on Greek request for ESM loan.GREECE ASKS FOR 2-YR BAILOUT PROGRAM FROM ESM: PM'S OFFICE
NATO Ally Turkey Breaks Ranks: Slams EU Austerity, Offers Greek Aid
Submitted by Tyler Durden on 06/30/2015 - 11:36 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.
from KingWorldNews:
As everyone now knows, the weekend saw a trifecta of major news.
Obviously, the first piece of news was the calling of the Greek
referendum, which basically will lead to a lose/lose choice between
chaos and more chaos (more about that below).
Then there was the rate cut and reserve requirement reduction on the part of the Chinese, and lastly, the move on the part of the governor of Puerto Rico, who said the country needed to get out of its “death spiral” and would make creditors take a haircut — something “authorities” and central bankers have been loath to see occur, as they continually try to protect lenders and bond holders worldwide from having to pay for their bad decisions. Besides generalized central bank bad policy and incompetence, not forcing creditors to take a hit has only increased moral hazards.
Bill Fleckenstein continues @ KingWorldNews.com
As everyone now knows, the weekend saw a trifecta of major news.
Obviously, the first piece of news was the calling of the Greek
referendum, which basically will lead to a lose/lose choice between
chaos and more chaos (more about that below).Then there was the rate cut and reserve requirement reduction on the part of the Chinese, and lastly, the move on the part of the governor of Puerto Rico, who said the country needed to get out of its “death spiral” and would make creditors take a haircut — something “authorities” and central bankers have been loath to see occur, as they continually try to protect lenders and bond holders worldwide from having to pay for their bad decisions. Besides generalized central bank bad policy and incompetence, not forcing creditors to take a hit has only increased moral hazards.
Bill Fleckenstein continues @ KingWorldNews.com
from The Burning Platform:
It was a bad day in the market. It was down 2%. That’s nothing in the
big picture. The market is up 300% since 2009. A 2% move shouldn’t be a
problem in a normal market. But, we have an extremely overvalued
abnormal market, propped up by excessive levels of debt and hundreds of
billions in corporate stock buybacks. These CEO titans of industry are
driven by greed and personal ambition. They aren’t smart enough to grow
their businesses, so they have bought back their stock at record high
prices in order to boost Earnings Per Share and their own stock based
compensation packages.
They did the exact same thing in 2007, just before the last crash. These spineless Ivy League educated whores always buy high and sell low. In 2009, when their stocks were selling at bargain prices, they bought nothing. They are gutless front runners with no vision, leadership skills, or sense of morality. With markets in turmoil, these slimy snakes will hesitate to buy back their stock. Fear will overtake their greed. This form of liquidity for the stock market will dry up in an instant.
Read More @ TheBurningPlatform.com
It was a bad day in the market. It was down 2%. That’s nothing in the
big picture. The market is up 300% since 2009. A 2% move shouldn’t be a
problem in a normal market. But, we have an extremely overvalued
abnormal market, propped up by excessive levels of debt and hundreds of
billions in corporate stock buybacks. These CEO titans of industry are
driven by greed and personal ambition. They aren’t smart enough to grow
their businesses, so they have bought back their stock at record high
prices in order to boost Earnings Per Share and their own stock based
compensation packages.They did the exact same thing in 2007, just before the last crash. These spineless Ivy League educated whores always buy high and sell low. In 2009, when their stocks were selling at bargain prices, they bought nothing. They are gutless front runners with no vision, leadership skills, or sense of morality. With markets in turmoil, these slimy snakes will hesitate to buy back their stock. Fear will overtake their greed. This form of liquidity for the stock market will dry up in an instant.
Read More @ TheBurningPlatform.com
As we enter the second half of 2015,
financial panic has gripped most of the globe. Stock prices are
crashing in China, in Europe and in the United States. Greece is on the
verge of a historic default,
and now Puerto Rico and Ukraine are both threatening to default on
their debts if they do not receive concessions from their creditors.
Not since the financial crisis of 2008 has so much financial chaos been
unleashed all at once. Could it be possible that the great financial
crisis of 2015 has begun? The following are 16 facts about the
tremendous financial devastation that is happening all over the world
right now…Read More…
Malvinas 2.0? Argentina Plans Asset Seizure Of Falkland Oil Companies
Submitted by Tyler Durden on 06/30/2015 - 11:10 Is it just election fever, or is Argentina serious about reclaiming the Falklands Islands?Why There Is No Growth: The Entire S&P 500 Free Cash Flow Is Going Back To Shareholders
Submitted by Tyler Durden on 06/30/2015 - 08:12
With Market Closed, Trading Greek ETF Is Gamble, Guessing Game
Submitted by Tyler Durden on 06/30/2015 - 10:46 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?
Chicago PMI Prints Worst June Since 2008 As Employment Tumbles
Submitted by Tyler Durden on 06/30/2015 - 09:54 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).
The Global Template For Collapse: The Enchanting Charms Of Cheap, Easy Credit
Submitted by Tyler Durden on 06/30/2015 - 09:26 Cheap, easy credit has created moral hazard and nurtured magical thinking throughout the global economy.
Now that we know Greece will default, where do things go from here?
Before getting to that very tough question (with no concrete answers), I
would ask another stinging question. “Was a Greek default really
“already in the market”? I have to chuckle just a little as Zerohedge
did an article quoting many “talking heads” who as of last Friday were
still doing their best Bruce Willis imitations and advising “come out to
the coast, we’ll have a BLAST”! How Could The “Greek Experts” Be So Wrong? As I questioned last week, a Greek default and Eurozone exit was in no way already factored into the market …unless you believe today’s carnage is a result of Puerto Rico ‘fessing up to their bankruptcy!
Read More…
from TruthNeverTold:
There Is One 'Small' Problem With The Crowdfunded Greek Bailout Campaign
Submitted by Tyler Durden on 06/30/2015 - 09:12 In the latest example that there are generous, perhaps even noble people, still left, Crowdfunding site Indiegogo has released a crowd sourced "Greek Bailout Fund" which in just 1 day has already managed to raise around €100,000 from over 6,300 contributors. Noble, generous... and quite idiotic, for one simple reason - the math is horribly wrong.
Case-Shiller US Home Price Index Drops Most In A Year
Submitted by Tyler Durden on 06/30/2015 - 09:10 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."
When The PBOC Went All-In: China Stocks See Biggest Intraday Swing In 23 Years
Submitted by Tyler Durden on 06/30/2015 - 08:32 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.
from Wolf Street:
Global banking behemoth HSBC is not having a good 2015, despite
celebrating its 150th anniversary. It has been implicated in even more
scandals than usual, faces a 5% increase in dividend costs in its
adopted home country, the UK, and has decided to lay off another 25,000
workers worldwide. It’s also selling off its Brazil and Turkey units and
is even threatening to up sticks from the City of London and move its headquarters back to Hong Kong.
Which begs the question: why such drastic restructuring? More to the point, why now?
Read More @ Wolfstreet.com
image: colorado-groupe.com
Global banking behemoth HSBC is not having a good 2015, despite
celebrating its 150th anniversary. It has been implicated in even more
scandals than usual, faces a 5% increase in dividend costs in its
adopted home country, the UK, and has decided to lay off another 25,000
workers worldwide. It’s also selling off its Brazil and Turkey units and
is even threatening to up sticks from the City of London and move its headquarters back to Hong Kong.Which begs the question: why such drastic restructuring? More to the point, why now?
Read More @ Wolfstreet.com
image: colorado-groupe.com
from Peter Schiff:
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