As A Reminder, This Is What Capital Controls In Cyprus Looked Like
Submitted by Tyler Durden on 07/06/2015 - 13:33 Confidence and trust in the government’s negotiating stance is one thing, but suffering through a depositor haircut is quite another and with a Greek bail-in looking increasingly likely by the day, we thought it an opportune time to recap the Cyprus experience.
It Begins: ECB "Adjusts" Greek ELA Haircuts; Full "Depositor Bail-In" Sensitivity Analysis
Submitted by Tyler Durden on 07/06/2015 - 13:54 Earlier today we reported that as Bloomberg correctly leaked, the ECB would keep its ELA frozen for Greek banks at its ceiling level disclosed two weeks ago. However we did not know what the ECB would do with Greek ELA haircuts, assuming that the ECB would not dare risk contagion and the collapse of the Greek banking system by triggering a collapse in Greek banks if and when it boosts ELA haircuts. Turns out we were wrong, and as the ECB just announced "the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA."
Chaos and economic disaster are still stirring up in Greece, with a
sharp rejection of foreign control of their troubled affairs.More austerity and new rounds of loans? Voters in Greece’s emergency referendum were overwhelmingly against it. Whatever happens next, they stood up to the authoritarian tactics of the European Union. Hurrah.
Greeks voted overwhelmingly to reject creditors’ proposal of more austerity measures in return for rescue loans, in the country’s first referendum in 41 years Sunday.
Read More @ SHTFPlan.com
ECB To Keep Greece On Hold Until Wednesday When Balyasny Sees Rioting Begin
Submitted by Tyler Durden on 07/06/2015 - 11:41 According to Colin Lancaster, senior managing director with Balyasny "we now have another 48 hours of calm before things really start happening", and the punchline: "situation could then break down as banks stay closed, ATMs will run out of cash Tuesday or Wednesday, uncertainty grows and rioting possible."
Peak Desperation: China Bans Selling Of Stocks By Pension Funds
Submitted by Tyler Durden on 07/06/2015 - 12:03 What do you do when two policy rate cuts, $19 billion in committed support from a hastily contrived broker consortium, and a promise of central bank funding for the expansion of margin lending all fail to quell extreme volatility in a collapsing equity market? You ban selling.If you needed any further demonstration of China’s arrival as a major player on the international economic (and geopolitical) scene, look no further than the latest news from Greece. Earlier this week Chinese Premier Li Keqiang made headlines for telling the eurozone that they need to get a deal done with Greece. This was followed soon after by another Chinese official suggesting that China might be ready to bail out Greece themselves.
On Thursday Fan Mingtao, a director at the Chinese Institute of Quantitative and Technical Economics, told Sputnik China that China could bail out Greece directly. After explaining that the Greek meltdown threatens China’s own investment interests in the country, he noted: “I believe there are two ways to give Greece Chinese aid. First, within the framework of the international aid through EU countries. Second, China could aid Greece directly. Especially considering the Silk Road Economic Belt and the Asian Infrastructure Investment Bank. China has this ability.”
Read More @ The International Forecaster
Crude Oil Plummets Most Since February, Approaches 16 Year Support Line: Did Someone Get A Tap On The Shoulder?
Submitted by Tyler Durden on 07/06/2015 - 13:11 Earlier today we commented that while stock markets across the globe, heavily influenced by central bank intervention from the PBOC to the SNB, are doing everything in the central planners' power to telegraph just how irrelevant Greece is, other indicators are far less sanguine. One example was copper, which plunged to a level not seen since February, and was in danger of breaching its 15 year support level. The commodity weakness today has persisted and is now crushing both WTI crude and Brent, both of which are in freefall, and WTI is now down over $3 on the session, or 6%, to a $53 handle, the biggest one day plunge since February to a level last seen in early April when there was much hope that the dramatic plunge in December and January was finally over. Turns out it wasn't.
Bob Janjuah Asks "Is A Flash Crash Imminent?"
Submitted by Tyler Durden on 07/06/2015 - 12:45 "My concern is not just that markets are mis-pricing Greece contagion, mis-pricing deflation, mis-pricing street liquidity and mis-pricing the (now negative) trend in corporate (US) revenues and earnings (Q2 earnings season is upon us and may well show year-over-year earnings down 5%/5%+). My concerns are also that markets are way too optimistic about global growth (especially the US), about China, about the ability of policymakers to do anything new and/or effective to alter things meaningfully to the upside,"
Meet New Greek Finance Minister Euclid Tsakalotos
Submitted by Tyler Durden on 07/06/2015 - 12:22 Now that Yanis Varoufakis has metamorphosed from economist academic to controversial finance minister to political martyr, the eyes of the financial universe will turn nervously to newly-appointed Euclid Tsakalotos, who has led Greece’s negotiations with creditors since Varoufakis was sidelined after making a scene at an April Eurogroup meeting in Riga.
Stocks Storm Into The Green As Entire 33 Point Post-Greferendum Dip Is BTF
Submitted by Tyler Durden on 07/06/2015 - 10:54 Futures opened 33 points lower a little over 12 hours ago because, well, nobody has any idea how the Greek fiasco would play out. And then, moments ago the entire gap lower was closed as ES stormed into the green...
WeAreChange:
In this video Luke Rudkowski covers the entire election process in Athens Greece and talks about the many variables with this situation.
In this video Luke Rudkowski covers the entire election process in Athens Greece and talks about the many variables with this situation.
from Paul Craig Roberts:
With 90% of the votes counted, the Greek people have voted 61% to 39%
against accepting the latest round of austerity that the EU is trying to
impose on the Greek people for the benefit of the One Percent. What is
amazing is that 39% voted for the One Percent against their own
interests. This 39% vote shows that propaganda works to convince people
to vote against their own interest.
The vote was not a vote to leave the EU. With the backing of the Greek nation, the Greek government hopes to reopen negotiations with the EU and to find a solution to the debt problem that will actually work. The EU objects to the Greek people having a voice in their fate, and unless common sense prevails is inclined to disregard the vote and to maintain the EU’s inflexible position that the debt issue can be resolved only on the EU’s terms. As has been made perfectly clear, these terms are more looting of the Greek economy by the One Percent.
Read More @ PaulCraigRoberts.org
With 90% of the votes counted, the Greek people have voted 61% to 39%
against accepting the latest round of austerity that the EU is trying to
impose on the Greek people for the benefit of the One Percent. What is
amazing is that 39% voted for the One Percent against their own
interests. This 39% vote shows that propaganda works to convince people
to vote against their own interest.The vote was not a vote to leave the EU. With the backing of the Greek nation, the Greek government hopes to reopen negotiations with the EU and to find a solution to the debt problem that will actually work. The EU objects to the Greek people having a voice in their fate, and unless common sense prevails is inclined to disregard the vote and to maintain the EU’s inflexible position that the debt issue can be resolved only on the EU’s terms. As has been made perfectly clear, these terms are more looting of the Greek economy by the One Percent.
Read More @ PaulCraigRoberts.org
from Gold Core:
The Greek people have voted overwhelmingly against using austerity as a
tool to somehow normalise their economy in a world where normality no
longer applies, on any level, to economic policy.
Yanis Varoufakis, the Greek Finance Minister, has announced his shock resignation this morning. This, despite the vote of confidence that yesterday’s result is for Syriza’s policies.
It is believed that his absence from the next phase of negotiations will clear the air with Greece’s “partners”. He had managed to antagonise most of his European counterparts by speaking bluntly about the problems facing Greece – both internally and externally.
Read More @ GoldCore.com
The Greek people have voted overwhelmingly against using austerity as a
tool to somehow normalise their economy in a world where normality no
longer applies, on any level, to economic policy.Yanis Varoufakis, the Greek Finance Minister, has announced his shock resignation this morning. This, despite the vote of confidence that yesterday’s result is for Syriza’s policies.
It is believed that his absence from the next phase of negotiations will clear the air with Greece’s “partners”. He had managed to antagonise most of his European counterparts by speaking bluntly about the problems facing Greece – both internally and externally.
Read More @ GoldCore.com
from The News Doctors:
The EU “strategic communication plan” to counter “Russian propaganda”
in Europe has not been published yet, but the very fact of its existence
hits the radar screen. Originally, the nine-page plan (already seen by
many reporters) was to be made public at the June 25-26 session of the
European Council.
The expectations were dashed with controversies remaining and ironic comments coming from Russia. State Duma Speaker Sergey Naryshkin says Washington politicians who claim Russia’s isolation are “pathetic clowns”. “Russia’s isolation is just impossible and those high-ranking politicians in Washington who claim that they allegedly isolated Russia look like pathetic clowns”, Naryshkin told a lower house session on July 3. “This initiative of the EU contradicts European values, including the freedom of speech. It also limits the right of people to get information from different sources. In fact, this initiative isolates Europe”, the Speaker added.
Read More @ TheNewsDoctors.com
The EU “strategic communication plan” to counter “Russian propaganda”
in Europe has not been published yet, but the very fact of its existence
hits the radar screen. Originally, the nine-page plan (already seen by
many reporters) was to be made public at the June 25-26 session of the
European Council.The expectations were dashed with controversies remaining and ironic comments coming from Russia. State Duma Speaker Sergey Naryshkin says Washington politicians who claim Russia’s isolation are “pathetic clowns”. “Russia’s isolation is just impossible and those high-ranking politicians in Washington who claim that they allegedly isolated Russia look like pathetic clowns”, Naryshkin told a lower house session on July 3. “This initiative of the EU contradicts European values, including the freedom of speech. It also limits the right of people to get information from different sources. In fact, this initiative isolates Europe”, the Speaker added.
Read More @ TheNewsDoctors.com
by Eric Zuesse, Washington’s Blog:
Max Blumenthal’s latest book, The 51 Day War: Ruin and Resistance in Gaza,
tells a powerful story powerfully well. I can think of a few other
terms that accurately characterize the 2014 Israeli assault on Gaza in
addition to “war,” among them: occupation, murder-spree, and genocide.
Each serves a different valuable purpose. Each is correct.
The images people bring to mind with the term “war,” universally outdated, are grotesquely outdated in a case like this one. There is no pair of armies on a battlefield. There is no battlefield. There is no aim to conquer, dispossess, or rob. The people of Gaza are already pre-defeated, conquered, imprisoned, and under siege — permanently overseen by military drones and remote-control machine-guns atop prison-camp walls. In dropping bombs on houses, the Israeli government is not trying to defeat another army on a battlefield, is not trying to gain possession of territory, is not trying to steal resources from a foreign power, and is not trying to hold off a foreign army’s attempt to conquer Israel.
Read More @ WashingtonsBlog.com
photo: globalresearch.ca
Max Blumenthal’s latest book, The 51 Day War: Ruin and Resistance in Gaza,
tells a powerful story powerfully well. I can think of a few other
terms that accurately characterize the 2014 Israeli assault on Gaza in
addition to “war,” among them: occupation, murder-spree, and genocide.
Each serves a different valuable purpose. Each is correct.The images people bring to mind with the term “war,” universally outdated, are grotesquely outdated in a case like this one. There is no pair of armies on a battlefield. There is no battlefield. There is no aim to conquer, dispossess, or rob. The people of Gaza are already pre-defeated, conquered, imprisoned, and under siege — permanently overseen by military drones and remote-control machine-guns atop prison-camp walls. In dropping bombs on houses, the Israeli government is not trying to defeat another army on a battlefield, is not trying to gain possession of territory, is not trying to steal resources from a foreign power, and is not trying to hold off a foreign army’s attempt to conquer Israel.
Read More @ WashingtonsBlog.com
photo: globalresearch.ca
from TruthNeverTold:
from USA Watchdog:
Stock trader Gregory Mannarino says Greece is the tip of the debt iceberg.
Mannarino explains, “Never in history have we been so overwhelmed and buried underneath a mountain of debt. I believe we are at a top in regard to the debt. What does this mean? We could see a domino effect where all this starts cascading down and correct to fair market value. It will, whether it’s today, tomorrow or next week. There is no way out of it, and that is what people need to keep in mind.”
Mannarino goes on to say, “I think people are being distracted by the mainstream media saying this is just a Greek problem or this is just a Puerto Rico problem. This is a global problem.
Read More @ USAWatchdog.com
Stock trader Gregory Mannarino says Greece is the tip of the debt iceberg.
Mannarino explains, “Never in history have we been so overwhelmed and buried underneath a mountain of debt. I believe we are at a top in regard to the debt. What does this mean? We could see a domino effect where all this starts cascading down and correct to fair market value. It will, whether it’s today, tomorrow or next week. There is no way out of it, and that is what people need to keep in mind.”
Mannarino goes on to say, “I think people are being distracted by the mainstream media saying this is just a Greek problem or this is just a Puerto Rico problem. This is a global problem.
Read More @ USAWatchdog.com
Piketty: "Germany Has Never Repaid Its Debts; It Has No Standing To Lecture Other Nations"
Submitted by Tyler Durden on 07/06/2015 - 10:38 "When I hear the Germans say that they maintain a very moral stance about debt and strongly believe that debts must be repaid, then I think: what a huge joke! Germany is the country that has never repaid its debts. It has no standing to lecture other nations. ... Germany is really the single best example of a country that, throughout its history, has never repaid its external debt. Neither after the First nor the Second World War. However, it has frequently made other nations pay up... "/
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