Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
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… This is a new record low… Average: Your rating: None Average: 5 (2 votes) National…
ATHENS, June 29 Greek banks are expected to open 850 branches for the payment of pensions on Thursday, though they remain shut for other business all week, a Greek government official said on Monday.The official, who spoke on condition of anonymity, said that if banks continued to be supported by the European Central Bank’s emergency…
Good news – some Greek bank branches will re-open sooner than expected. *GREEK OFFICIAL: 700 BANK BRANCHES TO OPEN THURSDAY FOR PENSIONS Bad news – only pension withdrawals are allowed in limited size. *GREEK PENSION WITHDRAWALS WILL BE LIMITED TO EU240: OFFICIAL Party’s over. Average: Your rating: None Average: 5 (4 votes) Greece Will Open…
Its economy has been mired in recession for years. The public is fed up with austerity. Investors want big premiums to lend to a government deep in debt, with no ability to devalue its currency. Greece? Try Puerto Rico, the U.S. commonwealth whose long-simmering debt crisis—its $72 billion debt equals nearly 70% of its economic…
With all eyes focused on Greek ATM lines, collapsing Chinese ponzi schemes, and European bank implosions, one could be forgiven for forgetting about another crisis occurring closer to home. As we detailed here, Puerto Rico is now “in a death spiral” and PR bonds are collapsing this morning… “Surprise” Puerto Rico’s debt is nearly…
Following a week in which the Chinese stock bubble popped and a weekend in which the Eurozone bubble followed, it was all up to central banks to stabilize the devstation that would follow should the Plunge Protection Team, now global, not show up. And while US equities futures were looking grim overnight, China at least…
Puerto Rico can no longer make payments on its $73 billion in debt, according to Governor Alejandro Garcia Padilla, who warns the island is perilously close to entering a “death spiral” “The debt is not payable … there is no other option. This is not politics, this is math,” Garcia Padilla told the New York…
In as brash an instance of lying propaganda as we have seen recently EU President Jean-Cleaude “when it’s serious you have to lie” Juncker unleashed 6 minutes of unabashed falsehoods this morning as the fearmongering and blame-shame-game for Greece begins. He proclaimed that “pension cuts were not in the creditors proposals” which as many pointed…
The yen gained against the euro in Asia Monday after emergency Greek debt talks fell apart over the weekend, enhancing the Japanese currency’s allure among risk-averse investors. The euro took a tumble after Greek Prime Minister Alexis Tsipras made a call to hold a referendum on July 5 on country’s debt conditions, followed by news…
While Greece has understandably been the focal news event over the weekend – after all it has been 5 years in the making – let’s not forget that in another massive move, one geared squarely to prevent a market collapse and to avoid even further panic, the Chinese central bank cut both its policy rate…