EUROPE | WHAT REALLY HAPPENED


EUROPE

Jun 30 21:36

Greece – A Moving Target

Mr. Tsipras lets it be known that if the Greek vote ‘yes’ – for the austerity program, he may resign – that might bring the hegemon’s desired ‘regime change’.

Greece is a moving target. A new bail-out package in the wings? Being negotiated as these lines are going to print? An act of desperation? – Confusing for sure – for the electorate, for observers – but especially for the suffering every-day Greek. Almost hour by hour things are changing.

A last-minute, last ditch negotiation with Brussels for a new bail-out program has apparently been initiated by Athens for two years. No amount has been mentioned – let alone the austerities that Greece would have to accept – or the troika.

Jun 30 19:39

Greece becomes first developed nation to default on international obligations

The International Monetary Fund has confirmed that it didn't receive the €1.5 billion payment from Athens that was due by the end of June 30, Brussels time, as Greece becomes the first developed country to default on its international obligations.

Jun 30 18:11

‘Greece not for sale’: PM Tsipras urges ‘no’ vote on Euro bailout referendum

All eyes are on Greece today, as it moves closer to defaulting on an IMF repayment, which is due in 10 hours.

Jun 30 18:03

Barack Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis

Barack Obama says that we shouldn’t be alarmed by what is happening over in Greece. On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“. And apparently Obama is not too concerned about the debt crisis in Puerto Rico either.

Jun 30 16:56

Eurozone Nears Chaos as Greek Banks Close

Jun 30 14:52

Athens Agonistes: Troika Extremists Write New Greek Tragedy

The people of Greece are being driven to their knees by a gang of brutal religious extremists, willing to destroy whole nations for the sake of something that doesn't even exist. Yet the 'civilized' world cheers these barbarians on as they despoil the cradle of Western democracy.

Greece is facing total collapse unless it knuckles under to the draconian demands of the bizarre cultists known as the Troika, a sinister union of three extremist groups (the I.M.F., the European Central Bank and the European Commission) who seek to impose their harsh and rigid way of life across the world. They insist that control of a nation's wealth be given over to a few powerful emirs and the Troika's favored moneylenders in its richer satrapies.

Jun 30 14:34

The bank holidays in Greece are no holiday at all

The history behind the familiar concept of the European “bank holiday” dates back to 1871, when the Bank Holidays Act was passed in the United Kingdom. It established four days each year when banks would be closed. Typically those days fell on major religious holidays. By the end of the nineteenth century, bank holidays had become a familiar part of life in the UK and Commonwealth countries - they were also considered unofficial national holidays in Ireland and then the custom spread to continental Europe in the twentieth century.

Jun 30 14:19

The Care and Feeding of a Financial Black Hole

If the black hole does succeed in sucking in Greece, then which country is next? Will it be Italy, Spain or Portugal? And, as that process continues, at what point will enough people say that enough is enough? Because when they do, the black hole will shrivel up.

Jun 30 14:02

Greece: The Five Possible Paths Forward

Greece is poised between remaining a member of the eurozone or leaving it. In fact, as WSJ’s Stephen Fidler explains, there are five possible future currency arrangements for Greece. Here they are…

Jun 30 13:51

A Gang of Wolves Comes for Greece

The election of an anti-austerity Syriza government in Greece signalled trouble for the powers-that-be in the European Union. Principally Germany which has no interest in rethinking how the EU operates, since it serves German interests so well, but also the most powerful European institution: the European Central Bank (ECB).

Jun 30 12:43

Greece willing to call off referendum in exchange for loan deal: Reuters, citing sources

The government today tabled a new proposal asking 2-year program covering the needs of chrimatodtotikes #ert country
Meaning now have choices and actions will open good prospects for the country and Europe #ert
To find a solution we must recognize the reality
The program failed and was stagnant since last August . Today ends minutes
The Greece is seeking a solution that will not constitute a submission but will not disclaims the country responsibilities
The government seeks a new financing program for 2 years
We need a new design for its debt so that it becomes viable
Last Monday Greece submitted a proposal to its Institutions considered a good basis for discussion
The next day , the same proposal was cast in " bucket " , there has been the engagement
We seek to stabilize the economy and the start of the development process
After five years of recession and austerity we can not talk about reducing salaries and pensions as far as exit from the crisis

Webmaster's Commentary: 

The story does not support the Reuter's headline

Jun 30 12:05

On Greece and Europe: What is Called “Negotiation” is a Demand for Total Surrender

What is called “negotiation” is in reality a demand for total surrender. The Troika’s demand is to force Syriza to go back on the campaign promises that it made to voters who replaced the old right-wing Pasok (“socialist”) and Conservative New Democracy coalition, or else simply apply the austerity program to which that coalition had agreed:cutbacks in pensions, deeper austerity, more privatization selloffs, and a tax shift off business onto labor. In short, economic suicide.

Jun 30 12:04

‘New demands on Iran – deliberate stumbling blocks’

All sort of things in these negotiations are going on behind the scenes, not only between the P5+1 and Iran but between the Western allies as well.

Additional demands on Iran at the nuclear talks put forward by France are basically impossible to fulfill; it’s unlikely that they were made without the full knowledge and approval of the US, says political commentator Soraya Sepahpour-Ulrich.

Jun 30 12:01

Russia: Tit for Tat – Israel Shamir.

Summing it up, President Putin speaks softly. If he carries a big stick, he does not flash it around.

Hail, fire and brimstone, new sanctions or the US tanks on its borders, Russia takes things in stride. President Putin could adopt the motto of William of Orange: saevis tranquillus in undis, calm amidst the tempest.

Jun 30 11:30

Europe Will Soon Impose Border Controls

Europe is imposing capital controls… next up will be border controls.

Why border controls? Well in truth, it was all about the money… specifically, physical cash. As we’ve noted before… with the vast majority of the global financial system based on digital money… the minute a significant number of depositors try to move their money OUT of a bank and INTO physical cash, the whole system can collapse.

Webmaster's Commentary: 

Watch for the same thing to happen here, ultimately, as a method of stemming financial contagion, if things get too bad financially.

Jun 30 10:36

'No to Austerity': Tens of Thousands Back Syriza at Rally in Athens

Tens of thousands gathered in Athens on Monday night, adding their voices to the ranks of the Syriza government officials and international observers who are urging Greek citizens to act boldly and reject the terms of an aid deal offered by Greece's austerity-loving international creditors.

Webmaster's Commentary: 
Jun 30 10:35

Europe’s Attack on Greek Democracy

The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.

Jun 30 10:32

Greek Deputy Minister of Defence: there is no panic about banks closing

The Deputy Head of Greece Ministry of Defence, co-chairman Russian-Greece intergovernmental commission Kostas Isikhos told that there was no panic in Greece in connection with bank closings on a week.
According to him, despite temporary banks closing, all clients have an access to their accounts, cash machines, but money limitation is 60 euro a day.
Such measures were taken in order to protect Greek banks and freeze an outflow of funds.
Country`s Ministry of Finance informed on Tuesday, that around one thousand banks all over Greece would be opened since July 1 on three days for retirees who don’t have bank cards.

Jun 30 10:26

Saab signs deal worth billions for Swedish subs

A deal between Swedish defence giant Saab and Sweden's military for two submarines worth 8.6 billion kronor ($1.04 billion) is set to boost jobs in the Nordic country, chief executive Håkan Buskhe said on Tuesday.

Jun 30 10:24

‘Britain to send fence to France to block migrants’

Britain is reportedly set to build a 2-mile fence at the Channel Tunnel to stop migrants from boarding UK-bound trains.

Home Secretary Theresa May has said she wanted to send a “very clear message” that people will not be able to get through to the UK through this, the Daily Mail reported.

She said, “We are working very closely with the French authorities on this issue. We have been doing a number of things to increase security around the port.

“We are making a number of changes at Calais to increase security, we're also going to be putting some extra security fencing at Coquelle at the entrance to the Tunnel.”

The report says migrants have been trying to hide in vehicles waiting to board Channel Tunnel services at Coquelles and at the ferry port of Calais.

Webmaster's Commentary: 

Translation of this message, from the UK and France, to desperate immigrants: "Kill your children first, then yourselves next: we will incinerate your bones and use them for soil enrichment!"*

*Due to the recent bovine spongiform encephalopathy (BSE) crisis in the European beef industry, the use of animal-derived products to feed cattle is now severely restricted. Large quantities of waste animal meat and bone meal (MBM), also known as animal flour, have to be safely disposed of or transformed. One disposal option is pyrolysis. Vacuum pyrolysis of an animal flour sample has been performed in a laboratory reactor. The results obtained revealed that vacuum pyrolysis can be an attractive alternative to incineration and cement kilns. The process generated a combustible gas (15.1 wt %), a high calorific value oil (35.1 wt %), a solid residue rich in minerals (39.1 wt %), and an aqueous phase rich in organics (10.7 wt %). The gas and the aqueous phase can be used to provide heat to the vacuum pyrolysis reactor and the MBM drying unit. The oil can be used alone or mixed with petroleum products as a fuel in boilers or gas turbines. Conversion of animal waste by pyrolysis into fuels can contribute to the reduction of greenhouse gases. It is suggested to use the solid residue for agricultural soil enrichment in minerals and as a soil moisturizer.

To the leadership of the UK and France; some of these people cannot possibly go home, because they will be tortured and killed; others are trying to escape crushing poverty and corrupt governments at home.

And THIS policy is your most "compassionate answer" to their pain?!?

Please think again, leadership of the UK and France: you can do better than this.

Jun 30 10:02

Athens has plan B if EU refuses to finance Greece

Athens has "plan B" in case the EU does not resume its financial aid to Greece, Energy Minister Panagiotis Lafazanis said in an interview with the Rossiya 24 TV channel.
"I think that at the referendum Greeks will say their "no" to the blackmail Europe is now applying to us. After that the banks will re-open and everything will be fine. If our people say their definite "no" to this blackmail, but Europe does not change its attitude and does not resume financing, we have "plan B". The lack of money from the EU is not the end. There are other sources as well," Lafazanis says.
He refused to disclose any details of the plan. He said he hopes that that the solution will be found.

Jun 30 09:47

NATO Member Turkey Breaks Ranks: Slams EU Austerity, Offers Greek Aid

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.

Jun 30 09:46

Varoufakis threatens EU with court as Greek default looms

Greece may take EU institutions to court to stop its creditors from pushing the country out of the eurozone. Athens' bailout expires Tuesday and a default could mean it is exiled by Brussels.

Jun 30 09:40

Greece Over the Brink

It has been obvious for some time that the creation of the euro was a terrible mistake. Europe never had the preconditions for a successful single currency — above all, the kind of fiscal and banking union that, for example, ensures that when a housing bubble in Florida bursts, Washington automatically protects seniors against any threat to their medical care or their bank deposits.

Jun 30 09:31

Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down

Update 2: The Greferendum cancellation calls have begun and Greece has now effectively applied for a DIP loan.

GREECE MUST CANCEL REFERENDUM TO ALLOW PROPOSAL AIRING: GABRIEL
GABRIEL: GREEK TALKS CAN RESUME QUICKLY IF REFERENDUM KILLED
GREECE REQUESTS LOAN EXCLUSIVELY FOR MEETING DEBT PAYMENTS: DOC
GREECE REQUESTS BAILOUT EXTENSION TO AVERT DEFAULT: DOCUMENT

Jun 30 09:22

Greece’s Downfall and Redemption

What the Greek people can turn to is a realistic and altogether more democratic and humane option – of demanding their country slash its monstrous military spend.

Decades of exorbitant military spending account for Greece’s present downfall under an Olympian-sized debt. European governments and news media portray the problem of Greece’s financial woes as public spending profligacy.

Jun 30 08:25

Will Greece Stem the Tide of Default?

Jun 30 08:16

Greek debt crisis - live updates

The head of the European Commission has made a last-ditch proposal to try to save Greece from default. The Greek premier is reported to be considering the offer.

Jun 30 07:49

A gang of wolves comes for Greece

The election of an anti-austerity Syriza government in Greece signalled trouble for the powers-that-be in the European Union. Principally Germany which has no interest in rethinking how the EU operates, since it serves German interests so well, but also the most powerful European institution: the European Central Bank (ECB).

As of Saturday, June 27, it is clear what Syriza was up against. As Greek Finance Minister Yanis Varoufakis explained, the Eurogroup (finance ministers from the 19 countries that use the euro -- collectively, the Eurozone) was never prepared to discuss the anti-austerity proposals put forward by Syriza and provide debt relief for Greece.

Jun 30 07:47

Greece asks for new 2yr bailout program

The Greek government has asked for a new bailout program from the European Stability Mechanism (ESM), that’ll cover all the country’s financial needs for the next two years, according to the government statement.

The request also includes a restructuring plan for Greek debt to the European Financial Stability Facility, that accounts for about 63 percent of the Greece's total debt.

Jun 30 06:40

16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World

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…

Jun 30 04:38

Greeks to say 'no' to Europe at referendum - expert

European Commissioner Guenther Oettinger told German publication Handelsblatt that the decision about the referendum was unfriendly. Is there a cold war brewing between the European Union and Greece?
Pravda.Ru asked this question to Drector of the Greek Cultural Center, Theodora Giannitsi.
"This is a natural result of the impasse process of negotiations - the period that lasts for five years. This is maybe the time, when it is peoples that stand responsible for their actions, for their leaders' actions, as well as for the future of the so-called Europe," she told Pravda.Ru.
We asked the expert what would be the results of the negotiations. The Greek people are tired, she replied. The expert believes tat the Greek people will say no to the conditions that the European Union has been imposing on Greece for the last five years.

Jun 30 03:55

Markets Crash on Greece

Jun 30 03:24

White House Says It Expects Greece To Keep Commitments

Webmaster addition: This is how the financial firms that sold credit default swaps against Greece's debt plan to avoid having to pay for them, by saying there is no default because Greece will pay back the money ... eventually ... somewhere down the road ... next century ... maybe ...

Jun 30 02:27

US to work together with EU to prevent Grexit

US will work together with its European colleagues to prevent Greece’s default and exit from the euro zone, the White House press service said on Monday after talks between US President Barack Obama, French President Francois Hollande and UK Prime Minister David Cameron.
The leaders said their economic teams were in close contact and were monitoring developments in Greece and financial markets, the White House said.

Jun 30 02:26

Greece threatens to sue EU institutions to block country’s expulsion from euro zone

Greece may seek a court injunction against the EU institutions to block the country’s expulsion from the euro zone and stop suffocation of the Greek banking system by the European Central Bank, Greek Finance Minister Yanis Varoufakis said on Monday.
"The Greek government will make use of all out legal rights," the Daily Telegraph cited Varoufakis as saying. "We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable," the finance minister said.

Jun 30 02:25

Europe blackmailing Greece, says minister in Athens

"The country has lived under the toughest imaginable pressure from European institutes in the past five months," he said. "They’re forcing us to do the things they’d like us to do."
"This unprecedented blackmail put us in the face of a choice, namely, either we accept what they recommend and what will put Greece to its knees and will destroy the remainders of our economy and society, or else we pull out of the euro area," said Lafazanis, one of the leaders of the ruling Coalition of the Radical Left.
"But we didn’t accept this blackmail and told them we must ask our people whether or not it accepts blackmailing," he said. "Hence we needed a referendum."

Jun 29 22:04

Group behind intercepted Gaza flotilla accuses Israel of 'piracy'

Organizers of a Gaza-bound flotilla that was intercepted by the Israeli navy complained Monday that they were victims of an act of piracy, while Israeli officials denounced the pro-Palestinian campaign as hypocritical and unnecessary.

Jun 29 19:52

Beggar Thy Neighbor? Greece's Battered Banks Beget Balkan Jitters

"Millions of people in ex-Communist Bulgaria, Macedonia, Albania, Serbia and Romania have deposits in banks owned by Greek lenders, putting this corner of south-eastern Europe in the frontline if there is contagion from the Greek crisis."

Jun 29 19:48

The Mood On The Ground In Greece: "Some Have Raised The Prospect Of Civil War"

"There have been some people that worry that the military may actually get involved. It wouldn't surprise me - there are some people in Greece that have raised the whole prospect of potential civil war."

Jun 29 19:11

Greece Crisis – How Safe Is YOUR Bank Account? Michael Rivero - June 29, 2015

Jun 29 18:40

16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World

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.

Jun 29 16:10

The Troika Intends to Suffocate Greece. Threaten an “Uncontrollable Crisis”…

The Central Bank of Greece surprised everyone with the publication of their monetary politics for 2014-2015. Besides revealing the consequences of the economic suffocation imposed by Brussels, it concluded that in case of not getting to a prompt deal with its European partners, a crisis of great proportions will be detonated.

“A crisis with a manageable debt as we are currently facing with the help of our partners will transform into an uncontrollable crisis, with great risk for the banking system and for the financial stability”, it quoted[1]. It was the first time this institution seriously contemplated Greece’s separation from the Eurozone.

Jun 29 15:59

Less Than 24 Hours In, Panic Hoarding Begins…

For those wondering how long they have after a full financial collapse before the shelves are empty at the grocery stores, it appears the answer is under 24 hours, as the focus has shifted in Greece from bank and ATM runs to bread and milk runs…

Jun 29 15:46

Default countdown? European banks lose €50bn as Greek debt deadline nears

The market value of European banks has shrunk by more than €50 billion after Greece shut down its banks until July, 6, the day after the referendum on the bailout deal is held.

The Stoxx 600 Banks Index fell by 4.4 percent, the biggest daily decline since November 2011, Bloomberg reports. Among the biggest losers is Portugues Banco Comercial down 9.1 percent, and Italy’s Banca Monte dei Paschi di Siena which slumped 7.2 percent. Spain’s Banco Popular Espanol has lost 6.5 percent and Banco de Sabadell was down 5.4 percent.

Jun 29 15:33

GREECE MAY BE The NEXT LEHMAN BROTHERS

Jun 29 13:46

Joke of the Day: NATO to Beat Russian Propaganda With 'Facts'

Says NATO’s political head Jens Stoltenberg

Meanwhile EU is to promoto “European values” in the post-Soviet space which actually means:

funding pro-EU NGOs and media
training journalists
influencing national media regulators (censors)

Jun 29 13:42

Iceland hands corrupt bankers prison sentences of up to four years and six months

Six defendants in the Kaupþing market manipulation case, the biggest case of this type in Iceland’s history, have been handed prison sentences ranging from one year to four years and six months.

Jun 29 13:38

Breathtaking German hypocrisy: Germany owes Greece 11 billion euros in unpaid loans

This little fact changes everything.

In 1943, Germany forced the Bank of Greece to lend it two loans worth 11 billion euros in today’s money.

And Germany has still not paid back the debt.

Jun 29 13:34

IMF has made €2.5 billion profit out of Greece loans

In April this year, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay the IMF in full this will rise to €4.3 billion by 2024.

Jun 29 13:21

A New Mode of Warfare - The Greek Debt Crisis and Crashing Markets

Eurozone financial strategists made it clear that they wanted to make an example of Syriza as a warning to Spain’s Potemos party, and anti-euro parties in Italy and France. The message was supposed to have been, “Avoid our austerity and we will cause chaos. Look at Greece.”

Jun 29 13:18

Just As You Suspected, Mega-Corporations Dominate EU Lobbying

The latest analytical report from Transparency International has revealed that the majority of lobbying meetings involving the European Commissioners and their staff were actually held with corporate managers. The EU declares the number of lobbying meetings it has approximately every six months.

Jun 29 12:48

7 photos that sum up what it looks like in Greece today

Here’s what it looks like in Greece today, after a weekend in which the government walked away from negotiations with creditors and declared a referendum on debt-holder demands for this Sunday: Banks are closed, and there are lines outside ATMs, where withdrawals from a Greek account are limited to just 60 euros.

That’s if there is still money in the ATM.

Jun 29 12:36

Anger Aimed at Troika's Ruthless Neoliberalism as Greece Exit Looms

With banks shuttered, capital controls in place, and democracy under threat, the world's eyes turn toward what the Greek people will decide.

Jun 29 12:32

Europe's richest countries (adjusted to cost of living)

Webmaster's Commentary: 

Latest victim of a US overthrow Ukraine is, of course, at the bottom of the list!

Jun 29 12:20

Russia: Tit for Tat

Hail, fire and brimstone, new sanctions or the US tanks on its borders, Russia takes things in stride. President Putin could adopt the motto of William of Orange: saevis tranquillus in undis, calm amidst the tempest. The tempest is all around. American tanks moved into the Baltic states. American warships sail up the Black sea. The EU sanctions against Russia were extended for another six months. Russian assets were seized in France and Belgium.

Jun 29 10:13

Greek banks will stay CLOSED tomorrow as British tourists are warned cash machines will become 'limited at short notice'

Greek banks and the country's stock exchange will not open tomorrow as the country enters the 'dark hour' of trying to rescue its stricken economy.

The Foreign Office warned today warned British holidaymakers that credit card machines and ATMs in Greece could become 'limited at short notice' and urged people to prepare for 'emergencies, unforeseen circumstances and any unexpected delays'.

With Tuesday's deadline for Greece to repay more than £1billion of its debts looming, the country is on the brink of leaving the single currency.

Jun 29 10:13

A Grexit would be disastrous and could signal disintegration of euro

Whatever the outcome of the weekend crisis meetings on Greece it has been another dreadful week for the European Union. Greece could fall out of the common currency even before the referendum planned for next Sunday and financial markets are set for a turbulent opening tomorrow. Seven years into the crisis this kind of thing simply should not be happening. There must be senior politicians in France and Germany, the principal architects of the common currency, beginning to wonder if the game is worth the candle.

Jun 29 10:08

We Are All Greeks! Europe Only Has a Future With the New Silk Road

It's not Greece which has failed, but rather Chancellor Merkel, Finance Minister Schäuble, the EU Commission, the European Central Bank, and the IMF. Why should the Greek government stick with the austerity measures demanded by the EU, which have already reduced the Greek economy by a third, lowered the birth rate, raised the death rate, and increased youth unemployment to 65%? A policy that even the IMF had to admit was completely incompetent, and that the UN expert on debt and human rights condemned as a clear violation of human rights? Greek Prime Minister Alexis Tsipras's decision not to capitulate to the "shock and awe" method of the Eurogroup's Shylocks is not only correct, but offers the chance for all of Europe to break with the insanity of the casino economy, which only serves the interests of the banks and speculators—provided however, that Germany and other countries find the courage to mobilize Europe's moral and intellectual strengths.

Jun 29 10:05

European Banks drop $56 Billion, socialist Greece poised to exit EU

European banks lost more than 50 billiion Euros ($56 billion US) as Greece shut its banks and imposed capital controls to attempt to prevent the collapse of its financial system.

Stoxx 600 Banks Index fell 4.4%, its largest dip since Novemeber 2011, with all 446 members declining.

Jun 29 10:02

Merkel says open to talks with Greece after referendum

German Chancellor Angela Merkel played down prospects of a breakthrough with Greece in the coming days, but said she stood ready to restart talks with the government in Athens after a planned referendum on Sunday.

Jun 29 09:28

EU to counter Russian propaganda by promoting 'European values'

The European Union aims to counter Russian propaganda by boosting support for independent media in “eastern neighbourhood” countries and increasing awareness of “disinformation activities by external actors”, according to a strategic communications action plan seen by RFE/RL.

Jun 29 08:47

Merkel Warns of Europe's Collapse: 'If Euro Fails, So Will the Idea of European Union'

In a dramatic appeal for Europeans to come together to address the common currency crisis, Chancellor Angela Merkel warned Thursday that if the euro collapses, so will the idea of European unity. She also described the current euro crisis as Europe's greatest test since the collapse of communism.

Jun 29 08:41

Greece May Not Even Have The Funds To Conduct A Referendum

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."

Jun 29 08:40

Greek 10Y Bonds Collapse - Yield Tops 15%

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.

Jun 29 08:38

‘Support debt cancellation for Greece,’ MPs, economists & campaigners tell Cameron

MPs, trade unionists, economists and campaigners have called upon David Cameron to support Greek debt cancellation, saying it could be funded by seizing capital from speculators and banks that were the true beneficiaries of Athens’ bailouts.

Jun 29 08:37

Will distance from Greece save U.S. markets?

The means by which faraway market storms come to whip around U.S. stock prices is some form of contagion. This can occur when basic global banking and capital-market function is disturbed, or when many of the same people who own the collapsing assets also own stuff here and need to sell it to raise cash.

Webmaster's Commentary: 

They are ignoring the credit default swap problem.

Jun 29 08:17

Greece Will Open 700 Bank Branches On Thursday - For Limited Pension Withdrawals Only

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.

Jun 29 08:11

And So It Begins – Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable

Is this the beginning of the end for the eurozone? For years, European officials have been trying to “fix Greece”, but nothing has worked. Now a worst case scenario is rapidly unfolding, and a “Grexit” has become more likely than not. On Sunday, the European Central Bank announced that it was not going to provide any more emergency support for Greek banks.

Jun 29 07:54

Anger Aimed at Troika's Ruthless Neoliberalism as Greece Exit Looms

President of the European Commission Jean-Claude Juncker delivered a speech in Brussels on Monday that observers say has dramatically escalated the tensions surrounding a referendum vote in Greece next Sunday—a vote that could ultimately result in the country's exit from the Eurozone.

Webmaster's Commentary: 
Jun 29 07:39

Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open

While things have normalized since the open thanks entirely to the SNB's aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS' report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what happens if and when the SNB, and then the ECB itself, finally lose control when as a result of the Greek crisis the contagion promptly spread a few hundred kilometers west to Italy where as the WSJ reported, "several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most."

Jun 29 07:35

Greece Done - Maybe

Greek debt talks collapse, banks close, capital controls in place and gold barley moves. The initial reaction on the Asian open was a quick $15 rise in gold and a 2% drop of the Euro against the US$. There is a sense that a last-minute deal may still be pulled off, but the general mood is one of who cares. I would suggest that there may be more nervousness than is suggested by gold’s price action and the risk to traders lies in more upside pressure. With holidays in Canada and a shortened July 4th week expect high volatility.

Jun 29 07:26

We Are All Greeks!

It’s not Greece which has failed, but rather Chancellor Merkel, Finance Minister Schäuble, the EU Commission, the European Central Bank, and the IMF. Why should the Greek government stick with the austerity measures demanded by the EU, which have already reduced the Greek economy by a third, lowered the birth rate, raised the death rate, and increased youth unemployment to 65%? A policy that even the IMF had to admit was completely incompetent, and that the UN expert on debt and human rights condemned as a clear violation of human rights? Greek Prime Minister Alexis Tsipras’s decision not to capitulate to the “shock and awe” method of the Eurogroup’s Shylocks is not only correct, but offers the chance for all of Europe to break with the insanity of the casino economy, which only serves the interests of the banks and speculators—provided however, that Germany and other countries find the courage to mobilize Europe’s moral and intellectual strengths.

Jun 29 07:24

EU chief feels 'betrayed' over Greek debt talks

European Commission President Jean-Claude Juncker has said he feels betrayed by Alexis Tsipras', the Greek prime minister, suprise call for a referendum last weekend and said that "playing one democracy against 18 others is not an attitude worthy of the great Greek nation".

Webmaster's Commentary: 

Awwww, poor widdle Junkcer feels weally bad!

Jun 29 06:48

Greek Banks Shut Down

Jun 29 06:31

Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open

"several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most."

Jun 29 06:30

Referendum Week: Market Reaction

Jun 28 21:54

Vladimir Putin on France and Europe: “NATO Member States have Renounced their Sovereignty”

“As you know, the modern world, especially the Western world, is highly monopolised and many Western countries – whether they want to hear this or not – have voluntarily given up a considerable part of their sovereignty. To some extent, this is a result of the politics of blocs. Sometimes we find it very difficult to come to terms with them on geopolitical issues. It is hard to reach an agreement with people who whisper even at home for fear of being overheard by the Americans. This is not a joke or a figure of speech.”

Jun 28 21:47

As it happened – Yanis Varoufakis’ intervention during the 27th June 2015 Eurogroup Meeting

The Eurogroup Meeting of 27th June 2015 will not go down as a proud moment in Europe’s history. Ministers turned down the Greek government’s request that the Greek people should be granted a single week during which to deliver a Yes or No answer to the institutions’ proposals – proposals crucial for Greece’s future in the Eurozone. The very idea that a government would consult its people on a problematic proposal put to it by the institutions was treated with incomprehension and often with disdain bordering on contempt.

Jun 28 20:57

The Greeks for whom all the talk means nothing – because they have nothing

After seven years of a crisis that has left 26% of Greece’s workforce unemployed, 30% of its people below the poverty line, 17% unable to meet their daily food needs and 3.1 million without health insurance, it is hard to see how anything decided in Brussels or in Athens in the coming week will do much to change the lives of a large number of Greeks any time soon.

“Those that were already on the margins have been pushed right to the very, very edge, and those who were in the middle have been pushed to the margins,” said Ioanna Pertsinidou of Praksis, a charity that runs day centres for vulnerable people and offers legal and employment advice.

“So many people – ordinary, low-to-middle income people with jobs and homes and their lives on track – have seen their lives go drown the drain so fast,” Pertsinidou said. “People who never dreamed that one day they would not be able to pay their electricity bill, or feed their children properly.”

Jun 28 16:24

Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.

Webmaster's Commentary: 

Jun 28 16:22

Top German Politician Blasts Nuland & Carter: "F##k US Imperialism"

With intra-Europe relations hitting a new all-time low; and, having already been busted spying on Merkel, Obama got caught with his hand in Hollande's cookie jar this week, the following exultation from one of Germany's top politicians will hardly help Washington-Brussells relations. As Russia Insider notes, Oskar Lafontaine is a major force in German politics so it caught people’s attention when he excoriated Ash Carter and Victoria Nuland on his Facebook page yesterday... "Nuland says 'F*ck the EU'. We need need an EU foreign policy that stops warmongering US imperialism... F*ck US imperialism!" When he comes out swinging this way, you know something is changing.

Jun 28 16:19

Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.

Jun 28 16:13

Euro plunges as traders head for safe havens

The euro has plunged nearly 2 per cent against the US dollar in the first signs of the market turmoil about to be unleashed by Greece's failure to agree the terms of a bailout package with its European Union and International Monetary Fund creditors.

Jun 28 16:13

Euro Drops as Tsipras’s Referendum Call Stokes Greek Exit Risks

The euro dropped more than 1 percent as trading opened in Asia Monday after Greece’s government moved the nation a step closer to leaving the currency bloc by effectively asking voters to decide on its membership.

Jun 28 16:09

Euro drops below US$1.1 as Greek exit risks grow

The European single currency dropped below US$1.1 in early Asian trade on Monday amid growing concern Greece was headed for financial collapse and a possible eurozone exit.

Jun 28 16:09

Wave of contagion expected after dramatic weekend raises ‘Grexit’ chances

Global financial markets are braced for a wave of contagion from Greece on Monday, with expected heavy losses for southern European government bonds and regional stock markets as investors scramble to discount a possible “Grexit” that most had still assumed was unlikely as late as Friday afternoon.

Greece will keep its banks closed on Monday and implement capital controls after international creditors refused to extend the country’s bailout.

“That is going to have a real big impact on markets and that will generate increased volatility,” said Ian Stannard, European head of FX strategy at Morgan Stanley in London.

Jun 28 16:08

Markets brace themselves for bumpy opening

European markets are braced for a wave of contagion from Greece on Monday, with heavy losses for southern European government bonds and regional stock markets expected as investors scramble to discount a possible “Grexit” that most had still assumed was unlikely as late as Friday afternoon.

Jun 28 15:33

Euro Exchange Rate To Dive As Greeks Rush Banks And Government Says, ‘No Cash’

The euro exchange rate is set to its one of its all-time historic lows against the United States dollar as the possibility of Greece exiting the European Union becomes more and more of a reality.

Webmaster's Commentary: 

The Asian FOREX markets just opened and the Euro is getting pounded.

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