Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
The following article seemed a perfect example of how stability breeds both complacency and boils the broth of insatability… VIX spiked massively today to above 17.5… And asNicole Foss via The Automatic Earth blog explains, A sleep-walking market is a reflection of complete disregard as to risk. Markets enter such periods of complacency when there…
Updated June 28, 2015 7:30 p.m. ET ATHENS—On the Acropolis hill, hundreds of tourists braved the Greek sun on Sunday as they walked toward the Parthenon temple, pausing in awe at the ancient marble ruin, many of them oblivious to the different kind of ruin threatening modern Greece. But Greece’s unexpected call for a July…
Chinese stocks tumbled, sending the benchmark index into a bear market, as signs of an exodus by leveraged investors overshadowed the central bank’s effort to revive confidence with an interest-rate cut. The Shanghai Composite Index dropped 3.3 percent to 4,053.03 at the close, taking declines from its June 12 peak to more than 20 percent….
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…