Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
The people of Greece are already feeling the pinch from the latest economic crisis. “My wife went to the supermarket,” says Greek political correspondent, Christos Michaelides. “She told me that most of the shelves were empty — especially those with pasta, especially those with rice. Also milk, eggs and a lot of canned foods like…
IN 2013 Alejandro García Padilla, the governor of Puerto Rico, did his best to tell the territory’s jittery creditors what they wanted to hear. He called servicing the American-controlled Caribbean island’s $72 billion debt load a “moral obligation”. He reassured holders of its general-obligation (GO) bonds that the government could not default on them even if…
ZURICH/LONDON Unusual public confirmation that the Swiss National Bank intervened to weaken the franc escalated its battle to rein in a currency whose strength amid Greece’s debt crisis is hamstringing an export-reliant economy.”We have always said that we are active in the foreign exchange market if necessary,” SNB Chairman Thomas Jordan said at a financial…
Greece… mattered!! The market be like… * * * It began as FX markets opened ugly in early Asian trading, but once stock markets started to open, the focus shifted there… Japan spanked… Nikkei 225 down 730 points from Friday’s close… China collapsed… When Europe opened it was ugly in stocks… …
There’s one group of traders who are excited about the Greek crisis – bitcoin traders. This morning the price of bitcoin, a digital currency run across a decentralized network of computers, was at $254, according to CoinDesk, the highest it’s traded since early April. Its high for the year is about $300, and it’s all-time…
google_ad_section_start ATHENS (Reuters) – Greece’s left-wing prime minister urged Greeks on Monday to reject the terms of an international aid deal in a July 5 referendum, dismissing warnings that a ‘No’ vote would drive Athens out of Europe’s currency union. “I don’t think that their plan is to push Greece out of the euro but…
“To stay or not to stay,” that is the question for Greeks ahead of Tuesday’s default to the IMF and a historic referendum set for this coming weekend. With the ATMs running dry and lines forming at gas stations and grocery stores, Greeks are understandably restless and have once again gathered en masse in Syntagma…
Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still remain outstanding and creditors would expect this money…
Standard & Poor’s Ratings Services lowered Greece’s credit rating one notch further into junk territory on Tuesday, saying Prime Minister Alexis Tsipras is threatening the country’s economic stability by sending creditors’ latest proposal to a public vote. The country’s long-term credit rating was lowered to “CCC minus,” from “CCC.” The ratings agency said it now…
The threats are flying fast and furious now. Moments after the WSJ quoted a Greek official as saying that Greece will not make its IMF bond payment, the ECB struck back when Bloomberg reported that the ECB would review the legality of Greek aid should there not be a deal, i.e., on July 1 post…