Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Photo Rioters marching in Buenos Aires in December 2001. Credit Alejandro Kaminetsky/Reuters There may be a one-word explanation for why Greece will ultimately capitulate to European demands for more austerity: Argentina. Greece is hardly the first nation to face the prospect of defaulting on its sovereign debt obligations. Argentina has defaulted on its external debt…
Greece may default on its debts if a deal for more funding in exchange for fiscal reforms is not made. Here’s why that matters. (Jorge Ribas/The Washington Post) ATHENS — Greek leaders planned to shutter their banks for six days starting Monday and impose strict limits on withdrawals, amid rising global concerns about the nation’s…
Banks in Greece will not open on Monday as officials scrambled to prevent the country’s financial system from collapsing in panic. Account holders will face tough limits on what they can withdraw from ATMs, and the stock exchange will reportedly be shut. The measures were announced Sunday as Greece slid rapidly toward default and exit…
ATHENS Greece moved to check the growing strains on its crippled financial system on Sunday, closing its banks and imposing capital controls that brought the prospect of being forced out of the euro into plain sight. After bailout talks between the leftwing government and foreign lenders broke down at the weekend, the European Central Bank…
Decisions taken over the next few days will have profound consequences for Greeks It was more or less impossible for Greek banks to open tomorrow, once the European Central Bank announced it was turning off emergency lending to them. Because in the absence of any increase in this so called Emergency Liquidity Assistance, the banks…
Photo People waited outside an A.T.M. in Athens on Sunday to withdraw money. Credit Alkis Konstantinidis/Reuters ATHENS — Greece will keep its banks closed on Monday and place restrictions on the withdrawal and transfer of money, Prime Minister Alexis Tsipras said in a televised address on Sunday night, as Athens tries to avert a financial…
With Greece disintegrating before our very eyes, here are some recent blasts from the recent and not so recent past, showing just how clueless some of the most and least respected, strategists, bureucrats, drama majors, and former Goldman employees have been when it comes to Greece. First, here is Tom Lee, best known for predicting…
Update 3: Bloomberg, citing Kathimerini, reports that Greek banks will remain closed until July 6. GREEK BANKS TO REMAIN CLOSED UNTIL JULY 6 : KATHIMERINI GREEK GOVERNMENT ISSUES CAPITAL CONTROLS, BANK HOLIDAY DECREE GREEK GOVT LIMITS CASH WITHDRAWALS TO EU60/DAY AS OF JUNE 28 GREEK CAPITAL CONTROLS INCLUDE LOCAL BRANCHES OF FOREIGN BANKS GREEK GOVT…
Despite all the ‘smartest men in the room’ proclaiming that Greece doesn’t matter, and Greek risks are “contained”, Japanese stocks are tumbling led by bank stocks. Topix Banks Index has plunged the most since Feb 2014 (and 2nd most since the Taper Tantrum in 2013). “Contained”… Japanese banks down 3.5% – the most in 18…
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…