Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
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…
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…
U.S. markets are buckling a bit but not breaking from the Greek debt crisis in early trading as U.S. investors push U.S. shares down about 1% after selloffs in Asia and Europe. It’s not surprising that stocks fell sharply in Asia and Europe to kick off the trading week after Greece shuttered its banks after…
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….
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…