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Greece €400 Million Short For Wage And Pension Payments, Rushes To Pass Troika-Friendly Laws
Greece €400 Million Short For Wage And Pension Payments, Rushes To Pass Troika-Friendly Laws There was a brief bout of Greek risk-on euphoria following yesterday’s latest twist in the winding road to the Greek insolvency, in which the Greek finance minister Varoufakis became the latest sacrificial scapegoat to be “Nav Sarao-ed” to the angry gods […]
Capital Controls Arrive: Greece Begins Confiscating Deposits Of “Small Debtors”
Capital Controls Arrive: Greece Begins Confiscating Deposits Of “Small Debtors” Last week, the Greek government issued a decree which called for local governments to transfer excess cash to the central bank so that Athens would be able to pay pensions, salaries, and the IMF. The move is expected to raise as much as €2 billion to help […]
Is Greece About To “Lose” Its Gold Again?
Is Greece About To “Lose” Its Gold Again? When it comes to the topic of Greece, most pundits focus on two items: i) when will Greece finally run out ofconfiscated cash, and ii) will Greece fold to the Troika (and agree to another bailout(s) with even more austerity) or to Russia (and agree to the passage […]
Germany Prepares For “Plan B”, Says Greece Would “Need Not Only A Third Bailout, But Fourth, Fifth Or Even More”
Germany Prepares For “Plan B”, Says Greece Would “Need Not Only A Third Bailout, But Fourth, Fifth Or Even More” It has been a very disturbing 24 hours for Greece. It all started during yesterday’s surprisingly short, just one hour long Eurozone finmin meeting in Riga, where Yanis Varoufakis not only got the most “hostile” […]
11 Signs That We Are Entering The Next Phase Of The Global Economic Crisis
11 Signs That We Are Entering The Next Phase Of The Global Economic Crisis Well, the Nasdaq finally did it. It has climbed all the way back to where it was at the peak of the dotcom bubble. Back in March 2000, the Nasdaq set an all-time record high of 5,048.62. On Thursday, after all […]
The Greek People Just Destroyed Syriza’s Strategy
The Greek People Just Destroyed Syriza’s Strategy Greek stocks ventured deeper into purgatory. The ASE index dove below 700 intraday on Wednesday for the first time since the crisis days of June 2012. Then word spread that the ECB had raised the cap on the Emergency Liquidity Assistance for Greek banks by €1.5 billion to […]
Grexit: Remaining In The Eurozone Is No Longer ‘The Base Case’ For Greece
Grexit: Remaining In The Eurozone Is No Longer ‘The Base Case’ For Greece According to the Wall Street Journal, Greece staying in the eurozone is no longer “the base case” for European officials, and one even told the Journal that “literally nothing has been achieved” in negotiations with the new Greek government since the Greek election […]
ECB Prepares To Sacrifice Greek Banks With 50% Collateral Haircut
ECB Prepares To Sacrifice Greek Banks With 50% Collateral Haircut In what seems like a coincidental retaliation for Greece’s pivot to Russia (and following Greece’s initiation of capital controls), the supposedly independent European Central Bank has decided suddenly that – after dishing out €74 billion of emergency liquidity to the Greek National Bank to fund […]
Stunned Greeks React To Initial Capital Controls And The “Decree To Confiscate Reserves”, And They Are Not Happy
Stunned Greeks React To Initial Capital Controls And The “Decree To Confiscate Reserves”, And They Are Not Happy Earlier today, following weeks of speculation, Greece finally launched the first shot across the bow of capital controls, when it decreed that due to an “extremely urgent and unforeseen need” (ironically the need was quite foreseen since about 2010, […]
The Greek “White Knight” Emerges: Putin To Give Athens €5 Billion For Advance Gas Pipeline Fees
The Greek “White Knight” Emerges: Putin To Give Athens €5 Billion For Advance Gas Pipeline Fees With Greece teetering on the edge of insolvency and forced to raid pension and most other public funds, ahead of another month of heavy IMF repayments which has prompted even the ECB to speculate Greece should introduce a parallel “IOU” […]
Is May 9 The Grexit Date?
Is May 9 The Grexit Date? Yes, more Greece, ever more Greece. Well, the focus is still very much there. It’s not the only topic, obviously, China warrants interest too, certainly with things like Tyler Durden quoting Cornerstone Macro as saying China’s true economic growth rate was just 1.6% in Q1 2015, not the official government […]
Huge Trouble Is Percolating Just Under The Surface Of The Global Economy
Huge Trouble Is Percolating Just Under The Surface Of The Global Economy Did you know that the number of publicly traded companies declaring bankruptcy has reached a five year high? And did you know that Chinese exports are absolutely collapsing and that Chinese economic growth in 2014 was the weakest in over 20 years? Even […]
The Weak Suffer What They Must: Yanis and the End of Europe
The Weak Suffer What They Must: Yanis and the End of Europe From southern Europe to the far north, matters are shifting, sometimes slowly, sometimes faster. There are moments when it seems all that goes on is the negotiations over the Greek dire financial situation and its bailout conditions, but even there nothing stands still. […]
Hope on the Horizon and It Comes from Greece
Hope on the Horizon and It Comes from Greece Washington in its arrogance, seeing itself as “indispensable,” poses a continuing threat to the lives of hundreds of millions of people. The extraordinary number of dead that Washington has murdered in the 21st century–”The American Century”–is dismissed as “collateral damage” in the “war on terror.” The […]
No Longer Quiet on the Eastern Front (Part 3)
No Longer Quiet on the Eastern Front (Part 3) Writing a short series of articles about geopolitics carries some risks – namely, that current events can unfold faster than I can hit the ‘send’ button on my next edition. It appears that I am releasing this missive in the nick of time, as the coming […]
