{"id":9526,"date":"2015-06-29T07:52:53","date_gmt":"2015-06-29T12:52:53","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9526"},"modified":"2015-06-29T07:52:53","modified_gmt":"2015-06-29T12:52:53","slug":"greek-debt-crisis-something-awful-this-way-comes","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9526","title":{"rendered":"Greek debt crisis: \u2018Something awful\u2019 this way comes"},"content":{"rendered":"

Greek debt crisis: \u2018Something awful\u2019 this way comes<\/a><\/h3>\n

The next \u201cfinal\u201d twist in the exhausting Greek drama is upon us, and it\u2019s looking like \u201csomething awful\u201d is about to befall the country\u2019s banking system,\u00a0Citigroup analysts said yesterday<\/a>.<\/p>\n

A deal was on the table Friday, but the ECB\u2019s move over the weekend to freeze emergency loans for Greek banks has led to capital controls and, in turn, has increased the odds of a Greek exit from the euro zone. For investors, it means a battered euro, wrecked equities and maybe, just maybe, a more reluctant Fed when it comes to ramping up interest rates.<\/p>\n

So far, the U.S. stock market is starting this holiday-shortened week with a sound thrashing. It was even worse in Asia, where the Shanghai CompositeSHCOMP,\u00a0-3.34%<\/span><\/a><\/span>\u00a0\u00a0broke lower into bear-market territory despite\u00a0a surprise interest-rate cut<\/a>\u00a0over the weekend. Technology, in particular, was slammed.<\/p>\n

While the butterfly wings in Greece seem, at least to some degree, to be rattling markets all over the world, one hedge funder and blogger is\u00a0hardly sweating the Hellenic end game<\/a>.<\/p>\n

\u201cThere\u2019s a lot we can\u2019t know. But there\u2019s also a lot we do know, and pretty much all of it has changed for the better,\u201d Mark Dow, author of Behavioral Macro, wrote. \u201cWhen I look at Grexit, I see a world in much better fundamental position to avoid the cascading systemic contagion we (rightly) feared as recently as a year ago. Now is the time to do what the system could not handle in 2010: get Greece off the toxic medication and onto a path of growth and dignity.\u201d<\/p>\n

Key market gauges<\/h6>\n

Dow\u00a0YMU5,\u00a0-1.01%<\/span><\/a><\/span>\u00a0\u00a0and S&P\u00a0ESU5,\u00a0-1.03%<\/span><\/a><\/span>\u00a0\u00a0futures are down about 1%. EuropeSXXP,\u00a0-2.06%<\/span><\/a><\/span>\u00a0\u00a0is also faltering in the early going while Asia\u00a0ADOW,\u00a0-1.86%<\/span><\/a><\/span>\u00a0\u00a0closed with deep cuts after an abysmal stretch last week. The euro\u00a0EURUSD,\u00a0-0.3761%<\/span><\/a><\/span>\u00a0\u00a0is moving lower, as expected. Gold\u00a0US:GCM5<\/a><\/span>\u00a0\u00a0was higher, but oil\u00a0CLU5,\u00a0-1.12%<\/span><\/a><\/span>\u00a0\u00a0fell into the red.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Greek debt crisis: \u2018Something awful\u2019 this way comes The next \u201cfinal\u201d twist in the exhausting Greek drama is upon us, and it\u2019s looking like \u201csomething awful\u201d is about to befall the country\u2019s banking system,\u00a0Citigroup analysts said yesterday. A deal was on the table Friday, but the ECB\u2019s move over the weekend to freeze emergency loans […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1718,195,4106,200,233,279,281,282,284,1167,2598],"class_list":["post-9526","post","type-post","status-publish","format-standard","hentry","category-economics","tag-citigroup","tag-debt","tag-debt-crisis","tag-default","tag-ecb","tag-eu","tag-europe","tag-european-central-bank","tag-european-union","tag-greece","tag-grexit"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9526"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9526\/revisions"}],"predecessor-version":[{"id":9527,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9526\/revisions\/9527"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}