Nikos Polonos, 55
– Desperate Greeks Resort To Scavenging Through Garbage To Find Food (ZeroHedge, July 1, 2015):
Earlier today we documented the “heartbreaking” plight of Greece’s retirees who have been reduced to lining up in front of Greek banks hoping for a chance to collect a portion of their pensions. Some went away empty handed (there were reports that only those whose last names began with “A” through “K” were paid on Wednesday) and those who did manage to leave with cash were only allowed to access a third of their usual payouts.
This comes as Greeks may (and we emphasize “may”, because nothing is certain and the Greek government has bent over backwards to claim that deposits are “safe”) face a Cyprus-like depositor bail-in in the weeks ahead. Continue reading »
Tags: Banking, Collapse, Economy, EU, Europe, Food, Global News, Government, Greece, Politics
– “Heartbreaking” Scene Unfolds At Greek Banks As Pensioners Clamor For Cash (ZeroHedge, July 1, 2015):
1,000 Greek bank branches chanced a stampede in order to open their doors to the country’s retirees on Wednesday.
The scene was somewhat chaotic as pensioners formed long lines and the country’s elderly attempted to squeeze through the doors in order to access pension payments.
As Bloomberg reports, payouts were rationed and disbursals were limited according to last name. Here’s more: Continue reading »
Tags: Banking, Economy, EU, Europe, Global News, Government, Greece
– Equities Soar As Tsipras Said Ready To Accept Most Of Expired Bailout Offer, European Response Muted (ZeroHedge, July 1, 2015):
It’s deja vu all over again.
Just hours after Greece became the first developed country to default to the IMF, as a result being expelled from its existing bailout program, a little before 5am CET news hit that Greek PM Tsipras was willing to concede to virtually all creditor demands, with a few exceptions. As the FT first reported, “Greek prime minister Alexis Tsipras will accept most of the bailout creditors’ conditions offered last weekend, but is still insisting on a handful of changes that could thwart a deal according to a letter he sent late on Tuesday night.” Continue reading »
Tags: ECB, Economy, EU, Europe, Global News, Government, Greece, IMF, Politics
– Europe’s Controlled Demolition (Tha Automatic Earth, June 30, 2015):
I have plenty to say on the topic of this essay. But the most important thing I think is that I know the EU is blowing up itself by trying to exert far too much influence on the very member nations that made its existence possible. Brussels is a blind city. To see it blowing itself to smithereens makes me very happy.
The flipside is that it will take a lot of pain, and probably even the very wars the EU was originally founded to prevent, to figuratively burn it to the ground. But that, if you’ll allow me, is for another day: Continue reading »
Tags: Collapse, ECB, Economy, EU, Europe, Global News, Government, Greece, IMF, Politics
– Greece Becomes First Developed Country To Default To The IMF (ZeroHedge, June 30, 2015):
Faced with almost impossible choices…
And just as promised earlier in the week, Greece has now passed the midnight deadline for repayment of the €1.6 billion bundled loans due to the IMF and in thus in default.
Yes we are fully aware that using the pejorative term ‘default’ makes us members of the ignorati, but what else do you call it when you fail to pay back a contracted debt in a timely fashion? (and don’t say ‘arrears’) Anything else is semantics.
- *IMF SAYS GREECE FAILED TO MAKE PAYMENT DUE TUESDAY
- *IMF TO CONSIDER GREEK REQUEST FOR PAYMENT DELAY IN DUE COURSE
- *IMF BOARD INFORMED THAT GREECE IS NOW IN ARREARS
“I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course,” IMF spokesman Gerry Rice says in e-mailed statement.
This is the first time an advanced economy has defaulted to The IMF and is by far the largest default The IMF has ever faced. Continue reading »
Tags: EU, Europe, Global News, Government, Greece, IMF, Politics
– Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down (ZeroHedge, June 30, 2015):
Update 3: Merkel keeps pouring it in. Bloomberg reports tthat German Chancellor Angela Merkel says at event in Berlin that offer from Greek government over bailout program “cannot be clearly identified.”
“Greece has decided that the program will expire at midnight tonight. We have made clear today: There are new offers today which cannot be clearly identified, negotiations which we cannot specify. Before the planned referendum will be held, we will not discuss negotiate anything new.”
Update 2: The Greferendum cancellation calls have begun and Greece has now effectively applied for a DIP loan.
- GREECE MUST CANCEL REFERENDUM TO ALLOW PROPOSAL AIRING: GABRIEL
- GABRIEL: GREEK TALKS CAN RESUME QUICKLY IF REFERENDUM KILLED
- GREECE REQUESTS LOAN EXCLUSIVELY FOR MEETING DEBT PAYMENTS: DOC
- GREECE REQUESTS BAILOUT EXTENSION TO AVERT DEFAULT: DOCUMENT
Update: EU finance ministers will reportedly hold a teleconference shortly to decide on Greece’s bid for an ESM loan. “Group of euro-area finance ministers have responsibility to choose whether to approve Greece’s bid for two-year bailout program from European Stability Mechanism,” Bloomberg reports, citing an unnamed EU official.
Tags: EU, Europe, Global News, Government, Greece, Politics
– In Big Boost To “No” Vote, Schauble Hints Greece Can Default And Stay In Euro (ZeroHedge, June 30, 2015):
In waht appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:
*SCHAEUBLE SAID TO SAY GREECE MAY BE ABLE TO TAP EU SUPPORT FUND
*SCHAEUBLE SAID TO SEE GREECE STAYING IN EURO EVEN IF ‘NO’ VOTE
Thus spurring the probability of a consequence-less “no” vote on Sunday enabling the increased negotiating position that The Greek government had hoped for. Of course, desperate for any excuse, stocks and EUR are rallying on this and bonds are selling off.
Tags: Bonds, Debt, EU, Europe, Global News, Government, Greece, Wolfgang Schaeuble, Wolfgang Schäuble
– Varoufakis Confirms Greece Will Default To IMF Today (ZeroHedge, June 30, 2015):
May as well spoil the ending of what happens at midnight local time today. Nothing (as previously reported). From Reuters:
- GREEK FINANCE MINISTER SAYS GREECE WILL NOT PAY IMF ON TUESDAY.
AP has the well-known by now details: Continue reading »
Tags: Alexis Tsipras, EU, Europe, Global News, Government, Greece, IMF, Politics, Yanis Varoufakis
– The Mood On The Ground In Greece: “Some Have Raised The Prospect Of Civil War” (ZeroHedge, June 29, 2015):
Earlier today, John O’Connell, CEO of Davis Rea, spoke to Canada’s BNN from what may be Greece’s top tourist attraction, the island of Santorini, to give a sense of the “mood on the ground.” Not surprisingly, his feedback was that, at least as far as tourists are concerned, nobody is worried. After all, it is not their funds that are capital constrained plus should the Drachma return as the local currency, the purchasing power of foreigners will skyrocket.
What he did point out, however, that was quite notable is the diametrically opposing views between old and young Greeks when it comes to Grexit. According to O’Connell, “the old people want to vote for Europe cause they have a lot to lose, they have their pensions, but the younger population – they are already poor, they are already unemployed – and they don’t have much to lose. Their attitude is it’s going to be tough, it’s already tough, and so why not just move on go back to the Drachma, and they’re ok with that. Their attitude is in 5 to 10 years I’ll be better off. They believe there’s a lot of misinformation. They believe they’re being pressured by European countries particularly Germany that are holding them to very difficult terms.” Continue reading »
Tags: EU, Europe, Global News, Greece, Society
– Greece Threatens ‘Unprecedented’ Injunction Against EU To Block Grexit (ZeroHedge, June 29, 2015):
Having told the citizens of Greece that the European leaders will not kick them out of Europe because “the cost of throwing them out is too high, enormous,” it appears Greek PM Tspiras has another plan to ensure – no matter what the outcome of the forthcoming referendum – that there is no actual Grexit. As The Telegraph reports, Greece has threatened to seek a court injunction against the EU institutions, saying “we are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable.“
Speaking earlier Tsipras stated: Continue reading »
Tags: Alexis Tsipras, EU, Europe, Global News, Government, Greece, Politics, tsipras
– ECB Says “Grexit Can No Longer Be Excluded”, Hints At More QE (ZeroHedge, June 29, 2015):
It seems Goldman Sachs’ conspiracy theory was right all along…
ECB’S COEURE SAYS ECB IS EVEN READY TO USE NEW INSTRUMENTS, WITHIN ITS MANDATE
GREECE COULD EXIT EURO, COEURE SAYS IN LES ECHOS INTERVIEW
This is exactly what The ECB wanted all along (and their leaders overlords) – all they needed was an ‘excuse’. Or, in the parlance of Rahm Emanuel’s times, “Let no Greek default crisis go to QE waste.”
Tags: draghi, ECB, EU, Europe, Global News, Government, Greece, Politics, Quantitative Easing
– Greece Will Default To IMF Tomorrow, Government Official Says (ZeroHedge, June 29, 2015):
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 back.”
“If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options.”
So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours. Continue reading »
Tags: Bonds, Debt, Global News, Government, Greece, IMF, Politics
European banks are suffering the exact ‘contagion’ that we were told numerous times would be contained ... led by limit down moves in Italy.
– “Uncontained” – Greek Stocks Crash 17% As European Banks Plunge Most In 3 Years (ZeroHedge, June 29, 2015):
Despite the Greek stock market being closed there is an option for hedging the exposure that all the smart money has been building to Greece in the past few days – GREK – the US-trade Greek ETF. In the pre-open, GREK is trading down 17% but the problems lie ahead as more and more realize how illiquid it is and redemptions are forced to be made from ‘cash’ – since there is no way to offload the underlying Greek stocks, unless OTC trades can be arranged with other entities – which could thus expose the entire false-liquidity-facade of the ETF industry. Continue reading »
Tags: Banking, Collapse, Economy, EU, Europe, Global News, Greece, Stock Market
– Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations (ZeroHedge, June 28, 2015):
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 just after the last minute to withdraw their funds… horde gas… and stack food. Greece, it appears is Venezuela – the new socialist paradise.
Tsipras implored: “Keep Calm….”
They did not listen… Continue reading »
Tags: Alexis Tsipras, Banking, Collapse, Economy, EU, Europe, Global News, Government, Greece, Politics, Society
– Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday (ZeroHedge, June 28, 2015):
Update 2: Greece’s Skai reports that if/when banks reopen (supposedly on Tuesday), a 60€ withdrawal limit will be imposed.
Update: In a televised address to the nation, Greek PM Alexis Tsipras assured Greeks that their deposits are safe despite an upcoming bank holiday and despite the fact that Greek stocks will not open for trading on Monday. Tsipras also said Athens has re-applied for a bailout extension and urged Greeks to “remain calm” in the face of what is sure to be a turbulent week.
- GREEK PRIME MINISTER SAYS GREEK PEOPLE SHOULD REMAIN CALM
- GREEK PM: BANK OF GREECE PROPOSED BANK TRANSACTION RESTRICTIONS
- GREEK PRIME SAID GREECE RE-APPLIED FOR BAILOUT EXTENSION
- GREEK PRIME MINISTER SAYS DEPOSITS ARE COMPLETELY SAFE
Earlier: Continue reading »
Tags: Banking, Collapse, Economy, EU, Europe, Global News, Government, Greece, Politics, Stock Market
– The ECB Suddenly Has A Huge Headache On Its Hands (ZeroHedge, June 28, 2015):
Last week we reported that as a result of the relentless surge in the Greek deposit flight, which may finally end tonight if, as now appears almost certain, the Greek government imposes capital controls, the ECB’s claims on the Greek banking system have now surpassed the total amount of Greek deposits… Continue reading »
Tags: ECB, Economy, EU, Europe, Global News, Government, Greece
A little under 24 hours before Europe opens for trading, and just under 12 hours before the open of equity futures, and things are not looking good.
– Draghi Freezes Greek ELA, Varoufakis Tells BBC “Looking At Imposing Capital Controls, Closing Banks” (ZeroHedge, June 28, 2015)
Tags: Banking, Capital Controls, Collapse, ECB, Economy, EU, Europe, Global News, Government, Greece, Mario Draghi, Politics