• Tag Archives Greece
  • Suicide Over European Banking Crisis

    The European ‘bail-in’ rules have been cheered claiming taxpayer money will be spared. However, many seniors bought bank bonds for their retirement. In the rescue of the small Banca Popolare d’Etruria, a retiree who had lost more than 100,000 euros worth of bonds lost everything and committed suicide. There have been many such events that do not always make the press. In Italy, the death of a pensioner who also committed suicide after losing his life savings as a result of a controversial move by the government to rescue four banks. The 68-year-old hung himself at his home in Civitavecchia, a port town near Rome, after the so-called ‘save banks’ plan wiped out 100,000 in savings held at Banca Etruria, one of the four lenders included in the government rescue deal announced on November 22nd, 2015. There was the 23-year old who committed suicide over 8000 in debts for student loans. A Greek pensioner who was 77-years old committed suicide in central Athens shooting himself with a handgun just several hundred meters from the Greek parliament building in apparent despair over his financial debts.

    This post was published at Armstrong Economics on Jun 19, 2017.


  • Global Equity Markets Firmer As Oil Stabilizes, Greece Gets Bailout Money

    (Kitco News) – World stock markets were mostly higher overnight. Crude oil prices are firmer today, which helped out the equities. Also, Greece’s creditors approved another release of bailout money for the indebted country, which assuaged European investors. U. S. stock indexes are pointed toward slightly higher openings when the New York day session begins.
    Gold prices are modestly up in pre-U. S. market trading, on a technical and short-covering bounce from solid selling pressure seen earlier this week.
    In overnight news, Russia’s central bank cut its key interest rate by 25 basis points. The Russian ruble rallied on the news.
    The Bank of Japan held its regular monetary policy meeting Friday and made no major changes in its policy.
    The Euro zone’s consumer price index for May was reported down 0.1% from April and up 1.4% from a year ago. The numbers were right in line with market expectations but down from the European Central Bank’s target rate of around 2.0% annual inflation.

    This post was published at Wall Street Examiner on June 16, 2017.


  • Stock Prices Fall as Senate Passes Russia Sanctions Bill

    In Dow Jones news today, stock prices fell as the Senate passed a bill that would place new sanctions on Russia.
    Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
    Now here’s a closer look at today’s most important market events and stocks, plus Friday’s economic calendar.
    The Five Top Stock Market Stories for Thursday
    European finance ministers debated another round of debt relief for the embattled Greek economy and decided to offer a bailout of 8.5 billion euros ($9.5 billion). Greece’s current bailout program is the third effort by international finance leaders since the nation fell into economic calamity in 2010. Crude oil prices cratered and hit a seven-month low on news of a huge spike in U. S. gasoline inventory levels and expectations that OPEC will not be able to balance supply and demand. Crude oil prices are now off more than 12% since May 25. The WTI crude oil price today fell 0.7%. Brent crude dipped 0.2%.

    This post was published at Wall Street Examiner on June 15, 2017.


  • The Next Economic Crisis Is Going To Leave The Majority Of People In Shock – Episode 1307a

    The following video was published by X22Report on Jun 15, 2017
    EU has decided to put Greece further into debt. It is becoming clear that Greece will never get out of this debt hole. 70% of the people support the BREXIT. Canada’s existing home sales has declined rapidly. Bitcoin dropped on worries about cyber attacks and regulations. Nike cutting 1500 people. The US manufacturing industry declines once again. Illinois is worse now than back in the great depression of the 30s. Bloomberg’s Mike Cudmore says the Fed has just pushed us into a recession, what he really means a collapse of the economy. Japan has decided that they will look into joining China’s belt and road trade system. The Fed is now pushing the collapse is not holding back, most of the people are going to be shocked when this hits.


  • EU Reach Bailout Deal With Greece Once Again

    #IMF Managing Director Christine Lagarde to propose approval in principle of new Stand-By Arrangement for #Greece. #Eurogroup pic.twitter.com/6yfuRHRjXd
    — Manos Giakoumis (@ManosGiakoumis) June 15, 2017

    Update: it appears there isn’t really a deal, but merely a can kicking. As the WSJ adds, the Greek “agreement” merely unlocks a key disbursement of bailout fund but puts a decision on debt relief off until next year. Specifically, the agreement reached in Luxembourg among the finance ministers of the eurozone unlocks 8.5 billion for Greece and puts off a final decision on debt relief until August of next year.
    In other words, Europe agrees to pay Greece so Greece can then turn around and repay Europe the July 7 billion debt payment; meanwhile no firm, long-term deal has been reached.
    As the WSJ put its, “the creditors’ refusal to lighten the burden of Greece’s crushing debt reflects a mix of mistrust and indifference that leaves the depleted country with bleak prospects for the future and at risk of needing yet another bailout.”

    This post was published at Zero Hedge on Jun 15, 2017.


  • Key Events In The Coming Busy Week: Fed, BOJ, BOE, SNB, US Inflation And Retail Sales

    After a tumultous week in the world of politics, with non-stop Trump drama in the US, a disastrous for Theresa May general election in the UK, and pro-establishment results in France and Italy, this is shaping up as another busy week ahead with multiple CB meetings, a full data calendar and even another important Eurogroup meeting for Greece. Wednesday’s FOMC will be the main event, with the Fed expected to hike 25bp (see full Goldman preview here), while the BOJ, BOE and SNB all remain on hold.
    Courtesy of BofA, here is the breakdown of key events:
    FOMC the star in a G10 Central Bank week After the eventful UK election, and less than eventful ECB meeting, the week ahead is a busy one, opening with the first round of the French parliamentary elections and with a plethora of data releases and central bank decisions to keep markets occupied. Another important Eurogroup meeting for Greece rounds out a full schedule.
    The FOMC meeting will be the main event of the week, where the Fed will deliver a 25 bps rate hike, in line with market expectations. While very weak retail sales or CPI could dissuade the Fed, this remains a very unlikely scenario absent a collapse in Wednesday’s CPI print. BofA expects lower inflation and growth forecasts, while the dots will show 3 hikes in 2018 and 3.25 hikes in 2019. The press conference will likely be focused on balance sheet normalization and implementation timing.
    No change from BoJ, BOE or SNB

    This post was published at Zero Hedge on Jun 12, 2017.


  • The Central Bankers Have Been Using The Last 9 Years To Protect Themselves – Episode 1301a

    The following video was published by X22Report on Jun 8, 2017
    Greek government is getting ready to freeze pensions to 2022 as a requirement for more debt. Someone dumped 4 billion on notional gold contracts and silver contracts. Consumers are tapped out and the purchases of autos, student loans and using the credit cards is now slowing down. The next asset bubble cracks and it is spreading fast. The bail-in era has arrived, the tests are complete and now the central banks are ready when banks start to fail. The central banks have been purchasing the stocks of companies, they have been propping up the market, and now they can bring down the market very easily.


  • European shares fall on political worries over Greece and Italy, as JP Morgan says hung parliament could be positive for pound

    A hung parliament could be positive for the pound, strategists at U.S. investment bank JP Morgan argued, as investors braced for a volatile run in to the general election next week.
    The pound has risen by almost 4pc since Prime Minister Theresa May called a snap election on the assumption a landslide victory for the Conservatives would strengthen the party’s hand in Brexit negotiations.
    But opinion polls showed that the Conservatives’ lead over the Labour opposition narrowed to just 5 percentage points on Friday, prompting the pound steepest daily fall since January.
    However, the U.S. bank, the world’s second biggest trader of currencies, thinks these last-minute political jitters are misplaced. Strategists at the bank believe the prospect of a ‘less disruptive Brexit’ under a Labour-led government might see the pound react positively to a defeat for the Conservatives.

    This post was published at The Telegraph


  • MAY 30/GOLD DOWN $4.45 YET SILVER WAS AGAIN STRONG: UP 10 CENTS/WITH ONE DAY TO GO BEFORE FIRST DAY NOTICE: A MONSTROUS 64,772 CONTRACTS STILL STANDING (COMPARED TO LAST YR’S 39,520 CONTRACTS WIT…

    GOLD: $1262.80 DOWN $4.45
    Silver: $17.43 up 10 cent(s)
    Closing access prices:
    Gold $1263.10
    silver: $17.40
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    CHINA ON HOLIDAY
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $xxxxx DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: 1269.60
    PREMIUM FIRST FIX: $xxx
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $xxx
    NY GOLD PRICE AT THE EXACT SAME TIME: 1265.90
    Premium of Shanghai 2nd fix/NY:$xx
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1262.80
    NY PRICING AT THE EXACT SAME TIME: $1263.25
    LONDON SECOND GOLD FIX 10 AM: $1262.70
    NY PRICING AT THE EXACT SAME TIME. $1264.05
    For comex gold:
    MAY/
    NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 22 NOTICE(S) FOR 2200 OZ.
    TOTAL NOTICES SO FAR: 551 FOR 55100 OZ (1.7138 TONNES)
    For silver:
    For silver: MAY
    41 NOTICES FILED TODAY FOR 210,000 OZ/
    Total number of notices filed so far this month: 4657 for 23,285,000 oz

    This post was published at Harvey Organ Blog on May 30, 2017.


  • Greek, Italian Risks Weigh On European, Global Markets; Oil, Gold Slide

    Tuesday’s session started off on the back foot, with the Euro first sliding on Draghi’s dovish comments before Europarliament on Monday where he signaled no imminent change to ECB’s forward guidance coupled with a Bild report late on Monday according to which Greece was prepared to forego its next debt payment if not relief is offered by creditors, pushing European stocks lower as much as -0.6%. However the initial weakness reversed after Greece’s Tzanakopoulos denied the Bild report, sending the Euro and European bank stocks higher from session lows. S&P futures are fractionally lower, down 3 points to 2,410.
    Elsewhere, the Japanese yen rallied after strong retail sales data while US Treasuries ground higher after returning from a long weekend largely unchanged; Australian government bonds extend recent gains as 10-year yield falls as much as four basis points to 2.37%. Asian stock markets and were modestly lower; Nikkei closed unchanged despite a stronger yen. China and Hong Kong remained closed for holidays while WTI crude was little changed.
    Despite the rebound, the Stoxx Europe 600 Index declined a fourth day as data showed that contrary to expectations of a record print, euro-area economic confidence fell for the first time this year, and as Draghi’s dovish comments to the European Parliament weighed on banking shares. As discussed yesterday, Italian bonds edged lower as traders digest the prospect of an earlier-than-expected election.

    This post was published at Zero Hedge on May 30, 2017.


  • Bomb Detonates Inside Car Of Former Greek Prime Minister And Central Banker Papademos

    #BREAKING – Blast in central #Athens reportedly involving a car carrying former Greek Prime Minister Lucas Papademos. #AthensLive pic.twitter.com/08n4zWJdfc
    — AthensLive GR (@AthensLiveGr) May 25, 2017

    Greek media reports that an explosion targeting the car of former Greek prime minister and central banker Lucas Papademos was reported on Thursday afternoon, at roughly 6.30 p.m. local time, in central Athens. According to Naftemporiki Papademos was transferred to an Athens hospital after what appeared to
    be a letter bomb explosion inside the armored-plated car where he was a
    passenger.

    This post was published at Zero Hedge on May 25, 2017.


  • Greek Deal on Debt Relief Founders as Talks Stretch to June

    Euro-area finance ministers gathering in Brussels on Monday failed to break an impasse on debt relief for Greece, delaying the completion of the country’s bailout review and the disbursement of fresh loans needed to repay obligations in July.
    After nearly eight hours of talks and multiple draft compromises, Athens and its creditors couldn’t reach an accord that would ease Greece’s debt and that would convince the International Monetary Fund to agree to help finance the country’s bailout.
    ‘The Eurogroup held an in-depth discussion on the sustainability of Greece’s public debt but did not reach an overall agreement,’ said Jeroen Dijsselbloem, the Dutch finance minister who presides over meetings with his euro-area counterparts. Work will continue in the coming weeks with the aim of reaching a conclusion on June 15 at the next meeting of ministers, he said.
    The IMF has been seeking more debt relief for the country, pushing euro-area creditors to ensure the sustainability of Greece’s 315 billion ($354 billion) of obligations before it participates in the program. Some nations including Germany object to a debt restructuring while also insisting that the Washington-based fund join the program to lend credibility to the bailout.

    This post was published at bloomberg


  • We Are Now Witnessing The Total Break Down Of The System – Episode 1287a

    The following video was published by X22Report on May 23, 2017
    UK’s consumers are tapped out and the retail industry was just hit and the entire market is now slowing. The EU will not let the UK exit they want 112 Billion Euros to leave. Greek bailout is not working out, Greece is now back in a recession, which they never really left. Soft data, hard data, all pointing to the same thing the system is breaking down. New home sales crashed, the real estate market is starting to fall apart. The average GDP numbers of the 30 match the average GDP number today, this means we are in a depression.


  • 22/5/17: Eurogroup and Greece: Wrestling Defeat from the Claws of Victory

    Today’s Eurogroup meeting on Greece ended in no agreement and extends the current tranche negotiations into June 15, the date of the next Eurogroup meeting.
    For the background:
    Greece is an economy brought to its knees by the Eurogroup and the ESM, as detailed in a range of facts well-summed up here: and Greece is now back in a recession, with dire consequences for both, the economy and the Greek society, and for fiscal targets and programs previously agreed by the Eurogroup: The key sticking point so far is the scheduling of future primary surpluses (budgetary surplus before the debt servicing costs are factored in). The Eurogroup insists on these surpluses running at 3.5% of Greek GDP for the first 5 years following 2018, declining to 2% or 2.2% (depending on the version of the draft agreement) for 2023-2060.

    This post was published at True Economics on Tuesday, May 23, 2017.


  • How Do You Prepare The Country For An Economic Collapse, Like This – Episode 1286a

    The following video was published by X22Report on May 22, 2017
    UK threatens to quit Brexit as the ECB demand exit payment. S&P just cut rating of several Australian financial institutions because of a cooling housing market. Greece has imposed more austerity on the people and now they are coming for the safety deposit box. Bill introduced to cancel a billions of dollars worth of student loans, this will allow the government to use tax payer money to collect. NY bankruptcy judge sees a surge in bankruptcies. Loan creation has just taken another major hit and falls to the levels seen right before the great recession. Trump introduces a new budget that will cut many of the entitlement programs, it won’t be pleasant but the people will need to get use to it.


  • Greek Debt Relief Deal Fails In Last Minute, As Germany, IMF Clash Again

    Stop us if you’ve heard this story before.
    Insolvent Greece, having last week voted itself into even more austerity in hopes of unlocking some of the money promised it by Brussels so it can then use it to repay debt maturities owed to the ECB (whether it will actually follow through with said austerity measures remains unclear, though most likely not), is dragged to the finish line of yet another Euro finance minister negotiating session with promises that this time a debt relief deal is virtually guaranteed, and then… it all falls apart.
    That’s what again happened today, when Euro-area finance ministers gathered in Brussels with hopes, at least for the Greek delegation, to come home with a signed agreement, only to fail to break the impasse on debt relief for Greece, delaying the conclusion of the country’s bailout review and the disbursement of fresh loans needed to repay obligations in July.
    ‘The Eurogroup held an in-depth discussion on the sustainability of Greece’s public debt but did not reach an overall agreement,’ said Jeroen Dijsselbloem, the Dutch finance minister who presides over meetings with his euro-area counterparts, and who again failed to reach a solution after another hardline stance by his German colleague, Wolfgang Schauble, prevented any potential concessions. As a reminder, ever since the 3rd Greek bailout in the summer of 2015, rhe IMF and Germany have been at odds over Greece’s economic outlook and the amount of debt relief required to assure economic stability: it was the same debate, that prevented a deal from being inked on Monday.

    This post was published at Zero Hedge on May 22, 2017.


  • Key Events In The Coming Week: FOMC Minutes, GDP, BOC, OPEC And More

    The key highlights in the coming week are the Fed minutes, the Eurogroup meeting on Greece, the OPEC meeting and Bank of Canada rate decision. We also get GDP releases in the US, Eurozone, and UK, while a murder (or gaggle) of Fed speaker will highlight virtually every single day, starting with 4 today. Also there will be monetary policy meetings in Colombia, South Africa, Korea, Hungary, Thailand and Ukraine. Ratings in Kuwait&Qatar
    In the US, key economic releases this week are the durable goods report and Q1 GDP revision on Friday. The minutes of the May FOMC statement will be released on Wednesday at 2PM. In addition, there are several scheduled speaking engagements by Fed officials this week
    Detailed event breakdown:
    Looking for dovish signs in the Fed minutes? The minutes on the May statement will be closely watched as the market tries to assess the potential of a communication tweak. The last statement dismissed the impact of weak 1Q GDP and March consumer inflation. With recent data being on the weak side, a dovish sign in the minutes may put emphasis on downside risks. Also watch for Eurogroup meeting on Greece and OPEC: A Eurogroup meeting is scheduled for 22 May. All eyes will be on the outcome because of Greece. Markets are optimistic that a compromise can be reached on Greece – we remain sceptical. Red lines around debt relief and IMF participation are the same and there is potential for complications in the run-up to the summer redemptions. Our commodity strategists cover the likely outcome at next week’s OPEC meeting. We think that Saudi, Russia, and most OPEC members will try sending the oil price forward curve in backwardation/ensuring no further drops in spot oil prices. Staying the course with ongoing cuts remains the most likely course of action as OPEC meets.

    This post was published at Zero Hedge on May 22, 2017.


  • Greek Authorities To Launch Mass Confiscation Of Safe Deposit Boxes, Securities, Homes In Tax-Evasion Crackdown

    Last week, the Greek parliament once again approved more austerity to unlock withheld Greek bailout funds in Brussels: a symbolic move, which has little impact without any actual follow through, like for example, actually imposing austerity. And while Greeks have been very good in the former (i.e. promises), they have been severely lacking in the latter (i.e. delivery).
    That may be changing. According to Kathimerini, Greek Finance Ministry inspectors are about to start seeking out the owners of all local undeclared properties, while the law will be amended to allow for financial products and the content of safe deposit boxes to be confiscated electronically. The plan for the identification of taxpayers who have ‘forgotten’ to declare their properties to the tax authorities is expected to be ready by year-end, according to the timetable of the Independent Authority for Public Revenue.
    What follows then will be a wholesale confiscation by the government of any asset whose source, origins and funding can not be explained.

    This post was published at Zero Hedge on May 22, 2017.