Greece threatens top court action to block Grexit
• http://www.telegraph.co.ukExclusive: European leaders warn in concert that a 'No' vote on Sunday means Greece will be pushed out of the euro
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Economy - International
Dow slips triple digits into red for year on Greece
• http://www.cnbc.comU.S. stocks plunged nearly 2 percent or more on Monday with the Dow and S&P 500 wiping out gains for the year on escalating tensions between Greece and its creditors.
Puerto Rico's Governor Speaks Math: Debts Are 'Not Payable'
• popularliberty.comPuerto Rico's governor, saying he needs to pull the island out of a "death spiral," has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.
Central Banks Scramble To Stabilize Crashing Markets: China Fails, Switzerland Succeeds (For Now)
• zerohedge.comFollowing a week in which the Chinese stock bubble popped and a weekend in which the Eurozone bubble followed, it was all up to central banks to stabilize the devstation that would follow should the Plunge Protection Team, now global, not show up.
China central bank eases policy again to support economy
• http://www.rte.ieThe moves came as it stepping up its efforts to support an economy that is headed for its poorest performance in 25 years.
Iceland Just Jailed 7 Bank Executives For Market Manipulation
• http://www.trueactivist.comIn one of the biggest cases of its kind, seven executives from the Kaupþing bank have been handed prison sentences for market manipulation today.
Puerto Rico Releases Report Calling For Concessions From Creditors
• http://www.wsj.com, By AARON KURILOFFPuerto Rico on Monday released a report calling for concessions from the island's creditors in order to stave off a looming crash crunch and take steps toward achieving fiscal health.
Gold Tumbles Despite UK Mint Seeing Europeans Rush To Buy Bullion
• http://www.zerohedge.comEuropean investors are increasing purchases of gold as Bloomberg reports, Greece's turmoil boosts the appeal for an alternative to the euro.
Greece closes banks, imposes capital controls
• http://rt.comThe Greek government has announced that banks will remain closed on Monday and restrictions on withdrawals will be introduced following the ECB refusal to provide additional Emergency Liquidity Assistance to Greece's banking system.
Greece crisis: banks to close on Monday and capital controls imposed after ECB caps funding..
• http://www.telegraph.co.ukat current levelsGreek banks will not open on Monday, confirms Alexis Tsipras, who says that ECB not increasing urgent cash was an attempt to 'blackmail' Greeks
Eurozone Rejects Greek Bailout Extension: All Bailout Programs Expire On June 30, Referendum Moot
• zerohedge.comFirst thing this morning, when summarizing the flurry of overnight events, we focused on today's final gambit by Greece:
China Cuts Interest Rates After Market Plunge
• http://www.nytimes.com, By KEITH BRADSHERActing a day after the Shanghai and Shenzhen stock markets plunged more than 7 percent, China's central bank cut interest rates on Saturday and reduced the reserves that certain banks must hold.
A Desperate China Cuts Key Policy Rates After Stock Market Crash; "It's Just Like 1987
• zerohedge.comOn May 10, China cut its benchmark lending rate for the third time since November. The move came just a few days after several brokerages tightened margin requirements, which triggered a 4% decline in Chinese stocks.
Austrians launch petition to quit EU
• http://rt.comAustrians have launched a petition to quit the EU, arguing that the nation will be better off economically if it leaves the union. To force the national parliament to consider the initiative activists need to have gathered 100,000 signatures by July
Investing in China: The Stock Market's Brave New World
• http://www.wsj.com, By JOHN WAGGONEREven with the latest drop, Chinese shares have more than doubled over the past year. We weigh the pros and cons of the world's hottest major market.
Greek government calls five-month extension offer 'inadequate'
• http://in.reuters.comGreece's government cannot accept a five-month extension of the bailout as proposed by creditors because it would deepen a recession and ultimately bring the nation back to a new round of crisis talks, a government official said on Friday.
China Plunges Most Since 2007, Points Away From Bear Market; Greek Drama Continues
• zerohedge.comFollowing yesterday's furious market drop in Chinese stocks, just before the overnight open, Morgan Stanley came out with a much distributed report urging investors "Not to buy this dip", and so they didn't.
Troika Offers Greece Third Bailout Program, Prepares Emergency Plan If No Deal
• zerohedge.comOn the heels of Thursday's failed Eurogroup meeting and heading into what is again being presented as an all or nothing, "Lehman weekend" for Greece and its creditors, reports suggest the troika has offered Greece a third bailout program:
For The First Time Ever, QE Has Officially Failed
• zerohedge.comOver two years ago in "Desperately Seeking $11.2 Trillion In Collateral", Zero Hedge first warned that as a result of relentless central bank monetization of debt, liquidity in bond markets would decline at an ever faster pace even as, paradoxically,
18 Years Ago This Country Collapsed Almost Overnight. Is This Time Different?
• zerohedge.comIn late June 1997, eighteen years ago, this part of the world felt pretty normal.
Will Seizure of Russian Assets Hasten Dollar Decline?
• http://www.ronpaulinstitute.orgWhile much of the world focused last week on whether or not the Federal Reserve was going to raise interest rates, or whether the Greek debt crisis would bring Europe to a crisis, the Permanent Court of Arbitration in The Hague awarded a $50 billion
Jittery Markets Seesaw With Every Greek Headline As Time Runs Out, China Replunges
• zerohedge.comBefore we get into the main story for headline scanning algos which of course is the endless Greek tragedy, it is worth noting that while overnight China scrapped its 75% loan to deposit ratio cap for commercial banks, broadly seen as yet another eas
Greek Negotiations Now "Moving Backwards" As Confusion Reigns In Brussels - Live Updates
• zerohedge.comFor a couple of hours on Tuesday, it appeared as though Greece had managed to sneak a debt deal proposal by the troika that, while hitting some of the mandated fiscal targets, did not include the pension cuts and VAT concessions that had previously c
U.S., China appear to get little done in removing economic barriers
• http://www.reuters.com, BY DAVID BRUNNSTROMThe United States and China urged each other on Wednesday to remove barriers to foreign investment, saying that business ties were vital to overall relations, although they appeared to achieve little beyond rhetoric at a high profile three-day meetin
Global Stock Markets Cautious Amid Greek Debt Talks
• http://www.nytimes.com, By THE ASSOCIATED PRESSU.S. and global stocks headed lower Wednesday as negotiations between Greece and its lenders drag on and investors become less hopeful that a deal will be reached soon.
Putin Strikes Back: Cuts Ukraine Gas Discount
• zerohedge.comWe had wondered at the relative lack of response by Russia to extended sanctions and asset freezes in Europe and now we see the first major move.
Stocks Jump, Oil Dumps After DOE Reports Bigger Than Expected Inventory Draw...
• zerohedge.comAgainst expectations of a 2.0 mm bbl inventory draw, DOE reports a substantial 4.93mm bbl draw (double last week's draw) extending the streak of inventory drawdowns to 8 weeks.
Stocks Jump, Oil Dumps After DOE Reports Bigger Than Expected Inventory Draw...
• zerohedge.comAgainst expectations of a 2.0 mm bbl inventory draw, DOE reports a substantial 4.93mm bbl draw (double last week's draw) extending the streak of inventory drawdowns to 8 weeks.
Greece Rejects "Totally Unacceptable" IMF Counterproposal Demanding Pension Cuts:
• zerohedge.comAs reported earlier and as tipped here on Monday, markets will have to call off the party for now because the focus of the Greek debt deal negotiations has now shifted back to Brussels after all eyes had turned briefly to Athens on Tuesday following
Greek crisis: deal unravels as both sides reject reform measures before ...
• http://www.telegraph.co.ukcrunch finance ministers meeting. Grexident looming? Tsipras hits back at creditors who reject plan ahead of third Eurogroup meeting in less than a week
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