google "White House: No federal bailout for Puerto Rico"
They want to change the laws to allow PR to declare BK.
Other than that the state of our union is strooooong...
"I don't remember anytime in recent history where a developed nation literally shut down its banking system for an entire week.", said Adam Sarhan, chief executive of Sarhan Capital in New York.
And yet GOLD, being the only asset-based currency in the world goes down from being on the upswing before US trading opened? Something stinks, and it ain't in Denmark...
Just like I thought - instead of swallowing his pride and taking European ultimatum, Alexis Tsipras called for national referendum on bailout terms to be held on July 5, past June 30th payment date.
“After five months of tough negotiations, our partners ended up with a proposal in the form of an ultimatum,” Mr. Tsipras said, arguing that the creditors were calling for “new, unbearable measures,” including cuts to pensions, salaries and tax increases.
“The goal of some of Greece’s partners is the humiliation of an entire nation,” he added.
For Mr. Tsipras, the bold move is rooted in his political predicament. He led the leftist Syriza party to victory in January after promising voters that it would reverse austerity and ease punishing economic policies toward the poor.
But the negotiations with creditors have forced him to make numerous concessions, whether on changing pension programs, raising taxes or privatizing state assets.
His staunchest supporters had warned that Mr. Tsipras could only be pushed so far. Apparently, Mr. Tsipras decided that his political legitimacy depended on leaving the ultimate decision on the creditors’ proposal to voters, despite the potential upheaval of holding a referendum at such a critical time."
Question is... will they kill gold to prop up USD if financial panic or markets gap down at open on Monday?
I knew this would happen - now own 1M AUYs at avg. cos of about $3.05. Hope this is just a beginning of a major paper scrip unraveling...
I bet that either nothing will get accomplished by Greece this weekend and/or Greek parliament will refuse to sign off on further belt tightening that Greeks are being forced to swallow. The Euro duck stops here, welcome back to Drachma... I'm in for 1M shares of AUY by now...
Small solace, but today I covered my substantial short position.
This compensates in small part for the soaking I took with this pos being long.
Short sold at avg. price of $0.85 a few months back.
The proverbial writing was on the wall that this roadkill would bite the dust.