and actually I like those odds right now since every one is saying there is now a 60% - 70% change of a Greek default by the end of this month - if not sooner. When you see everyone sitting on their hands you know everyone has given up and now its just a matter of time before Greece leaves on their own with empty banks and a economy in complete collapse.
As the farcical negotiations between Greece and its creditors unfold ahead of a June 5 IMF payment and as Alexis Tsipras is forced to spread false hope just to avoid a terminal bank run, a picture of the Greek endgame has emerged. Look for Grexit to bring world market's to their knees.
Nah - I'd rather "Shock the Bull". Yellen just told investors last Friday higher rates coming in September or sooner and today the market "Shocks the Bull" Today's sell off (scenario) will now continue for weeks on end (months actually) as we get closer and closer to a Fed Rate Hike. Spy now free falls into all time NEW LOWS.
More like upchuck when Greece defaults on IMF, ECB payments next month. You can't rob peter to pay paul, when paul has a addictive spending problem.
It’s now less than a week till Greece has to find money to pay some €2.5 billion pensions and public-sector wages. It then has payments due to the International Monetary Fund totalling €1.5 billion in the course of June, starting with a €300 million payment on June 5. A government spokesman this week said the country would fail to meet those payments without help from its creditors. That may or not be ‘crying wolf’–Tsipras wrote the same to IMF managing director Christine Lagarde last month. Athens managed to make that payment, but only by raiding its own reserve account at the IMF.
and Merkel won't even sit next to Alexis Tsipras for dinner in Riga, Latvia. Looks like cold soup to me and after the meal who picks up the check. Not the Greeks.
Former chief economist Milios was joined by two party executive members, Sofia Papadogianni and Antonis Danavelos, who also backed a repayment freeze.
"We must not be afraid. We must prepare for an exit from the euro. They could expel us but we must be prepared to exit," Papadogianni said to applause from the crowd, packing into a small conference room. Sure looks like the Greek now favors a Grexit.
Portugal holds a general election this autumn, and opinion polls show the opposition Socialists holding a small lead. Their leader, Antonio Costa, has vowed to reverse the austerity measures imposed since its 2011 bailout, suggesting the eurozone crisis could flare again soon. If Greece get more IOU"s it will never pay back, then Portugal, Spain, Italy, etc., will all want the same deal. Free Euros with "No Strings Attached".
Looks like Germany/Merkel now have to financially support more of the PIGs for the next century or so, or cast them aside as fast as they can.
Eichengreen sees no relief in sight for the uncertainty plaguing the standoff around Greece. “None of this will be resolved quickly,” he said. “I think that the uncertainty will continue and its going to hurt world markets.”
Just as unclear is the potential impact on the currency bloc of the so-called Grexit. While officials insist publicly that the rest of the euro area is protected against the fallout should Greece fail to reach a deal, last month some finance ministers called for contingency plans to be drawn up to bolster their defenses.
So what happened to Ukraine, Israel - Iran, North and South Korea? Looks like South China Sea could be the next "spark" that roil world markets.
The United States and China clashed over a territorial dispute in the South China Sea on Saturday, as China's foreign minister asserted its sovereignty to reclaim reefs saying its determination to protect its interests is "as hard as a rock".
But its really not about a few small rocky islands which actually sit closer to Japan then China. Its about "OIL and Gas" that sit underneath them." All of which China wants all for their greedy selves.
In short, there is no good outcome for Greece anymore, only bad and ugly outcomes. Bad could mean a half-hearted compromise followed by political tension and instability in Greece, or it could mean a prolonged conflict without a clear resolution that drags on. Ugly is the worst outcome—a Greek exit from the Eurozone with unpredictable ripple effects across Greece, Europe and the world.
Ah, but Germany can't give free dog biscuits to Greece, Portugal, Spain, Italy, Ireland, Belgium, etc., year after year. If that happens Merkel will be out faster then you can say das Desaster.
Could we get a Fed release that rates might jump September or earlier? Think so but right now little Greece trumps everything. Europe in free fall again tomorrow with no deal for Greece life line.
So sad - California is a great state but with no water and house prices out of control only CEO's and illegal aliens can afford to live there. Of course housing won't be worth much in a year or two when all the water is going and rich CEO's won't drink tainted sea water.
So does Obama send more flash lights and sleeping cots to Ukraine soldiers? Or does he remember his responsibility as "Leader" of the free world and arm the Ukrainian army like everyone in U.S., Europe and Ukraine want? Are You Listening Mr. President?
Greece's mayors stated over the weekend that they would not release any more funds to the central government. The Greek finance ministry must pay the International Monetary Fund #$%$750m (£544m) on Tuesday, the first of an escalating set of deadlines running into August.
Greek's No Pay = Default land in 5 to 10 days. And that's when the "mother" of a correction starts.
Game over for Greece as Europe gets ready for a upcoming volatile week and likely Greek default.
The international bailout that Greece is relying on to stay solvent was thrown into major jeopardy today when the Government revealed that it expects its economy to grow at just 0.8 per cent this year. That is well below the 1.4 per cent Greece told its international lenders in March and a fraction of the 2.9 per cent forecast it used to formulate its 2015 budget. Reuters news agency said that the finance ministry reform plan raises fresh questions about the European Union/IMF bailout and now pushes the odds of a Greek default to 70%.
Game over for Greece boys and girls so now the question is Spain and Portugal next?
Last time Greece came close to a default we had a 15% market correction.
Europe economy falls on news Russia/rebels push for more Ukraine land
Majority of analysts saying "market has topped" so do sell in May & goes away
WWIII starts when China attacks Japan navy or Japan's Self-Defense Force on/over China sea
More oil company layoffs coming with oil heading lower.
Let the games begin
so look out bulls since Fed rate hike coming in September or possibly sooner. Market won't know what hit it when Yellen takes the gloves off and moves rates higher.