To me the revisions were worse than the headline numbers indicate. Real final sales, which takes volatile changes in inventory levels out of the data, showed a 1.1% decline from the first quarter of 2014. That’s the worst drop in real final sales since the 3.3% decline in the first quarter of 2014 and just edged out the 1% decline in real final sales in the first quarter of 2014.
After weeks of complacency—a deal will be negotiated!—the market is suddenly alive to the possibility that it won’t. The Greek government continues to refuse to surrender on what it calls its “red line” issues
Show me the euros! Greek government continues to claim the progress is being made on a debt deal. No one else sees it, though
Today the International Monetary Fund, one of the sources of any cash for Greece, explicitly put the kibosh on any quick and dirty deal. It’s work out all the details or no cash, the IMF said. And European leaders made it clear that they would not go ahead with any cash for Greece without the IMF