Germany may have over played its hand–momentum shifts toward Greece
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It is hard to tell exactly what is going on in these talks without being in the room to judge the tenor of remarks, but from out in the corridors and from press leaks, it looks like Germany and its hard line allies such as Finland are trying to force a Greek exit.
Decision time tomorrow on Greek bailout plan; EuroZone markets optimistic that the weekend will bring a deal
Greece has made its pitch and now it’s up to the other members of the EuroZone to either strike a deal tomorrow or have EuroZone political leaders start planning for a Greek exit from the euro on at Sunday summit. If there’s no deal or likelihood of a deal by Monday, the European Central Bank has intimated that it would not be able to extend more loans to Greece’s banks.
Today’s developments on our two financial crises–Greece and China
Overnight the Shanghai market gained 5.76%. The Shenzhen market moved up 3.76%. The ChiNext market on the Shenzhen exchange climbed 3.03%. That’s being touted as a “recovery.” Greece put a detailed, credible negotiating proposal on the table tonight AHEAD of the midnight deadline. Newspaper reports from Athens say the proposal includes 13 billion euros of new austerity measures in exchange for 50 billion in new bailout money.
Today’s emergency EuroZone meeting produces a new schedule of meetings but no actual negotiations on the Greek debut crisis
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...European Central Bank demands more collateral from Greek banks
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Greece votes 61% NO–now there’s 2 weeks before the European Central Bank rules the country’s banks insolvent
In the short term the European Central Bank holds the key to the Greek crisis. The central bank has so far extended 89 billion euros to Greek banks, but the ECB won’t find it easy to provide new funding now that Greece is operating without a bailout program. The deadline for the European Central Bank is July 20, when Greece faces a major debt repayment to the ECB
Saturday Night Quarterback (on a pre-holiday Friday) says, For the week ahead expect…
Greek banks have said they might not be able to open on Tuesday without help from the European Central Bank. Cash buffers are down to just 90 euros per capita. The European Central Bank will meet on Monday to decide if it will continue its emergency liquidity assistance program for Greece and at what level of funding.
Yes/No about even in Sunday vote likely to determine Greek membership in the euro
Recent polls show Yes gaining in strength. A poll by Athens newspaper Efimerida ton Syntakton today showed 46% percent of Greeks would reject the creditors’ bailout offer (a No vote) and 37% would back it (a Yes vote.) Last weekend, the same poll showed 57% No and 30% Yes. Other polls give a small edge to Yes. The GPO poll put Yes at 47.1% and No at 43.2%, for example.
Greece fails to make IMF payment as bailout program expires and last minute offer fails
The last minute request by the Greek government for a delay in the 1.6 billion euro payment due to the International Monetary Fund today, for billions in debt relief, and for a new two-year bailout program failed today.
Sector Monday: To play the recovery from the Greek crisis plunge look to ADRs of European banks
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