Our website is made possible by displaying online advertisements to our visitors.

Please consider supporting us by disabling your ad blocker.
Sign in to follow this  
Followers 0
DarkKnightNomeD

Greek Stock Market May Not Open Monday, Greek Officials Warn

6 posts in this topic

Greek Stock Market May Not Open Monday, Greek Officials Warn

Submitted by Tyler Durden on 06/27/2015 14:18 -0400

http://www.zerohedge.com/news/2015-06-27/greek-stock-market-may-not-open-monday-greek-officials-warn
 

Read the rest of the article in the link above.

Despite all the talk of "containment" and "Greece doesn't matter," not only are we told by anonymous EU officials that some banks may not open Monday but now, a Greek SEC Official has warned...

*GREEK BOURSE MAY NOT TRADE MON IF NO ELA EXTENDED: SEC OFFICIAL

Greeks just got CYNK'd (or Hanergy'd).

As a reminder, here is the exuberance in Greek stocks from last week...

 

Share this post


Link to post
Share on other sites

Greek IMF Default May Trigger €131 Billion Payment On EFSF Lonas

Submitted by Tyler Durden on 06/27/2015 14:40 -0400
http://www.zerohedge.com/news/2015-06-27/greek-imf-default-may-trigger-%E2%82%AC131-billion-payment-efsf-lonas

Read the rest of the article in the link above.

 

Back on May 11, we took a close look at what a Greek default to the IMF would mean in terms of the country’s obligations to its other creditors.

At the time, it appeared as though Greece was set to default on a €750 million payment to the Fund, so naturally, we were curious to know what the ramifications of a default might be. A day later, we discovered that Varoufakis had in fact orchestrated a deal whereby Greece was allowed to use its SDR reserves to make the payment, a move which amounted to the IMF literally paying itself.

That bought Greece around three weeks and the decision to bundle June’s payments bought three more, but now, with PM Alexis Tsipras having called for a referendum, with EU officials and finance ministers having finally thrown in the towel, and with Greek depositors draining the ATMs at a frantic pace, default is now all but certain on Tuesday and so the focus has suddenly shifted back towards what happens if Tsipras doesn’t cut Christine Lagarde a check by 11:59 on June 30.

As we’ve discussed at length, Lagarde can, if she chooses, delay a technical default by 30 days by not sending a formal notice of default to the IMF board. Regular readers have been well aware of this for some time now as we discussed it exactly one month ago today. Unfortunately for the Greeks, Lagarde recently indicated she isn’t likely to go that route and will “notify the board promptly” if payment isn’t made. Here's Bloomberg on the consequences: 

A possible Greek default on debt due to the International Monetary Fund next week would trigger cross- default clauses on 130.9 billion euros that Greece owes the euro area’s temporary rescue facility, a European Union official says.

Should IMF Managing Director Christine Lagarde tell her board that Greece defaulted on a 1.5 billion-euro payment due on June 30, the European Financial Stability Facility would have to decide among three options: to claim the funds that Greece owes the EFSF; to waive the EFSF’s right to the money; or to invoke a “reservation of rights” that would avoid an immediate claim while maintaining the EFSF’s option to take such a step, the official tells reporters in Brussels on the condition of anonymity

EFSF Chief Executive Officer Klaus Regling would have to make a recommendation to the rescue fund’s board of directors, who are deputy finance ministers from the euro area: official

Share this post


Link to post
Share on other sites

Greek ATMs Run Dry, The Eurogroup Says That's That: The End For Greece

6/27/2015 @ 3:31PM

http://www.forbes.com/sites/timworstall/2015/06/27/greek-atms-run-dry-the-eurogroup-says-thats-that-the-end-for-greece/

Read the rest of the article in the link above.

 

In any traditional sovereign debt crisis we would be saying that that really is that for Greece. When the creditors, or at least some of them, insist that no more negotiations can happen, when we’re reading reports about how ATM machines are being refilled (seriously, this is something that’s entirely normal, but when there’s new stories about it it ain’t) then this is when we would be saying well, that story is over.

Yet, with the European Union and the euro, it really is never over until the fat lady sings. And while it looks like she might be warming up to warble there’s still more in this politics than most would think wise:

BRUSSELS — Eurozone finance ministers on Saturday rejected Greece’s request to extend its debt negotiations beyond Tuesday’s deadline, seeming to bring a bitter end to months of discussions of how or whether to continue providing bailout loans to Athens.

That would, normally, be pretty much that.

To understand: Greece has a bailout regime that lasts until Tuesday, the last day of this month. And it needs two things. One, a renegotiation of that regime because it simply cannot finance its debt on market rates. The second is the more detailed thing that is being argued about now. How does that bailout regime get extended to keep the place solvent while the greater, larger, deal is negotiated.

Share this post


Link to post
Share on other sites

Greece Shuts Banks Waiting for Capital Controls Amidst Crisis

Capital controls are being imposed in Greece, as the financial crisis deepens without the ECB’s help.

Greek Prime Minister Alexis Tsipras said in a televised message that the Greek central bank has been forced to recommend a bank holiday and the introduction of capital controls.

He slammed the ECB, and other institutions, for trying to obstruct the democratic referendum he has called for next Sunday. This is a “insult” that shames European democracy, he noted.

http://greece.greekreporter.com/2015/06/28/greece-shuts-banks-waiting-for-capital-controls-amidst-crisis/

 

Share this post


Link to post
Share on other sites
Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   You have pasted content with formatting.   Restore formatting

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

Sign in to follow this  
Followers 0

Our website is made possible by displaying online advertisements to our visitors.

Please consider supporting us by disabling your ad blocker.