Thanks My Ladies for letting us share from your Private Chatroom today.
MY LADIES: GOOD MORNING ALL, TODAY WE'RE GOING TO TAKE A LOOK AT STOCKS AND BONDS AROUND THE GLOBE AND SEE HOW THINGS AFFECT EACH OTHER CAUSING THE DOMINO ACTION.
Greece debt crisis: Global stock markets slide http://ift.tt/1KjLcDY
Stock markets in Europe and Asia have seen big falls after Greece closed its banks and imposed capital controls.
London's FTSE 100 index fell 2% in early trade. Earlier in Asia, Japan's Nikkei index fell nearly 3%
On the currency markets, the euro had fallen to $1.0953 at one point in Asian trading from $1.1165 on Friday, but it then recovered some ground.
Elsewhere in Europe, Germany's Dax share index and France's Cac 40 were both down more than 3%. The Athens Stock Exchange and Greek banks are closed all week
....
MY LADIES: GOOD MORNING ALL, TODAY WE'RE GOING TO TAKE A LOOK AT STOCKS AND BONDS AROUND THE GLOBE AND SEE HOW THINGS AFFECT EACH OTHER CAUSING THE DOMINO ACTION.
Greece debt crisis: Global stock markets slide http://ift.tt/1KjLcDY
Stock markets in Europe and Asia have seen big falls after Greece closed its banks and imposed capital controls.
London's FTSE 100 index fell 2% in early trade. Earlier in Asia, Japan's Nikkei index fell nearly 3%
On the currency markets, the euro had fallen to $1.0953 at one point in Asian trading from $1.1165 on Friday, but it then recovered some ground.
Elsewhere in Europe, Germany's Dax share index and France's Cac 40 were both down more than 3%. The Athens Stock Exchange and Greek banks are closed all week
....
At the weekend, the Greek government confirmed that banks would be closed all week, and imposed capital controls, limiting bank withdrawals to €60 euros (£42) per day
MY LADIES: SO THAT ISN'T VERY MUCH IN A DAILY ALLOWANCE AND GREEK BANKS WILL STAY CLOSED UNTIL JULY 7TH
"To a certain extent, we do expect markets to react to this with peripheral bond yields probably higher, the euro a little bit lower throughout the week and some strength in the safe havens like the Swiss franc and the British pound," David Stubbs from JP Morgan Asset Management told the BBC's Today programme.
He added that because the economic situation in the eurozone had improved since 2011, the region's economy should be able to weather the storm.
**********
Bandito Rox: (*) VIDEO: 35 Billion wiped of Australian stocks due to probable Greek exit, also Greek banks to remain closed until after July 6th
http://ift.tt/1g01mat
PrincessDD: China Secures Veto Power as Members Sign Up to New Bank http://ift.tt/1GGJSFD
China-Backed Development Bank Holds Signing Ceremony in Beijing. http://ift.tt/1BRj3CG
China gets slightly over 30% stake in AIIB as bank takes shape
http://ift.tt/1JkpnTk
MY LADIES: Greece: Uncertainty reigns after referendum gamble
http://ift.tt/1FJLPQA
Although details of the measures they will actually be voting for or against are not yet public, Greeks are expected to vote on whether to accept the bailout measures offered by international creditors, which come with the strings of prolonged austerity measures attached, or to reject them.
MY LADIES: IT SEEMS PARLIAMENT IS DIVIDED ON THIS ISSUE TOO.
A vote rejecting the bailout program, largely funded by Greece's European counterparts, is likely to lead to Greece's exit from the euro zone which could set a dangerous precedent for the single currency area as other countries could follow suit.
Haris Theocharis, Greek member of parliament for the centrist To Potami party, told CNBC Monday that he hoped the Greek people understood what a "no" vote would mean.
A 'yes' vote is a 'yes' for the euro zone and a 'no' vote is effectively one to begin the process of leaving the euro zone and this would be a catastrophe for Greece and a shame for the rest of the euro zone…We have to fight for the 'yes' (vote), there is no doubt about that."
MY LADIES: POTAMI PARTY WANT TO VOTE "YES" TO STAY IN THE UNION AND ACCEPT THE BAILOUT TERMS AND THEY ARE LESS THAN HAPPY WITH THE PRIME MINISTER
Theocharis hoped Tsipras would be "punished" by the referendum vote because he was "gambling with the fate of Greece for something that he could have resolved."
TSIPRAS IS FIGHTING BACK
In a statement, Tsipras said that the "It is clear that the objective of the Eurogroup's and ECB's decisions is to attempt to blackmail the will of the Greek people and to hinder democratic processes, namely holding the referendum. They will not succeed ."
Market turmoil
EUROPEAN MARKETS PLUNGED AND INTEREST ON GREEK DEBT ROSE
Market analysts are expecting Greece to drive volatility in financial markets this week and European markets plunged on Monday and the yield –interest rate -- on Greek debt surged too.
WE TALKED ABOUT THE GREEK BUTTERFLY YESTERDAY
Michael Hewson, chief market analyst at CMC Markets, said in a note Monday the "Greek butterfly looks set to cause a tornado in financial markets" this week.
Bandito Rox: Factbox: Greece sets capital controls, six-day bank shutdown
Greece imposed capital controls and ordered banks to close temporarily after the European Central Bank froze a vital financial lifeline following the breakdown of bailout talks between Athens and foreign creditors.
Here are the main measures adopted by the government:
- Banks will close until to July 6. All credit institutions in Greece, including branches of foreign banks, are affected.
- The finance minister may shorten or extend the bank holiday period.
- ATMs will open from Monday afternoon. Daily cash withdrawals will be limited to 60 euros. The limit can be changed by the finance minister.
- Payments via debit or credit cards to accounts within Greece and online banking transactions within Greece will be allowed but payments and transfers to accounts outside Greece are prohibited.
- Cash withdrawals at ATMs with bank cards that have been issued by foreign banks will be allowed. Withdrawal limits may be set by the finance minister.
- All other transactions will not be permitted.
- A special committee will approve banking transactions deemed necessary to safeguard a public or social interest, including medical expenses or pharmaceutical imports.
- Pension payments will be exempt from capital controls.
- Interest surcharges on due payments will not be allowed during the bank holiday period.
- Banks breaching the rules face fines of up to 10 percent of the amount of any transaction violating the control measures.
http://ift.tt/1BRj3CI
**********
Bandito Rox: (*) Euro, stocks slide on looming Greece default
The euro fell almost 2 percent and share prices tumbled across Asia on Monday as Greece looked set to default on its debt repayment this week, forcing Athens to impose capital controls to halt bank runs.
With the prospect of Greece being forced out of the euro in plain sight, the common currency fell as much as 1.9 percent to $1.0955, its lowest in almost a month, and last stood down 1.4 percent at $1.1007.
http://ift.tt/1FJsAH7
**********
PrincessDD: China-Backed AIIB Launches — Now Comes the Tough Part
http://ift.tt/1In1jR9
MY LADIES: BIG NEWS HAPPENED TODAY IN CHINA
The launch of a China-led infrastructure bank is a milestone in Beijing’s bid for global clout. Now comes the hard part, as the bank’s work tests Beijing’s willingness to compromise and adhere to international standards. As WSJ’s Mark Magnier reports:
On Monday, the Asian Infrastructure Investment Bank was launched with representatives from 57 countries gathered in Beijing.
The bank came together in less than two years amid strong global interest.
China was handed a propaganda coup when U.S. allies signed on despite concerns voiced by Washington early in the process that the new bank might cut corners on environmental, social and anticorruption standards.
MY LADIES: WILL THEY BE WILLING TO FOLLOW INTERNATIONAL STANDARDS ...I GUESS WE'LL SEE.
SO THEIR INTERNAL STRUCTURE WAS FORMALLY ADOPTED TODAY AND THE BANK WILL BE OPEN FOR BUSINESS THE END OF THE YEAR.
MY LADIES: SO THAT ISN'T VERY MUCH IN A DAILY ALLOWANCE AND GREEK BANKS WILL STAY CLOSED UNTIL JULY 7TH
"To a certain extent, we do expect markets to react to this with peripheral bond yields probably higher, the euro a little bit lower throughout the week and some strength in the safe havens like the Swiss franc and the British pound," David Stubbs from JP Morgan Asset Management told the BBC's Today programme.
He added that because the economic situation in the eurozone had improved since 2011, the region's economy should be able to weather the storm.
**********
Bandito Rox: (*) VIDEO: 35 Billion wiped of Australian stocks due to probable Greek exit, also Greek banks to remain closed until after July 6th
http://ift.tt/1g01mat
PrincessDD: China Secures Veto Power as Members Sign Up to New Bank http://ift.tt/1GGJSFD
China-Backed Development Bank Holds Signing Ceremony in Beijing. http://ift.tt/1BRj3CG
China gets slightly over 30% stake in AIIB as bank takes shape
http://ift.tt/1JkpnTk
MY LADIES: Greece: Uncertainty reigns after referendum gamble
http://ift.tt/1FJLPQA
Although details of the measures they will actually be voting for or against are not yet public, Greeks are expected to vote on whether to accept the bailout measures offered by international creditors, which come with the strings of prolonged austerity measures attached, or to reject them.
MY LADIES: IT SEEMS PARLIAMENT IS DIVIDED ON THIS ISSUE TOO.
A vote rejecting the bailout program, largely funded by Greece's European counterparts, is likely to lead to Greece's exit from the euro zone which could set a dangerous precedent for the single currency area as other countries could follow suit.
Haris Theocharis, Greek member of parliament for the centrist To Potami party, told CNBC Monday that he hoped the Greek people understood what a "no" vote would mean.
A 'yes' vote is a 'yes' for the euro zone and a 'no' vote is effectively one to begin the process of leaving the euro zone and this would be a catastrophe for Greece and a shame for the rest of the euro zone…We have to fight for the 'yes' (vote), there is no doubt about that."
MY LADIES: POTAMI PARTY WANT TO VOTE "YES" TO STAY IN THE UNION AND ACCEPT THE BAILOUT TERMS AND THEY ARE LESS THAN HAPPY WITH THE PRIME MINISTER
Theocharis hoped Tsipras would be "punished" by the referendum vote because he was "gambling with the fate of Greece for something that he could have resolved."
TSIPRAS IS FIGHTING BACK
In a statement, Tsipras said that the "It is clear that the objective of the Eurogroup's and ECB's decisions is to attempt to blackmail the will of the Greek people and to hinder democratic processes, namely holding the referendum. They will not succeed ."
Market turmoil
EUROPEAN MARKETS PLUNGED AND INTEREST ON GREEK DEBT ROSE
Market analysts are expecting Greece to drive volatility in financial markets this week and European markets plunged on Monday and the yield –interest rate -- on Greek debt surged too.
WE TALKED ABOUT THE GREEK BUTTERFLY YESTERDAY
Michael Hewson, chief market analyst at CMC Markets, said in a note Monday the "Greek butterfly looks set to cause a tornado in financial markets" this week.
Bandito Rox: Factbox: Greece sets capital controls, six-day bank shutdown
Greece imposed capital controls and ordered banks to close temporarily after the European Central Bank froze a vital financial lifeline following the breakdown of bailout talks between Athens and foreign creditors.
Here are the main measures adopted by the government:
- Banks will close until to July 6. All credit institutions in Greece, including branches of foreign banks, are affected.
- The finance minister may shorten or extend the bank holiday period.
- ATMs will open from Monday afternoon. Daily cash withdrawals will be limited to 60 euros. The limit can be changed by the finance minister.
- Payments via debit or credit cards to accounts within Greece and online banking transactions within Greece will be allowed but payments and transfers to accounts outside Greece are prohibited.
- Cash withdrawals at ATMs with bank cards that have been issued by foreign banks will be allowed. Withdrawal limits may be set by the finance minister.
- All other transactions will not be permitted.
- A special committee will approve banking transactions deemed necessary to safeguard a public or social interest, including medical expenses or pharmaceutical imports.
- Pension payments will be exempt from capital controls.
- Interest surcharges on due payments will not be allowed during the bank holiday period.
- Banks breaching the rules face fines of up to 10 percent of the amount of any transaction violating the control measures.
http://ift.tt/1BRj3CI
**********
Bandito Rox: (*) Euro, stocks slide on looming Greece default
The euro fell almost 2 percent and share prices tumbled across Asia on Monday as Greece looked set to default on its debt repayment this week, forcing Athens to impose capital controls to halt bank runs.
With the prospect of Greece being forced out of the euro in plain sight, the common currency fell as much as 1.9 percent to $1.0955, its lowest in almost a month, and last stood down 1.4 percent at $1.1007.
http://ift.tt/1FJsAH7
**********
PrincessDD: China-Backed AIIB Launches — Now Comes the Tough Part
http://ift.tt/1In1jR9
MY LADIES: BIG NEWS HAPPENED TODAY IN CHINA
The launch of a China-led infrastructure bank is a milestone in Beijing’s bid for global clout. Now comes the hard part, as the bank’s work tests Beijing’s willingness to compromise and adhere to international standards. As WSJ’s Mark Magnier reports:
On Monday, the Asian Infrastructure Investment Bank was launched with representatives from 57 countries gathered in Beijing.
The bank came together in less than two years amid strong global interest.
China was handed a propaganda coup when U.S. allies signed on despite concerns voiced by Washington early in the process that the new bank might cut corners on environmental, social and anticorruption standards.
MY LADIES: WILL THEY BE WILLING TO FOLLOW INTERNATIONAL STANDARDS ...I GUESS WE'LL SEE.
SO THEIR INTERNAL STRUCTURE WAS FORMALLY ADOPTED TODAY AND THE BANK WILL BE OPEN FOR BUSINESS THE END OF THE YEAR.
MY LADIES: World stock markets tumble as Greece crisis deepens
Share prices slump after Athens orders banks shut until after Sunday’s snap referendum, with stock exchange closed on Monday and ATM withdrawals limited to €60
In London the FTSE 100 tumbled by 150 points - more than 2% - when trading began at 8am BST. There were even sharper falls across Europe, with the French and German markets both tumbling by 4%. European banking shares were the hardest hit, suffering losses of up to 10%.
In the early hours of Monday morning, Tsipras published a decree in the official government gazette setting out the capital controls to be imposed on the country.
SO OBVIOUS WHAT'S HAPPENING HERE
The European commission said on Sunday for the first time in the crisis that it wanted to offer Greece debt relief, Tsipras’s central demand during the five months of stalemated talks. Reports from Berlin said that Angela Merkel and François Hollande shared that view.
AND WORRIES FROM HOME OVER THIS
But the potential concession appeared to come too late to prevent growing chaos in Greece – and sparked concerns across the Atlantic.
Barack Obama was said to have called Merkel, the German chancellor, to urge her to take action. Jack Lew, the US Treasury secretary, urged creditors to offer debt relief to Greece.
Financial analysts will be watching the impact on the markets, which have not yet had the chance to react to the events of the last 48 hours. Mario Draghi, the president of the ECB, tightened the screws somewhat on the country.
WE'LL BE WATCHING TOO, I GUESS WE ARE ABOUT TO FIND OUT IF THE BUTTERFLY FLAPS IT'S WINGS IN NEW MEXICO CAN IT CAUSE A HURRICANE IN CHINA???
Share prices slump after Athens orders banks shut until after Sunday’s snap referendum, with stock exchange closed on Monday and ATM withdrawals limited to €60
In London the FTSE 100 tumbled by 150 points - more than 2% - when trading began at 8am BST. There were even sharper falls across Europe, with the French and German markets both tumbling by 4%. European banking shares were the hardest hit, suffering losses of up to 10%.
In the early hours of Monday morning, Tsipras published a decree in the official government gazette setting out the capital controls to be imposed on the country.
SO OBVIOUS WHAT'S HAPPENING HERE
The European commission said on Sunday for the first time in the crisis that it wanted to offer Greece debt relief, Tsipras’s central demand during the five months of stalemated talks. Reports from Berlin said that Angela Merkel and François Hollande shared that view.
AND WORRIES FROM HOME OVER THIS
But the potential concession appeared to come too late to prevent growing chaos in Greece – and sparked concerns across the Atlantic.
Barack Obama was said to have called Merkel, the German chancellor, to urge her to take action. Jack Lew, the US Treasury secretary, urged creditors to offer debt relief to Greece.
Financial analysts will be watching the impact on the markets, which have not yet had the chance to react to the events of the last 48 hours. Mario Draghi, the president of the ECB, tightened the screws somewhat on the country.
WE'LL BE WATCHING TOO, I GUESS WE ARE ABOUT TO FIND OUT IF THE BUTTERFLY FLAPS IT'S WINGS IN NEW MEXICO CAN IT CAUSE A HURRICANE IN CHINA???
via Dinar Recaps - Our Blog http://ift.tt/1JkppKX
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