Greek banks will not open Monday

[SassyIrishLass]

A nation on the verge of collapse.

Greek banks will not open Monday

Greece said it would temporarily close banks on Monday in a bid to prevent its banking system from collapsing after the European Central Bank moved to cap the amount of emergency loans it provides for the country’s cash-strapped lenders.

The ECB said earlier on Sunday that it wouldn’t increase the lifeline of emergency liquidity that has been sustaining Greece’s banks, even as nervous Greek depositors appeared to withdraw their money at a greater pace over the weekend.

Fox News - BREAKING NEWS Greece said it would temporarily... Facebook

 

[HenryBHough]

Could it happen here?

"Capital controls"?

Oh, wait, that DID happen under Lyndon B. (Little Bitty Jesus) Johnson. Not, it is true, full blown capital controls. Just limits on how much Americans could take with them on visits to other countries.

So, yes, it could happen here. If America's Kenyan Emperor so decrees.

 

[SassyIrishLass]

Could it happen here?

"Capital controls"?

Oh, wait, that DID happen under Lyndon B. (Little Bitty Jesus) Johnson. Not, it is true, full blown capital controls. Just limits on how much Americans could take with them on visits to other countries.

So, yes, it could happen here. If America's Kenyan Emperor so decrees.

We're 18 trillion in debt...eventually something has to give

 

[DarkFury]

A nation on the verge of collapse.

Greek banks will not open Monday

Greece said it would temporarily close banks on Monday in a bid to prevent its banking system from collapsing after the European Central Bank moved to cap the amount of emergency loans it provides for the country’s cash-strapped lenders.

The ECB said earlier on Sunday that it wouldn’t increase the lifeline of emergency liquidity that has been sustaining Greece’s banks, even as nervous Greek depositors appeared to withdraw their money at a greater pace over the weekend.

Fox News - BREAKING NEWS Greece said it would temporarily... Facebook

California IS America's Greece. We can learn from it or get ready to live it.

 

[tinydancer]

Opa! Get your plates ready people.

If we witness the Grexit you can thank all our ******* leaders who decided to shit down Putin's throat.

Greece and others will run with Russia. Hell's bells I'm thinking of moving.

 

[DarkFury]

Opa! Get your plates ready people.

If we witness the Grexit you can thank all our ******* leaders who decided to shit down Putin's throat.

Greece and others will run with Russia. Hell's bells I'm thinking of moving.

The pipeline deal Russia signed with Greece gives them a new start. All they have to do is walk away from existing debt.

 

[HenryBHough]

I do not believe anyone, especially the "experts" comprehend what may happen when Greece defaults.

I don't think it will remain an isolated case for very long but I'm no expert, just expressing an opinion.

 

[SassyIrishLass]

I do not believe anyone, especially the "experts" comprehend what may happen when Greece defaults.

I don't think it will remain an isolated case for very long but I'm no expert, just expressing an opinion.

The markets here in the US will be interesting tomorrow.....hold onto your hat

 

[tinydancer]

Opa! Get your plates ready people.

If we witness the Grexit you can thank all our ******* leaders who decided to shit down Putin's throat.

Greece and others will run with Russia. Hell's bells I'm thinking of moving.

The pipeline deal Russia signed with Greece gives them a new start. All they have to do is walk away from existing debt.

Putin has been a very busy man. The deals he has cut world wide are jaw droppingly awesome.

I still don't get our leaders trying to marginalize and demonize Russia. And I'm Ukrainian third generation

Putin has not only weathered the storm the mother trucker has been making deals all over the planet

 

[SassyIrishLass]

Opa! Get your plates ready people.

If we witness the Grexit you can thank all our ******* leaders who decided to shit down Putin's throat.

Greece and others will run with Russia. Hell's bells I'm thinking of moving.

The pipeline deal Russia signed with Greece gives them a new start. All they have to do is walk away from existing debt.

Putin has been a very busy man. The deals he has cut world wide are jaw droppingly awesome.

I still don't get our leaders trying to marginalize and demonize Russia. And I'm Ukrainian third generation

Putin has not only weathered the storm the mother trucker has been making deals all over the planet

And he pawned Obungles while doing it

 

[Rozman]

I wonder if George Soros got in on short selling the greek curency?

 

[EverCurious]

I do not believe anyone, especially the "experts" comprehend what may happen when Greece defaults.

I don't think it will remain an isolated case for very long but I'm no expert, just expressing an opinion.

The markets here in the US will be interesting tomorrow.....hold onto your hat

*Fidgets some investments around*

 

[saintmichaeldefendthem]

I wonder if China can just buy Greece at some point?

Like a piece of real estate.

 

[theDoctorisIn]

I wonder if George Soros got in on short selling the greek curency?

Greek currency is the Euro.

That's kinda the whole point.

 

[HenryBHough]

It's estimated that it would take Greece six (6, liberals) months to get a new currency into circulation. Until then, free-for-all! Barter likely will flourish for those who can't get "hard" currency.

 

[Rozman]

Will not open Monday...
Tuesday will be better...
It will all be fixed by then....

 

[NYcarbineer]

Jeez, I'm short the index and long gold going into tomorrow. Too bad I keep my gambling to relatively small amounts.

 

[eagle1462010]

When a Bond Is Not a Bond The 10th Man Investment Newsletter Mauldin Economics

Some of my friends and clients know a lot about the Greek negotiations. There is a lot to know. I try to keep it simple:

1. The Greeks are communists
2. Everyone is incentivized to get a deal done, unless
3. The Greeks overplay their hand

There. Now I know everything there is to know about Greece. At the time of this writing, there was no deal in place, but it was starting to look promising.

Promising Isn’t the Word
People are starting to figure out that Greece is probably better off just defaulting and going back to the drachma. Painful, yes, but better than this perpetual bailout purgatory where everyone loses. Greece doesn’t make the necessary reforms, and Europe just keeps throwing good money after bad.

Which leads me to the point of this essay—if Europe bails out Greece once again, will they ever realistically pay it back?

Of course not. Everyone knows this.

Then it’s not really debt, right? It’s just aid. It’s a gift.

 

[eagle1462010]

Putin Buying Dollars Again Shows Worst of Crisis Is Over - Bloomberg Business

President Vladimir Putin is stockpiling dollars again, suggesting Russia’s first recession in six years can’t keep him from rebuilding his war chest.

The Bank of Russia said it plans to buy $100 million to $200 million a day to replenish its reserves after last year’s plunge. Sanctions over Ukraine and falling oil prices triggered a run on the ruble that forced the bank to spend about $90 billion before ending its defense of the currency in November.

Resuming foreign-currency purchases after an almost yearlong hiatus is economic pragmatism from a leader locked in the worst standoff with the U.S. in a generation, particularly one who’s decried the “dollar monopoly” that allows the U.S. to act like a“parasite” on the global economy.


“Putin was scarred by his early experience, when his freedom of movement was restricted by the need to repay debt,” said Tom Adshead of Adshead Consulting in Moscow. “He wants stability and maximum freedom and that’s what the monetary powers have been told to do.”

The policy shift comes after a rally that turned the ruble into this year’s best performer against the dollar among currencies tracked by Bloomberg.

The ruble has strengthened 21 percent against the U.S. currency this year after losing almost half of its value in 2014. It weakened for the first time against the dollar this week, falling 1.7 percent to 50.1130 as of 6:06 p.m. in Moscow.

 

[eagle1462010]

Russian sanctions to cost Europe 100bn

Europe stands to lose a total of €100bn from its economy due to the trade sanctions it has placed on Russia, putting around two million jobs across members states at risk according to an independent Austrian study published by German daily newspaper Die Welt today.

The EU and other international partners announced trade sanctions against Russia last year in response to Russia's aggression in Ukraine. Despite apparent division between the EU member states strongly in favour of sanctions and those who feel sanctions are doing too much harm to European economies, EU foreign ministers are next week expected to formally agree to renew them until the end of the year.

Now the independent Austrian Institute of Economic Research in Vienna (WIFO) has estimated that, as a result of the political fallout with Russia, both the sanctions and counter sanctions imposed by Russia are putting around €100bn in potential export revenue and economic development at risk.

Germany would be one of the biggest losers in terms of jobs, as reduced trade with Russia could put 465,000 German jobs in jeopardy, while Poland would be second, with 335,000 jobs at risk. Italy is the third with 215,000 and though Spain and France are also in the top five, relative to their size their projected losses of 160,000 and 145,000 respectively are considerably lower. WIFO estimate that the UK could lose around 110,000 jobs.

In terms of export revenue, Germany is the major European economy which would be most affected with a possible loss of 1.6% over the next few years, while Italy, Spain, France and the UK would each lose less than 1%.