Friday, June 26, 2015

Economic News and Views ( June 26 , 2015 ) Greece Update ( Make or break meeting in Brussels for Greece Negotiators and Creditors - news and views touching on same ) ....... Broader Europe items - ( UK's Eu Referendum conundrum - tied as it is with UK tortured attempts at renegotiation with Europe , Europe and the Refugee situation - on agenda at the Eu leaders Summit ) ..... Markets of note - Bonds serene so far , while Chinese markets under duress


Evening Wrap ...

Article 44 

1. Under extraordinary circumstances of an urgent and unforeseeable need, the President of the Republic may, upon the proposal of the Cabinet, issue acts of legislative content. Such acts shall be submitted to Parliament for ratification, as specified in the provisions of article 72 paragraph 1, within forty days of their issuance or within forty days from the convocation of a parliamentary session. Should such acts not be submitted to Parliament within the above time-limits or if they should not be ratified by Parliament within three months of their submission, they will henceforth cease to be in force.

* 2. The President of the Republic shall by decree proclaim a referendum on crucial national matters following a resolution voted by an absolute majority of the total number of Members of Parliament, taken upon proposal of the Cabinet.

A referendum on Bills passed by Parliament regulating important social matters, with the exception of the fiscal ones shall be proclaimed by decree by the President of the Republic, if this is decided by three-fifths of the total number of its members, following a proposal of two-fifths of the total number of its members, and as the Standing Orders and the law for the application of the present paragraph provide. No more than two proposals to hold a referendum on a Bill can be introduced in the same parliamentary term.

Should a Bill be voted, the time-limit stated in article 42 paragraph 1 begins the day the referendum is held.

's Parliament to start it's session today at 12h GR, same as Euro Working Group in Brussels. Eurogroup at 3PM GR

: Bloomberg bureau chief in Athens on the alleged "night bank run" after referendum annoncement.

Tsipras: I asked the ministerial council to call a referendum on July 5. My proposal was unanimously accepted.

Tsipras says the question on the will be: "ACCEPTANCE OR REFUSAL OF THE INSTITUTIONS PROPOSAL."

has also informed ECB's Draghi, will ask EU leaders to extend programme for 'a few days' until Greeks decide


Participation in the referendum should exceed 40% for political issues, 50% for social, according to SKAI TV.

Greek referendum - today's


Disbelief here in Brussels abt reports of Greek plans to call a referendum in seven days. On results of tomo's eurogroup? Or something else?

Tsipras blamed mainly the IMF for failure on agreement.


Institutions Got No Warning on Bailout Referendum--Officials


.: if deal agreed @ on SAT,have to be approved by Greek Parl on SUN & Eurozone Parls (inc Bundestag) latest on MON.


Morality in the Greek crisis Great piece & a view that seems to be coming to consensus now


Merkel Says Leaders Didn't Discuss Debt Relief For Greece

Now even EU Commissioners issue deadlines to . Next deadline to come from EU doorman (no offense)

European Market Outlook: Greece ‘deadline’ tomorrow

The 82-year-old head of Greece's public sector pensions union is fighting against EU demands for pension cuts

HFE on negotiations: We've never seen this before. Default is equally as likely as some last minute deal.

’s GDP is < than 2% of that of EMU BUT why it matters to currency credibility.

BREAKING: 'Grexit' unavoidable if no solution found in 5 days - German EU commissioner

Why It Won’t Be a Default If Misses IMF Payment Next Week

PM Tsipras leaves Brussels meeting after 3 am, makes no statements 

MERKEL SAYS SATURDAY EUROGROUP WILL BE DECISIVE FOR GREECE. need another ultimatum to make it sound really scary


Greek Crisis Highlights Euro Paradox at Heart of Eurozone’s Plight:

Broader Europe.....

PM Gives Up Goal of Treaty Change Before

EU leaders agree to relocate 40,000 migrants from Greece and Italy over next 2 years, Donald Tusk says -

In 2015, 700+ boat asylum seekers arrived a day in Italy/Greece: now States agree to relocate 55 a day over 2 yrs

puts & rest of world to shame over , spending $6 billion to-date

Markets of note.....


Calm open of bond markets after another Eurogroup meeting has collapsed. Periphery spreads widen only a tad

The Liquidity Crisis Intensifies: ‘Prepare For A Bear Market In Bonds’


bubble to pop: Small cap index ChiNext heading for record one-day loss and bear market.

stocks tumble as markets struggle to digest a flood of IPOs, tighter cash supply & general policy anxiety.

"Blood On The Streets": Chinese 'Nasdaq' Crashes Most On Record, Morgan Stanley Warns "Don't Buy This Dip"