Fri, Jun. 12, 9:11 AM
Thu, Jun. 11, 10:44 AM
- "We are well away from an agreement," says IMF spokesman Gerry Rice, as the agency's technical team returns to D.C. from Brussels. "There are major differences between us in most key areas and there has been no progress in narrowing these differences."
- The main obstacles, says Rice, are pension reform, tax policy, and financing. "On financing, what we have said consistently is that is has to add up."
- Nicely higher earlier, the Greek ETF (GREK -0.1) turns red, as does National Bank of Greece (NBG -0.8%).
- Previously: S&P further downgrades Greece (June 10)
Wed, Jun. 10, 4:44 PM
- The Greek government will likely default on its debt within twelve months, says S&P, lowering the country's credit rating to CCC from CCC+. The outlook remains negative.
- "Greece delaying its payment to the International Monetary Fund last Friday, June 5, appears to demonstrate that the Greek government is prioritizing pension and other domestic spending over its scheduled debt service obligations."
- GREK, NBG
Thu, Jun. 4, 4:42 PM
- The news hit after Athens stock exchange had closed for the session, but GREK closed down 5.9% in a preview of what may be ahead on Friday.
- It's the first time a developed country has ever missed a payment to the IMF, writes Ambrose Evans-Pritchard, noting the Greek government is invoking an obscure mechanism to bundle all debts due in June and pay them at the end of the month.
- A caught-off guard IMF (hours earlier, Christine Lagarde was confident the payment would be made on Friday) confirms it's been notified by the Greek government that the entire $1.6B due this month will be paid on June 30.
- The skipped payment is the clearest sign yet of an escalating crisis, writes AEP, as Syriza refuses to buckle and high statesmanship from Europe is so far absent. Syriza has the money on hand to make the payment, but says it won't burn any more of the country's dwindling cash until a credible bailout offer is on the table.
- NBG -8.9%
Wed, May 27, 10:35 AM
- Athens (GREK, NBG) is leading the way with a 3.6% gain. Italy (NYSEARCA:EWI) is higher by 1.9%, France (NYSEARCA:EWQ) by 1.7%, Spain (NYSEARCA:EWP) by 1.6%, Germany (NYSEARCA:EWG) by 1.1%. The Stoxx 50 (NYSEARCA:FEZ) is ahead by 1.2%.
- Source: CNBC
- ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU
Fri, May 22, 2:43 PM
- German Finance Minister Wolfgang Schaeuble suggested the possibility of parallel currencies at a recent private meeting, reports Bloomberg, though he stopped short of endorsing the idea.
- The Peterson Institutes's Jacob Kirkegaard suggests Germany is "ready to take this brinkmanship very far," with Schaeuble in the role of "attack dog."
- SocGen's Sebastian Galy notes other non-EU countries incorporate the euro into their systems. Turkey is one, as is Montenegro - the example Schaeuble used in his meeting.
- GREK -1.8%, NBG -3.2%
Mon, May 11, 9:22 AM
Thu, May 7, 9:20 AM
Wed, May 6, 9:11 AM
Mon, Apr. 27, 9:18 AM
Fri, Apr. 24, 9:17 AM
Tue, Apr. 21, 10:35 AM
- And why not, with the ECB pledging to buy €60B of it monthly for at least the next year-plus?
- For the eurozone as a whole, government debt rose to a record 91.9% of GDP in 2014, up from 90.9% a year earlier. Greece naturally leads the way, with debt up to 177.1% of GDP from 175% in 2013. Since the last bailout to end all bailouts (2012), Greece's debt/GDP ratio is up a whopping 25 percentage points, and the country stands today on the verge of either bailout number three or another default and maybe exit from EMU.
- Source, Bloomberg
- Bill Gross is out on Twitter calling German 10-year Bunds - currently yielding 10 basis points - the short of a lifetime ... Even better than the pound in 1993. The only question, he says, is timing. Another widowmaker trade?
- GREK -3.7%, NBG -9.8%
- ETFs: EU, BUNL, ITLY, ITLT, BUNT, GGOV
Tue, Apr. 21, 9:22 AM
Fri, Apr. 17, 9:21 AM
Thu, Apr. 16, 7:58 AM
- A big move even for notoriously volatile Greek debt, the yield on the country's two-year notes soar nearly 400 basis points to over 27% in the wake of another downgrade and growing fear the country will default again. The yield on the 10-year notes are up more than 100 basis points to just under 13%.
- Source: WSJ
- Making default and/or EMU exit even more likely this time around is the fact that most believe the rest of Europe has walled itself off from any contagion (see Stan Druckenmiller's thoughts).
- Previously: S&P cuts Greece's credit rating (April 16)
- GREK -1.9% premarket. NBG no trades.
Wed, Apr. 15, 9:18 AM
NBG vs. ETF Alternatives
Other News & PR