Greek banks will not open Monday

[eagle1462010]

China Challenges Gold Price-Setting Regime Confirms Launch Of Yuan-Denominated Fix Zero Hedge

Indeed, China isn’t stopping with the LBMA when it comes to increasing its influence on gold pricing. As tipped here last month,the country is set to launch a yuan-denominated gold fix later this year. Now, we have the first public confirmation from the Shanghai Gold Exchange that the fix will be introduced by the end of 2015. Reuters has the story:



"We will be introducing a renminbi-denominated fix at the right moment, we are hoping to introduce by the end of the year," Shen Gang, SGE's vice president, said at the LBMA Bullion Market Forum in Shanghai on Thursday.



"We have policy support for development (of the gold market)," she added.



While Shen did not give more details, sources familiar with the matter have said that China is expected to receive central bank approval for the fix soon.



Pan Gongsheng, a deputy governor of the People's Bank of China (PBOC), said the central bank would continue to support "speedy and healthy growth of the China gold market" and its internationalization.



Given its leading role in gold, China feels it is entitled to be a price-setter for bullion and is asserting itself at a time when the global benchmark, the century-old London fix, is under scrutiny for alleged price-manipulation.



If the yuan fix takes off, China could compel local buyers and foreign suppliers to pay the domestic yuan price, making the dollar-denominated London fix less relevant in the world's biggest bullion market.



While details of the fix are yet to be revealed, sources say it would be derived from a contract traded on the bourse for a few minutes, with the SGE acting as the central counterparty. That could make the process transparent - addressing one of the big concerns about the London fix.



The yuan fix is the most recent effort by SGE to boost China's position in the global gold market. The exchange opened an international bourse in September 2014, allowing foreigners to trade yuan-denominated contracts for the first time.

 

[eagle1462010]

 

[eagle1462010]

 

[eagle1462010]

 

[eagle1462010]

 

[SAYIT]

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.

Walking away from existing debt would not wash it but it would effectively shut Greece out of capital markets for decades and Russia can no more carry Greece than they can Cuba. Additionally, the loss of European consumer markets would be the death knell for Greece's economy (gonna fill their hotels and beaches with Russians?).
No matter which way they go, the Greeks will be seeing and feeling a whole new level of austerity but the EZ will be making it clear to their other weak sisters (Spain) that there is a limit to the free Euros.
My guess?
Greece will manage to make a substantial IMF payment on time and will accept the demanded spending cuts next month (while blaming their EZ partners for "the injustice") just to get another gulp from the money trough.

 

[eagle1462010]

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.

Walking away from existing debt would not wash it but it would effectively shut Greece out of capital markets for decades and Russia can no more carry Greece than they can Cuba. Additionally, the loss of European consumer markets would be the death knell for Greece's economy (gonna fill their hotels and beaches with Russians?).
No matter which way they go, the Greeks will be seeing and feeling a whole new level of austerity but the EZ will be making it clear to their other weak sisters (Spain) that there is a limit to the free Euros.
My guess?
Greece will manage to make a substantial IMF payment on time and will accept the demanded spending cuts next month (while blaming their EZ partners for "the injustice") just to get another gulp from the money trough.

How long do they keep throwing money into the trough....................
It's useless...........except for the trying to keep the FAILING experiment of the EURO on steroids...............

Greece is a prime example why countries should never give up their own currency for global currency..............they are bringing down the rest of the countries with their failure..................

Let them fall, and default and be done with it........

 

[SAYIT]

Russia's economic decline - coinciding with the precipitous fall in oil prices and coupled with Western sanctions related to Putin's Ukrainian adventure - has accelerated in 2015 as their GDP fell over 4% in the 1st qtr. They need $100/bbl oil (which is now at $65/bbl) to keep their gov't spending at current levels and only a significant drawdown of reserve funds, sleight-of-hand tricks by the central bank, and forced currency repatriation enabled them to limit the loss which actually is more like 10%.
Look for further weakening of their economy, the ruble, and their ability to make mischief beyond their borders.

 

[eagle1462010]

Greece threatens tilt to Russia and China unless Europe yields - Telegraph

Greece's radical new government has threatened to seek money from Russia and China to avert a financial crisis rather than yield to austerity demands from Europe, risking a dangerous political rift with the leading EU powers and a full-blown NATO crisis.

"We want a deal. But if there is no deal, and if we see that Germany remains rigid and wants to blow Europe apart, then we will have to go to Plan B,” said Panos Kammenos, the defence minister and head of the Independent Greeks party in the ruling coalition.

“We have other ways of finding money. It could be the United States at best, it could be Russia, it could be China or other countries,” he told Greek television. Mr Kammenos said Greece would prefer to leave the euro if membership means submitting to what he calls a “Europe under German domination.”

The implicit threat to team up with Russia comes up at an extremely delicate moment as French and German leaders attempt to negotiate a peace deal with President Vladimir Putin, and Washington mulls military aid for Ukraine.

Nikos Chountis, Greece's deputy foreign minister, said on Tuesday that Russia and China had already offered financial support to the country. "There have been proposals, offers I would say, from Russia, recently after the election, for economic support as well as from China, regarding help, investment possibilities," he said.

Russia military agreement in Cyprus - Business Insider

Even today, Russia's current economic problems are reportedly further dragging down Cyprus.

"Russia's presence in the economy has been a huge supporting factor. Its footprint is everywhere from tourism to real estate, so it is worth monitoring the impact," said Michael Florentiades, chief economist and head of investment research at XM.com, an online financial services company in Limassol.

Presumably, the Russian Air Force will use the air base Andreas Papandreou, along with the international airport of Paphos in the southwest of the island, about 50 kilometers from the air base of the British Royal Air Force Akrotiri. Additionally, the Russian navy will be able to permanently use the base of Limassol, according to Lenta.Ru.

"The Limassol port borders on the British air base of Akrotiri, which serves NATO operations and is also an important hub in the electronic military surveillance system of the alliance," according to the Global Post.



Read more: Russia military agreement in Cyprus - Business Insider

 

[Dont Taz Me Bro]

Greece is what happens when you create an entitlement welfare state with others footing the bill.

 

[SAYIT]

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.

Walking away from existing debt would not wash it but it would effectively shut Greece out of capital markets for decades and Russia can no more carry Greece than they can Cuba. Additionally, the loss of European consumer markets would be the death knell for Greece's economy (gonna fill their hotels and beaches with Russians?).
No matter which way they go, the Greeks will be seeing and feeling a whole new level of austerity but the EZ will be making it clear to their other weak sisters (Spain) that there is a limit to the free Euros.
My guess?
Greece will manage to make a substantial IMF payment on time and will accept the demanded spending cuts next month (while blaming their EZ partners for "the injustice") just to get another gulp from the money trough.

How long do they keep throwing money into the trough....................
It's useless...........except for the trying to keep the FAILING experiment of the EURO on steroids...............

Greece is a prime example why countries should never give up their own currency for global currency..............they are bringing down the rest of the countries with their failure..................

Let them fall, and default and be done with it........

The European economic union has benefits beyond a shared currency which Greek PM Tsipris and FM Varoufakis dare not mention lest their little charade (Syriza's election promises) be exposed for the fraud both it and they are.

 

[eagle1462010]

Russia's economic decline - coinciding with the precipitous fall in oil prices and coupled with Western sanctions related to Putin's Ukrainian adventure - has accelerated in 2015 as their GDP fell over 4% in the 1st qtr. They need $100/bbl oil (which is now at $65/bbl) to keep their gov't spending at current levels and only a significant drawdown of reserve funds, sleight-of-hand tricks by the central bank, and forced currency repatriation enabled them to limit the loss which actually is more like 10%.
Look for further weakening of their economy, the ruble, and their ability to make mischief beyond their borders.

Later this year OPEC will decrease production............which was a major player in the year decline of the ruble.....

The economic sanctions could cost the EU 1 million jobs combined.........

Russia is now buying back it's currency reserves..........after losing the amount you quoted......

EU is still dependent on Russian Gas........and now the gas flows through Turkey and the EU still buys it.......effectively screwing Ukraine..................

My picture of Putin playing chess with the EU and Obama stands............he is winning this chess match.........and wants to get Greece out of the fold.............just to throw salt in the wounds............

The EU will throw them the money again to prevent this, but it's better to let them default............why hose yourself to keep them afloat...............

 

[eagle1462010]

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.

Walking away from existing debt would not wash it but it would effectively shut Greece out of capital markets for decades and Russia can no more carry Greece than they can Cuba. Additionally, the loss of European consumer markets would be the death knell for Greece's economy (gonna fill their hotels and beaches with Russians?).
No matter which way they go, the Greeks will be seeing and feeling a whole new level of austerity but the EZ will be making it clear to their other weak sisters (Spain) that there is a limit to the free Euros.
My guess?
Greece will manage to make a substantial IMF payment on time and will accept the demanded spending cuts next month (while blaming their EZ partners for "the injustice") just to get another gulp from the money trough.

How long do they keep throwing money into the trough....................
It's useless...........except for the trying to keep the FAILING experiment of the EURO on steroids...............

Greece is a prime example why countries should never give up their own currency for global currency..............they are bringing down the rest of the countries with their failure..................

Let them fall, and default and be done with it........

The European economic union has benefits beyond a shared currency which Greek PM Tsipris and FM Varoufakis dare not mention lest their little charade (Syriza's election promises) be exposed for the fraud both it and they are.

Of course they do...........but they refuse to stop their eating at the trough..............and would rather go under than stop eating there.

 

[SAYIT]

Greece is what happens when you create an entitlement welfare state with others footing the bill.

True and despite all the hand-wringing, neither Russia nor China is about to start footing Greece's bills. What we hear is Greece's "leadership" playing fast and loose with the truth and grossly overplaying the bad hand they hold.

 

[SAYIT]

The European economic union has benefits beyond a shared currency which Greek PM Tsipris and FM Varoufakis dare not mention lest their little charade (Syriza's election promises) be exposed for the fraud both it and they are.

Of course they do...........but they refuse to stop their eating at the trough..............and would rather go under than stop eating there.

Going under is not a viable option. Even leaving the EZ will not solve their troubles and most likely will exacerbate them. Defaulting will leave Greece unable to pay their pension and payroll payments within a year and then things will get really bad for a really long time.
Rock and hard place.

 

[eagle1462010]

The European economic union has benefits beyond a shared currency which Greek PM Tsipris and FM Varoufakis dare not mention lest their little charade (Syriza's election promises) be exposed for the fraud both it and they are.

Of course they do...........but they refuse to stop their eating at the trough..............and would rather go under than stop eating there.

Going under is not a viable option. Even leaving the EZ will not solve their troubles and most likely will exacerbate them. Defaulting will leave Greece unable to pay their pension and payroll payments within a year and then things will get really bad for a really long time.
Rock and hard place.

I didn't say that it would benefit them.........I said it would benefit the EU...........as they drag down the EU with forced bailouts.......
They are in a rock and a hard place by their own making.........

And we are on the same path.

 

[HenryBHough]

The markets are starting to open on the other side of the world and the slide into a possible world-wide depression has begun:

Euro stocks slide on looming Greece default Reuters

But I'm not worried. America's Kenyan Emperor can't pass up the opportunity to slip the Greeks a trillion or so or your tax dollars.

Now's a good time to ask.....

Know how they separate the men from the boys in Greece?

 

[tigerred59]

Europe is experiencing what happens when you allow anti government conservative thinking make decision for you...ie Irkle of Germany. Had the US in place a conservative president during the banking crisis, we'd all be in welfare lines or selling apples for a dime on Wall Street. Despite what you nuts think, that stimulus program Obama implimented, saved this country and any nay sayer's, you're in idiot if you believe otherwise.

 

[pwjohn]

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

The euro is toast

 

[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

The euro is toast

Pretty much, a grand experiment goes bust