Financial news and stock markets.

[scarface]

Greek Prime minister Alexis Tsipras confirmed a few minutes ago on TV that banks would stay closed on 29 june in Greece and the establishment of capital controls...

[harkaz]

OK, the collapse has started. Tsipras did not present a plan B for the referendum and destabilised the economy.

Let's see what Greece will be by Friday.

[scarface]

-520 points on the dax,-220 points on the cac40 and -280 points for wall street on the futures of ig markets... The beginning of a significant crash or a bear market? Maybe I'm wrong, but I don't advise you to buy for the moment.
Let's see tomorrow if there is indeed a significant fall at the opening, if it's the case, I will earn money. Luckily, I only have bearish positions on the dax, and I have followed the scenario that I've been giving in this topic for months and it seems to materialize.
http://www.nomaher.com/forum/index.php?topic=2319.msg16414#msg16414
http://www.nomaher.com/forum/index.php?topic=2283.msg17756;topicseen#msg17756
At 12500 points on the dax I was losing 10000 euros, and I didn't give in. Instead of selling my position, I doubled it and sold 70% with gains. I reinforced it lately, seeing that the turn of events was not positive.
In my opinion the markets could be choppy over the next few weeks.
You know, one day I was drinking and I asked Maher what to do but he couldn't answer me. Thanks to him I took the good decision. If my case with the judge is over soon with a favorable decision, I will make a new donation. Let's pray for me.

[harkaz]

Civil unrest will start soon in Greece.

Greece has no political leadership capable of keeping Greece in Eurozone or forcing a Grexit.
Greece will collapse completely, because the elite is full of parasites.

And most Greek people will vote yes just to keep their provisions, not to change the economy. When they'll discover they won't be able to do so after capital controls and default, social coherence will implode.

Unfortunately I'm embarrassed to be a Greek at this tragic moment.

[scarface]

It's possible harkaz, but it's not sure.

[scarface]

Tonight, I'm going to talk about Greece and the financial markets. Unfortunately, this is not cheerful news.
Indeed, Tuesday at midnight is the deadline for the repayment of $ 1.6 billion to the IMF. Greece would then be in default.
Alexis Tsipras is scheduled to speak on Monday at 9pm, while the actors of this crisis, politicians and officials, spoke all day long.
A referendum on the aid package to Greece will be held on 5 July. The banks and the Greek stock exchange was closed for a week.

In the case of the Greek crisis, it's a bit like the children saying, "I know you are, but what am I", the time of reciprocal accusations. The one too, where we expect the other to take a step, each one believing they have done enough.

The one, finally, where nothing happens, where everything is frozen nearly three days after the announcement by Alexis Tsipras, the Greek Prime minister, of a referendum on the proposals of creditors - European Union (EU), International Monetary Fund (IMF), European Central Bank (ECB), on 5 July.

Now Greece is heading towards bankruptcy, if as seems to be the case, the Greek government is not able to pay before Tuesday 30 June the $ 1.6 billion it owes to the IMF.


For some specialists, the Grexit is the only option. That's the opinion of trader Delamarche, who is explaining that a new currency could boost the Greek economy, and notably tourism, its only profitable sector:
http://bfmbusiness.bfmtv.com/mediaplayer/video/olivier-delamarche-vs-rachid-medjaoui-12-il-faut-que-les-grecs-comprennent-que-le-seul-moyen-pour-eux-de-s-en-tirer-est-de-sortir-de-l-euro-2906-572164.html

Of course, the government is accountable for its incompetence and mismanagement of the finances of the nation. But in fact, Greece is the tree that hides the forest. Draghi is afraid a grexit might be a catalyst for the exit of other over-indebted countries, such as Portugal, Italy or France.
Politicians are also afraid of a disruptive and sudden loss of confidence in public debts, with skyrocketing interest rates. This would also trigger a collapse of the financial markets, at least an explosion of the current bubble which has been fueled by the money of central banks over the last few years.

More generally, I think the current events are just a violent resurgence of the crisis of 2008. Indeed, the central banks have gained time, without resolving the main issues.



As I have already said, we are living in complex societies, and whenever a society becomes too complex, it ends up collapsing, as wase the case with the Roman Empire.

[humbert]

It is currently 3:00 UTC 30/6/2015 (21:00 here, still 29/6) - I just turned on the BBC and they're saying Greece is "hours away" from a default. I'm under the impression the default goes into effect at 0:00 (1/7/2015) Athens time. In this upcoming referendum it's clear the Greek people are in a position where they must choose between the Devil and Satan. All we can do now is wait and see.

While we're on the subject, the US territory of Puerto Rico is also about to default. According to the BBC, Washington is saying they will not bail the territory out. Many years ago territories and former colonies fought for independence. Today the shoe is on the other foot - the colonial powers are more than happy to be rid of these territories, it's the territories that don't want independence. In this case, most Puerto Ricans would tremble if suddenly the Americans decided to pack up and leave.

[scarface]

Tonight, I'm going to do a conference to talk about the recent heatwaves and the fall of the financial markets.

Lately, we have seen that India and the south of Pakistan witnessed deadly heatwaves.
A man cooling off in a puddle in Karachi.


Fortunately, Vasudev and usmangujjar have not succumbed and they are still with us on the forum.
I was a bit astonished because while it was 45 degrees in Karachi at the beginning of June, I was almost cold in Paris, with temperatures sometimes below 10 degrees at night. All that is over and the heatwave reached Europe yesterday. Today the temperature reached 42 here and the alert threshold for ozone levels was exceeded. When I looked out of the window this morning the sky was a bit grey, indeed.

[harkaz]

Hellenic Republic has defaulted today. Grexit is now irreversible : Even if the Greeks choose yes on the referendum, banks will remain closed for at least 3 more weeks and capital controls will remain for one more year, at least. Recession will make any attempt to sign a new program unacceptable by society. In the meanwhile, official sector servants will be unpaid due to the collapse of the economy and the state will paralyze.

Alexis Tsipras has, effectively, taken the entire economy down with him.

A new drachma will be devalued about 30 times compared to euro. (It might go even lower).

Fortunately, Greece has some gold left: 100 metric tonnes. We might be able to rebuild the economy with that amount.

[scarface]

I'm announcing a new opportunity: I bought a significant short position at 4935 points on the cac. Tsipras must have burped and there is a technical rebound.
www.boursorama.com/bourse