The arrival of ATM lines and capital controls in Greece combined with the bursting of Beijing’s margin- and PBoC-fueled equity bubble have plunged financial markets into turmoil to start the week with traders and central bankers alike reduced to deer in headlights ahead of a previously unthinkable Greek referendum on the euro and the continuation of brutal limit-down trading in China.
As SocGen notes, there’s only one thing left to do when it looks like the bottom could fall out at any moment: move to cash.
Via SocGen: