The Traderszone Network

Earlier today we reported that as Bloomberg correctly leaked, the ECB would keep its ELA frozen for Greek banks at its ?89 billion ceiling level last increased two weeks ago. However we did not know what the ECB would do with Greek ELA haircuts, assuming that the ECB would not dare risk contagion and the collapse of the Greek banking system by triggering a waterfall solvency rush in Greek banks if and when it boosts ELA haircuts.

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A comparison of targets to current prices shows that for 10 S&P 500 stocks, analysts missed the mark by more than 60 percent.

For over 30 years, sovereign nations, particularly in the West have been buying votes by offering social payments in the form of welfare, Medicare, social security, and the like.

When actual bills came due to fund this stuff, Governments quickly discovered that current tax revenues couldn’t cover it (see the image below)… so they issued sovereign debt to make up the difference.

And so the global bond bubble was created.

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Greece, Iran and China are among the big reasons for oil’s price plunge Monday.
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A week of capital controls apparently wasn’t painful enough to compel the majority of Greeks to concede to more austerity. In the run up to the referendum, preliminary polls had the “no” votes losing ground to the “yes” camp, a situation which quite a few commentators suggested was the direct result of Greeks’ willingness to fold if it meant regaining access to their cash and taking the prospect of a depositor bail-in off the table.

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The situation in Greece and Europe “is slipping out of the control of the politicians.” Mohamed El-Erian says.

The latest on the fallout from the Greek referendum (all times local): __ 5:45 p.m. Christine Lagarde, managing director of the International Monetary Fund, says the fund stands “ready to assist Greece …