Monday, June 29, 2015

"Greece Will Default To IMF Tomorrow, Government Official Says"

When I said:
S&P 500 2108.58; all time high 2134.72.
We would not be at all surprised by a decline into early August but, contra Carl Icahn, don't think we've seen the top yet....
last Thursday, I was perhaps assuming more sang-froid than I actually possess.
S&P 500   2057.64 -43.85 (2.09% )
DJIA       17596.35 -350.33 (1.95%)

Two percent moves in major indices still get one's attention.

From ZeroHedge:
Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still remain outstanding and creditors would expect this money back."

"If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options."

So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours....MORE