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DEAL: GREECE...
Greeks see 'humiliation' in harsh terms of eurozone bailout...
Relief -- and much anger...
Banks to stay shut...
SUN, SEA, OLIVES AND DESPAIR...
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Strategic Investment Manager Warns Of Worldwide Financial Detonation: The Whole Thing Is Going To Blow Up
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China and their recent efforts at preventing their equity markets from collapsing. First, it should be understood they are’too late as their PE (price to earnings) ratio even after the collapse of 25%-40% (with some stocks not even trading Friday)
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WashPost Hails Women's Clothes on Men: 'The End of Gender Is Near’
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Is Pope Francis the Last Pope Before Christ's Return?:
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Thousands of Confederate flag supporters rise up at a Florida rally with an eight-mile convoy of pickups, motorbikes and cars in a show of support for the embattled symbol
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Heavy Rains Across Midwest, Eastern US May Cause Surge in Food Prices Later This Year
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International violation? US Army considering hollow point bullets for pistols
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The Earth erupts! Spectacular pictures show THREE volcanoes ablaze in Mexico, Chile and Indonesia while a fourth rumbles away
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Greece Banks Not Out Of The Woods, May Impose Tougher Capital Controls, Barclays Says
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Greece Capitulates, But What’s Happening In China Will Reverberate Around The World
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Boy Scouts committee approves allowing gay adults as leaders
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BORDER BATTLE:
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Trump pinatas go on sale in Mexico...
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127 Unaccompanied Alien Children Caught At Mexican Border Per Day In June...
GERMANY STRUGGLES TO COPE WITH GROWING NUMBER OF REFUGEES...
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Greek Tragedy Coming To A Bank Near You As Tsipras Sells Out Greek People And Keeps Them In Debtors’ Prison
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TEXAS PATRIOTS ORGANIZE ‘OPERATION COUNTER JADE HELM’ TO KEEP EYE ON MILITARY
EDITOR’S NOTE: In just two days from now, Operation Jade Helm 15 will kick-off in Texas, and what will actually happen is anyone’s guess at this point. One thing is for sure though. Never before in American history has a peacetime mainland America seen such an unrelenting incursion of Military into the civilian population. It seems to be the “frog in the cold water” approach to gradually getting people used to living alongside a standing army. All part of Barack Obama’s promised “fundamental transformation” of America.
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Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent
One of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put euro zone authorities at the ECB and in Brussels, rather than Athens, in charge of identifying and closing or breaking up sick banks. -
Yes, Greek banks may have been insolvent - something that was clear since the first bailout of 2010 - but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the harshest lesson for the ordinary Greek population as a result of this latest crisis is that deposits are not "cash in the bank" but liabilities of insolvent financial organizations).
Starting on Wednesday that will no longer be the case.
Because while Greek banks will maintain their capital controls for months and withdrawals will be limited to €60 or less for months (the ECB is well aware that any boost to the ELA will result in a promptly surge in deposit outflows until the new ELA ceiling is reached, and so on ad inf) the one key change on Wednesday when the Tsipras government, whose coalition no longer has a majority in parliament and will have to rely on opposition votes, votes through the humiliating Greek "pre-deal" to unlock negotiations for the promised €86 billion in bailouts (which will be used almost entirely to repay the Troika) is that it will hand over the keys of Greek banks to the ECB.
Here is Reuters with this little known fact:
---Greece misses new payment to IMF despite bailout dealOne of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put euro zone authorities at the ECB and in Brussels, rather than Athens, in charge of identifying and closing or breaking up sick banks.
This in turn could lead to a shake-up of the sector that could see some banks close, with losses pushed onto bondholders and possibly even large depositors. In such circumstances, there would be little that Athens could do to prevent this.
One European official had told Reuters that the number of big banks in the country could be reduced from four - National Bank, Piraeus, Eurobank and Alpha - to as little as two.
Greece missed the second debt payment to the International Monetary Fund in two weeks, despite having reached agreement with official creditors on a new bailout program earlier in the day.
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