ahlam1399
06-28-2015, 04:54 PM
Black Monday for financial markets as Greece goes bankrupt
http://img.s-msn.com/tenant/amp/entityid/AAce9I2.img?h=100&w=100&m=6&q=60&o=f&l=fGlobal financial markets are facing a Black Monday meltdown **w that talks to prevent a catastrophic default by Greece next week have completely broken down. Eurozone financial ministers have dismissed a call for a grace period before a shock snap referendum and the money runs out on Tuesday. The European Central Bank’s emergency lifeline funding is almost certain to be cut off as soon as today. ** deal this time This is **t what complacent, oversold financial markets have been expecting. They thought a last minute deal would always be done and have stayed calm until **w, even rising further in anticipation. By rejecting further talks and calling a referendum the Greek side effectively terminated this process in dramatic fashion. They are throwing their creditors to the wolves and damning the consequences which will be suicidal for Greece. Have they **t considered that the program they want to vote upon expires on Tuesday so there will be ** deal for Greeks to vote to accept on the table? It’s a farce, **t a referendum. Markets are going to sell off heavily on Monday. The only immediate winners will be the US dollar and gold and silver. The latter have also been squeezed by complacent markets which came to believe that equity prices only ever go up, and there is a large short position in precious metals to **w cover that will send prices shooting higher (click here). Safe haven rush Safe havens will be at a premium this coming week. It is far from clear how events in Greece will pan-out but who cares, it is the wider impact that will be in focus. **w we are going to find out if a Greek financial crash is a**ther ‘Lehman moment’ for the global eco**my or a sideshow in a small country with less than two per cent of the GDP of the European Union, or somewhere in between. This is going to be a very memorable moment for global investors, and many will be caught facing the wrong way at the wrong moment.
http://img.s-msn.com/tenant/amp/entityid/AAce9I2.img?h=100&w=100&m=6&q=60&o=f&l=fGlobal financial markets are facing a Black Monday meltdown **w that talks to prevent a catastrophic default by Greece next week have completely broken down. Eurozone financial ministers have dismissed a call for a grace period before a shock snap referendum and the money runs out on Tuesday. The European Central Bank’s emergency lifeline funding is almost certain to be cut off as soon as today. ** deal this time This is **t what complacent, oversold financial markets have been expecting. They thought a last minute deal would always be done and have stayed calm until **w, even rising further in anticipation. By rejecting further talks and calling a referendum the Greek side effectively terminated this process in dramatic fashion. They are throwing their creditors to the wolves and damning the consequences which will be suicidal for Greece. Have they **t considered that the program they want to vote upon expires on Tuesday so there will be ** deal for Greeks to vote to accept on the table? It’s a farce, **t a referendum. Markets are going to sell off heavily on Monday. The only immediate winners will be the US dollar and gold and silver. The latter have also been squeezed by complacent markets which came to believe that equity prices only ever go up, and there is a large short position in precious metals to **w cover that will send prices shooting higher (click here). Safe haven rush Safe havens will be at a premium this coming week. It is far from clear how events in Greece will pan-out but who cares, it is the wider impact that will be in focus. **w we are going to find out if a Greek financial crash is a**ther ‘Lehman moment’ for the global eco**my or a sideshow in a small country with less than two per cent of the GDP of the European Union, or somewhere in between. This is going to be a very memorable moment for global investors, and many will be caught facing the wrong way at the wrong moment.