Hard hitting global and local news
To the surprise of eurozone leaders, Greece showed up without a proposal. Nonetheless, Greece poised to offer new proposal for third bailout
Tweet A version of something I wrote on email struck a chord with some folks regarding the assertion "GMOs are safe": The term "safe" should be bifurcated into "safe for human health" and "safe for the general environment".
Finance minister (Mr. Varoufakis) said today that an IMF report showed the debt was unsustainable from the start and that financials wouldn’t get better even by 2030. I don’t know if the changes your friend proposes will be done
The Guardian discusses practical math in With a Return to the Drachma Unwanted, Could Greece Just Print its Own Euros? It is certainly physically capable of doing so: the Greek central bank owns a press in Holargos, a suburb of Athens, that once printed drachma and is currently one of 14 high-security currency printing works across the eurozone producing euro banknotes. But actually going ahead and printing unauthorised notes would amount to a declaration of war on the European Central Bank.
Also consider Investors Still Not Convinced by Beijing’s Bid to End US$2.8 Trillion Market Rout . The brevity of a relief rally on Monday morning shows investors are yet to be convinced by the slew of measures announced after a weekend meeting of the State Council, China’s cabinet, chaired by Premier Li Keqiang.“Senior policymakers realise that, because of the leverage in the system, stock market declines create a ripple effect that could damage the wider economy, so this is all about preventing a spreading panic that could trigger a systemic crisis,†Lu Ting, head of research at Hong Kong-listed mainland brokerage HTSC, told the South China Morning Post. An initial 7 per cent rally for Shanghai and Shenzhen A shares in response to measures that included liquidity support for the state-backed margin lender China Securities Finance Corporation from the central bank had faded by the lunch break, with the Shenzhen Composite Index falling back into negative territory
Anyone recall Roosevelt’s Executive Order 6102 outlawing gold? Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States"
Instead, Greece Heads for Decisive No Vote . With 85 per cent of votes counted, the No camp had won 61.5 per cent and was leading in every region of the country, a remarkable political exploit by Greek prime minister Alexis Tsipras. But it is also likely to plunge Greece deeper into turmoil as it tries to prevent the collapse of a financial system that is rapidly running out of cash.“As of tomorrow, with this brave ‘No’ vote, we will call on our partners to find common ground,†said Yannis Varoufakis, Greek finance minister
Read More: Divided Greece; Eve of Referendum Polls Split; 20,000 Rally ‘No’ and 20,000 Rally ‘Yes’; Back Home From 17…
Link: Knife-Edge Greek Referendum; Voting Booths Closed; Four Polls Show ‘No’ in Slight Lead; Schäuble Campaigned For ‘No’