A few macro and related stories today...
Greece - Lagarde: Debt restructuring is needed in Greece raising again big differences in opinions between the IMF and European institutions re Greece
Greece #2 – ESM proposals due to be submitted by close today ahead of big discussions Fri-Sun. Greek Bank Holiday extended to Monday, withdrawal limit held at €60. Also chat that ‘Some Large Greek Banks Face Possible Closure, Or Merger With Peers After A Bailout For Greece’. Clock ticking…
Interesting on Greek money printing location from today’s FT (maybe very relevant soon...)
Europe - ECB is getting a new website on Friday. Surely bigger things to be worried about!
China – volatile market today but currently up sharply helped by short ban, exhortation for state-linked firms to buy not sell shares etc. Also statistics like this being quoted: 'free float value of Chinese markets about a third of GDP. Less than 15% of household financial assets are invested in the stockmarket' :-)
Puerto Rico – good read: “Athens on the Caribbean - Puerto Rico's Own Financial Crisis”. Nice link here.
Oil – into bear market via this excellent Bespoke Invest chart:
Technology adoption rates – wow!