Category Archives: globalFXsource

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A Tale of Two Crises – Profit & Loss (free story)
While traders in the western markets remain focused on the twists and turns unfolding in Greece and the Eurozone, a potentially more significant financial crisis is developing on the other side of the world that could have graver implications for the world economy.

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Tsipras Heads to Brussels With Greek Future in Euro at Stake – Bloomberg
Greek Prime Minister Alexis Tsipras heads to Brussels in a last-ditch attempt to secure a rescue from European leaders and keep his country in the euro region.

• ECB Maintains Emergency Assistance to Greek Banks (press release)
• Greece Faces Last Chance to Stay in Euro as Cash Runs Out – Reuters

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Greece Votes “No”: Markets React Calmly, Eye China – Profit & Loss (free story)
Greece’s historic referendum on whether to accept the terms of a new bailout has voted ‘no’ by a wider than expected margin. With all votes counted, the ‘no’ vote had achieved a 61.3% share, higher than the 55-58% predicted at the end of last week.

• Varoufakis Quits as Greece Enters New Showdown With Europe –Bloomberg
• Prime Minister Alexis Tsipras’ Statement on Referendum Outcome

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Brazil Antitrust Agency Investigating Banks for Suspected Rate Manipulation – Wall Street Journal (subscription)
Brazil’s antitrust agency is investigating banking giants Citigroup, HSBC, Deutsche Bank and a long list of their peers on suspicion of forming a cartel to manipulate the exchange rate of the Brazilian currency, the real.

• Brazil Sees No Signs Local Banks Joined Currency Rigging Scheme – Reuters
• CADE’s Superintendence Investigates Cartel in the Manipulation of Exchange Rates

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Euro Area Ends Greece Negotiations Until Referendum Outcome – Bloomberg
Euro area finance ministers ruled out further negotiations between Greece and its creditors until a Sunday referendum on austerity, Dutch Finance Minister Jeroen Dijsselbloem said.

• Greece’s Tsipras Digs in Against Bailout – Reuters
• Greek Referendum Not in Line With European Standards, Watchdog Says – Wall Street Journal (subscription)

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Wave of Contagion Expected After Dramatic Weekend Raises ‘Grexit’ Chances – Reuters
Global financial markets are braced for a wave of contagion from Greece on Monday, with expected heavy losses for southern European government bonds and regional stock markets as investors scramble to discount a possible “Grexit” that most had still assumed was unlikely as late as Friday afternoon.

• Prime Minister Alexis Tsipras’ Statement on the Latest Developments
• Statement of Jonathan Hill, European Commission on the Capital Controls Imposed by the Greek Authorities

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