Greece Credit Default Averted - For Now
This morning's Global Economic Outlook report focused on the emergency Euro Summit that was to hammer out a deal to avert Greece defaulting on her debts. Crisis has been averted and additional time for drafting a deal was brokered between Greece and her creditors, reports Reuters. Eurozone finance ministers accepted a cash-for-reform deal from Greece today but insist on a detailed study, that will take days, to determine whether or not the reforms can lead to an agreement and avert default. Pay Up, Get Down. The ministers will reconvene later this week, to give Greece time to negotiate....
Related News
Hours after Greece had officially defaulted on its bailout loan from the International Monetary Fund. Eurozone ministers were already discussing terms of a new bailout loan to keep the country afloat. Officials today will decide whether or not an emergency loan to Greece from the European Central Bank. The meeting where ECB ministers will decide as much is only the first of two meetings that are to happen this afternoon, the other being in regards to Greece's request for a new bailout amounting in nearly 30 billion Euros and lasting two years. Many expect a tidy end to a short-lived crisis....
After months of relative calm, the price of bitcoin broke out this week, spiking to a high of $257 on 17th June. Of particular focus for many observers was the speed at which the market made its gains, with most of the run occurring between 13:00 and 15:00 UTC on 16th June. Though such volatility is by no means uncommon in the bitcoin market, the wider community quickly sought to correlate the market movement to larger trends. One of the most prominent theories that emerged was related to the market's timing, which roughly coincided with growing indications that Greece will likely default....
The overnight implementation of capital controls in Greece, as the government looks set to default on its IMF loan repayment, has led citizens to explore other methods for moving their savings out of the country. The Greek government announced on June 28 that banks in the Mediterranean country would remain closed for the next week. The government also imposed capital controls to prevent the flight of money internationally. Let’s look at some of the ways Greeks may be able to exchange their funds for bitcoin, before the expected default on the repayment of the IMF loan on June 30. The BBC....
Credit those who are trying to bring the transparency and security of the block chain to the chaotic financial markets. They recognize the need for a reliable mechanism to prevent the type of disaster visited upon the credit default swaps (CDS) market this past weekend. A cadre of financial institutions agreed in principle to a $1.87 billion settlement for allegedly conspiring to muzzle competition in the CDS market. The complete story behind this record settlement could take years to unravel. U. S. and European regulators are still investigating. In the meantime, the growing chorus of....
In this episode of "Fed Watch," Greg Foss discussed credit default swaps, central banks and the futures of debt and bitcoin.