The Ugly American's guide to the Greek crisis
Here’s a checklist of things for investors to watch in the aftermath of the Greek vote.
MONEY (MSM)
Mohamed El-Erian: Grexit 'high probability'
The situation in Greece and Europe “is slipping out of the control of the politicians.” Mohamed El-Erian says.
The Latest: Lagarde says IMF ready to help Greece if asked
The latest on the fallout from the Greek referendum (all times local): __ 5:45 p.m. Christine Lagarde, managing director of the International Monetary Fund, says the fund stands “ready to assist Greece …
Greek banks to stay closed at least until Friday: bankers
Greece’s banks will stay closed at least until Friday, four banking sources said on Monday, as the country tries to reopen bailout negotiations with official creditors and save its financial system from collapse. Greece issued a decree last week imposing capital controls and ordered banks to close after the European Central Bank (ECB) froze a vital financial lifeline following the breakdown of bailout talks between Athens and its foreign creditors.
American Apparel to cut costs, warns may need more funds
The company, which is being sued by founder and former CEO Dov Charney, said on Monday it would cut jobs and close stores to slash costs by about $30 million over the next 18 months. American Apparel said there could be no guarantee that even after the restructuring it would have sufficient funds in the next 12 months unless it raised additional capital. “… There can be no guarantee that
The Latest: Tsipras calls Putin in wake of referendum result
The latest on the fallout from the Greek referendum (all times local): __ 3:15 p.m. The Kremlin says Russian President Vladimir Putin received a phone call from Greek Prime Minister Alexis Tsipras, whose …
Varoufakis quits as Greece enters new showdown with Europe
Yanis Varoufakis quit as Greek finance minister, a move intended to help speed talks with creditors after voters rejected further austerity and escalated tension over the country’s place in the euro. Varoufakis announced the decision in a blog post early Monday, saying there was “a certain preference” among European creditors that he no longer be involved in negotiations. The motorbike-riding economist had sparred openly with counterparts including Wolfgang Schaeuble of
Oil falls more than 3 percent after Greek 'No'
Oil prices fell more than 3 percent on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply. A strong dollar tends to pressure commodities as it makes fuel more expensive for holders of other currencies. Commodities were also sucked into market turmoil that has seen Chinese shares fall as much
Futures mirror European stock drop on Greek ‘no' vote
U.S. stock-index futures slid, signaling the Standard & Poor’s 500 Index will extend its steepest weekly drop since March, after Greek voters’ unexpectedly emphatic rejection of austerity measures raised the risk of a euro exit.
The Latest: Germany stresses Greek aid conditionality
The latest on the bailout referendum in Greece (all times local): __ 1:25 p.m. The German Finance Ministry says a reduction in Greece’s debt mountain isn’t on Germany’s agenda. Ministry spokesman Martin …