Greek stock exchange will allegedly open up on Tuesday. Tax evasion in Greece hits 50%. Moody’s reports those deposits over 100,000 could be taken by the bankers. IMF warns the Euro zone outlook faces a gloomy outlook. Durable goods declines for 5 months in a row, signalling a recession/depression. Australia ready to go with the TPP. Ukraine storing natural gas underground. Libya puppet government takes controls over oil fields. Turkey allows US to use bases for airstrikes in Syria. Turkey/US set up safe zone in northern Syria, which is the same thing as a no-fly zone. US and Turkey are setting up the next phase to push into Syria to remove Assad.
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Current News – 07.27.2015
- The Athens Stock Exchange is expected to open on Tuesday
- “Greek investors will be able to buy stocks either with new money (cash or transfers from abroad) or using cash available in the residual credit of brokerages,” says the source.
- Sweeping tax audits are in progress on Greek islands since last weekend and the first results show high tax evasion rates. The highest rates were recorded in hotels, restaurants and bars, where they did not issue receipts.
- delinquency rates remain high, while adding that new methods are being implemented in order to conceal tax evasion.
- Ratings agency Moody’s said on Monday that uninsured depositors in Greek banks are in danger of losing some of their money in case of a bank’s insolvency.
- Moody’s noted that the changes in the EU Bank Recovery and Resolution Directive, which was legislated in Greek Parliament last week, established new guidelines for the cases of bank insolvency. One of these is a haircut option for uninsured deposits exceeding 100,000 euros.
- Under the new legislation,the government has a number of options when it comes to lending institutions that become insolvent. It could decide that the bank must be sold, a bridge institution could be created and assets could be disjointed based on whether they are good or bad.
- After January 1, 2016, the Greek government can also choose to bail-in deposits of more than 100,000 euros.
- The International Monetary Fund has warned the eurozone faces a gloomy economic outlook
- The IMF’s latest healthcheck on the eurozone found it was “susceptible to negative shocks” as growth continues to falter and monetary policymakers run out of ways to help.
- “As one-off factors driving the cyclical recovery fade, there is a risk that low growth and limited policy space leave the euro area vulnerable to shocks.”
- The IMF warns the per-capita growth rate for the eurozone has fallen well below its pre-crisis level.
- After bouncing dramatically in June (the biggest surprise beat in over 3 years) – on the back of ‘hope’ surgiung to 6-month highs – July data continued to improve marginally but missed expectations -4.6 vs -3.5 exp).
- Durable Goods new orders has now fallen 5 months in a row (after revisions)flashing a orangey/red recession warning.
- After 2 weak months, Durable Goods bounced more than expected in June (+3.4% vs +3.2% exp) – though non-seasonally-adjusted dropped 3.1% MoM. But ex-Transports remain deeply in recession territory.
- The Obama administration is pushing to ban Social Security beneficiaries from owning guns if they lack the mental capacity to manage their own disability payments — a move the NRA is calling the “largest gun grab in American history.”
- The push is intended to integrate data for the first time from the Social Security Administration into the National Instant Criminal Background Check System (NICS),
- The “official” number of illegal aliens in the U.S. stands at 11 million, but now, new evidence suggests that that number is way below the number of those who are actually here. Gateway Pundit reports:
- Australia is on the cusp of joining a huge new United States-led trade deal
- The Trans-Pacific Partnership, involving twelve Pacific-Rim nations, could be sealed in coming days
- “There’s no guarantees but the whole mood has shifted”, he said, referring to a last-minute US Congress decision to give the White House autonomous negotiating powers..
- Farmers in France have blocked routes from Spain and Germany to express disagreement with lowered prices for meat and dairy products in a protest entering its second week. At least 300 trucks carrying products from abroad were forced to turn back.
- About 1,000 farmers in northeastern France, which borders Germany, used tractors to block at least six routes and stop trucks with agricultural goods crossing the Rhine River from Germany.
- “The prices for our products are not for cheap sales,” read one of the banners.
- “It is down the end. We are fed up and tired of being robbed,”
- Protests against rising electricity prices continue in Armenia . Participants in a rally had to retreat from central Republic Square after police surrounded it not to let the rally block the road.
- On June 27, Armenian President Serzh Sargsyan said that the government was ready to suspend the hike temporarily and cover the price rise out of state funds rather than increase customers’ bill until experts did not complete the audit of the Electric Networks of Armenia distribution company.
- That split the protesters’ camp in two: and those protesters who rejected the government concession continued to stay
- Attorney General Loretta Lynch said.the tech-savvy jihadist group has become more of a threat than al-Qaeda due to its unprecedented media campaign to radicalize Americans and create lone wolves who may hurt the country from inside.