IEHI Feed: The Hedge Fund Implode-o-Meter Tracking the many faces of the global credit implosion. en-us iehi-feed-57122 Fri, 03 Jul 2015 19:23:54 GMT World stocks drift lower ahead of Greek vote; Chinese stocks plunge as support measures fail iehi-feed-57120 Fri, 03 Jul 2015 14:46:51 GMT Did The IMF Just Open Pandora's Box? Admits Greek Debt "Unsustainable" iehi-feed-57119 Fri, 03 Jul 2015 14:44:07 GMT China Could Come to Greece's Aid iehi-feed-57118 Fri, 03 Jul 2015 14:41:42 GMT The Smart Money is "Selling Everything That's Not Nailed Down" iehi-feed-57117 Fri, 03 Jul 2015 04:51:52 GMT Greek banks only have 500 million euros left iehi-feed-57115 Thu, 02 Jul 2015 22:12:28 GMT Swiss National Bank chief forced to quit because of wife's insider currency trading On Monday August 15, just weeks before Mr Hildebrand announced a major intervention to halt the dramatic rise of the Swiss franc, Mrs Hildebrand sold the franc and bought $504,000 (£309,531 based on sterling's value at the time).

This part of the article is particularly hilarious:

Any suggestion that such information was being leaked, enabling insiders to profit from their knowledge, would be disasterous for faith in a central bank's impartiality. For instance, the European Central Bank is clear that no conflict of interest is presented by the fact that Giacomo Draghi, the son of its president Mario Draghi, works as an interest rates trader in the London office of Morgan Stanley.

And the ECB is "clear" about this... how?

iehi-feed-57114 Thu, 02 Jul 2015 22:08:06 GMT NSA phone tap of Angela Merkel reveals she knew Greece's debt was unsustainable in 2011 iehi-feed-57112 Thu, 02 Jul 2015 20:24:58 GMT ECB Adds State-Backed Company Bonds to Its QE Purchase List iehi-feed-57111 Thu, 02 Jul 2015 14:01:04 GMT Defiant Varoufakis Says He'll Quit If Greeks Endorse Austerity Yanis Varoufakis - Why we recommend a NO in the referendum -- in 6 short bullet points]]> iehi-feed-57110 Thu, 02 Jul 2015 13:57:38 GMT U.S. Missed Chance to Stop Greek Negotiation Breakdown iehi-feed-57109 Thu, 02 Jul 2015 13:52:05 GMT Greek debt crisis: In Athens, scavenging from bins has become a way to survive iehi-feed-57108 Thu, 02 Jul 2015 13:48:15 GMT Reactions to June Jobs Report: "OK" If You Believe the BLS Unemployment Stat (Which Most No Longer Do) iehi-feed-57107 Thu, 02 Jul 2015 13:41:12 GMT Sweden Deepens Negative Interest Rates to Curb Gains in Krona iehi-feed-57106 Thu, 02 Jul 2015 00:54:35 GMT Greece crisis: Eurozone rules out talks until after referendum iehi-feed-57104 Wed, 01 Jul 2015 13:55:40 GMT The euro is only headed down: Goldman Sachs iehi-feed-57102 Wed, 01 Jul 2015 13:47:57 GMT Merkel dismisses Tsipras's last-ditch compromise plan iehi-feed-57100 Wed, 01 Jul 2015 13:38:58 GMT The Care and Feeding of a Financial Black Hole iehi-feed-57098 Tue, 30 Jun 2015 21:25:43 GMT The road to Grexit and beyond If the Greek referendum on Sunday goes ahead and concludes in a No vote, Grexit probably beckons. If the result is a Yes, there will be initial confusion. A vote to accept the bailout may be interpreted as a vote in favour of remaining in the eurozone. In that case I would expect the Greek government -- whoever that may be after a Yes vote -- to maintain the regime of capital controls and introduce a parallel currency, denominated in euros.

A parallel currency scenario could split into three directions: Grexit within a short time; a regime where Greece defaults but maintains the capital controls indefinitely; and a scheme where the controls are eventually lifted and Greece remains in the eurozone.


My biggest concern is a political one. What happens if the Greek electorate voted Yes but Greece is still forced out of the eurozone because the creditors and the ECB left them no other choice?

This scenario would be the most toxic of all. It will imply that a monetary union without political union can only exist in violation of basic principles of democracy. It will come to be perceived as a totalitarian regime.

iehi-feed-57097 Tue, 30 Jun 2015 21:20:45 GMT Puerto Rico Has No Easy Path Out of Debt Crisis The island's unique territorial status also means it lacks the legal tools available to U.S. municipalities or foreign countries to restructure its debt. As a commonwealth, it is excluded from Chapter 9 of the U.S. bankruptcy code, though the island has been working to change that. Nor can it devalue its currency--the U.S. dollar--or seek assistance from the IMF.

A federal judge earlier this year voided a local law that would have cleared a path to restructuring for public authorities, including the electric utility. A bill introduced in Congress would permit the island to let those entities access Chapter 9 protections, but it hasn't moved anywhere and faces opposition from hedge-fund creditors and some conservative Republicans.

iehi-feed-57095 Tue, 30 Jun 2015 17:37:57 GMT Greece won't pay IMF; asks for new bailout -- its third -- at 11th hour