Sunday, June 28, 2015

ECB Says "Greek Bank Holiday Now Necessary"

The European Central Bank bekieves that Greece will need to impose a bank holiday to stem deposit outflows as liquidity dries up, according to a person familiar with the ECB’s thinking, reports Bloomberg.

The level of Emergency Liquidity Assistance available to the Greek banking system, which is based on proper collateral, is insufficient to cover lenders’ needs, the person said

1 comment:

  1. BlackRock’s Warning: Get Your Money Out Of All Mutual Funds

    BlackRock Inc. is seeking government clearance to set up an internal program in which mutual funds that get hit with client redemptions could temporarily borrow money from sister funds that are flush with cash. – Bloomberg News

    We may have been early on warning about leaving your savings in the financial system. It’s okay to be too early getting your money out of the system but it’s fatal to be just one second too late. The gates are already in place in money market funds just waiting for the signal to be lowered

    BlackRock’s filing with the SEC to enable “have cash” funds to lend to “heavy redemption” funds should send shivers down the spine of anyone with funds invested in any BlackRock fund. In fact, it should horrify anyone invested in any mutual fund.

    Larry Fink, BlackRock’s chief executive officer, said in December that U.S. bond funds face increased volatility, adding that he expected a “dysfunctional market” lasting days or even weeks within the next two years. – Bloomberg

    yes and our superior markets will devise another scheme to avoid FREE MARKET clearing and pricing..BUT lets keep focusing on everyone elses problems?