Greece

S&P futures rose alongside European stocks as Asian shares posted modest declines. The euro set a new six-month high and European bourses rose as PMI data from Germany and France signaled that the ECB will have to tighten soon as Europe's recovery remains on track, with the German Ifo business confidence printing at the highest level on record, and hinting at a GDP print in the 5% range. Oil declined after the Trump budget proposal suggested selling half the crude held in the US strategic petroleum reserve.

Stop us if you've heard this story before.

Insolvent Greece, having last week voted itself into even more austerity in hopes of unlocking some of the money promised it by Brussels so it can then use it to repay debt maturities owed to the ECB (whether it will actually follow through with said austerity measures remains unclear, though most likely not), is dragged to the finish line of yet another Euro finance minister negotiating session with promises that this time a debt relief deal is virtually guaranteed, and then... it all falls apart.

Turkish aircraft and helicopters illegally entered Greece’s airspace 141 times on May 15, the Hellenic National Defence General Staff reported.

As KeepTalkingGreece reports, airspace violations are a common practice by Ankara to reiterates its unfounded claims in the Aegean Sea.

20 Turkish F-16, 5 CN-235 maritime surveillance aircraft and 19 helicopters entered the Athens flight information region (FIR) without submitting a flight plan.

It was April 2014 and global equity markets were breathing a sigh of relief as Greece just returned to the international bond markets "proof that the country was recovering from the crisis." 18 months later, Greek stocks had crashed 70%, yields had exploded and bailout 3 (or 4) was necessary. Whichbrings us to today... WSJ reports that Greece Eyes Bond Sale Amid Optimism Over Debt Deal.

Here is the Boston Globe from April 11 2014:

Authored by Raul Ilargi Meijer via The Automatic Earth blog,

Austerity is over, proclaimed the IMF this week. And no doubt attributed that to the ‘successful’ period of ‘five years of belt tightening’ a.k.a. ‘gradual fiscal consolidation’ it has, along with its econo-religious ilk, imposed on many of the world’s people. Only, it’s not true of course. Austerity is not over. You can ask many of those same people about that. It’s certainly not true in Greece.

IMF Says Austerity Is Over