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Meanwhile In Greece, Familiar Scenes Are Back: General Strike, Molotov Cocktails, Tear Gas

Greece was fixed for a few months, when the so-called "anti-austerity" government of PM Tsipras which came to power just over a year ago did what each on its predecessors did by kicking the can and trading off what little sovereignty Greece has left for promises of more cash from Europe, but it is broken once again.

European Bank Risk Soars To 3 Year Highs, US Risk Rising

European Bank Risk Soars To 3 Year Highs, US Risk Rising

We are going to need more "whatever it takes." And with Draghi's efforts to shove sovereign bonds down the throat of Europe's banks, the sovereign-to-financial linkage is now systemically as worrisome as it has ever been...

 

Deutsche Bank's CDS continues to push higher...smashing European bank risk to its highest since 2013...

 

Unicredit remains the most risky among EU banks...

 

And it is spreading to America...

Futures Flat As Dollar Weakness Persists, Crude Rally Fizzles

Futures Flat As Dollar Weakness Persists, Crude Rally Fizzles

After yesterday's torrid, chaotic moves in the market, where an initial drop in stocks was quickly pared and led to a surge into the close after a weaker dollar on the heels of even more disappointing US data and Bill Dudley's "serious consequences" speech sent oil soaring and put the "Fed Relent" scenario squarely back on the table, overnight we have seen more global equity strength on the back of a weaker dollar, even if said weakness hurt Kuroda's post-NIRP world and the Nikkei erased virtually all losses since last Friday's surprising negative rate announcement.

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