Articles by Yves Smith - Page 745 of 1553

It’s hard to find an official who is comporting himself very well in the wake of the Tsipras surprise announcement of a referendum on July 5 for a then-defunct bailout offer.

Top Private Equity Reporter: CalPERS is Either Lying or Has “a Massive Breakdown in Financial Controls”

CalPERS is suffering a richly deserved hit to its reputation by virtue being too chummy with private equity general partners and thus neglecting its duties as a fiduciary.

Consent of the Governed, Tsipras Style (Updated)

Tsipras has already taken the decision to miss the €1.6 billion IMF payment due June 30 and the €3.5 billion ECB payment that falls on July 20, while falsely telling Greek citizens that they have a say in this momentous choice.

BBC: ECB to Stop Emergency Support of Greek Banks on Monday; Bank Holiday Likely

The ECB has decided to lower the boom on Greece.

Links 6/27/15

adopted-dog-teton-pitbull-humane-society-utah-15 links

Tsipras’ Bailout Referendum Sham

At 1:00 AM in Athens on Saturday morning, Greek prime minister Alex Tsipras announced that Greece would hold a referendum on July 5 on whether to accept the terms provided by the creditors in order for Greece to obtain €7.2 billion in “bailout” funds as the final part of a loan package provided to Greece in 2012.

The bailout in fact expires on June 30. It is too late for Greek voters to have any say on the Greek government’s posture in the negotiations. So what was this ploy meant to achieve?