From Bloomberg: “Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nation’s banks since the inconclusive May 6 election, President Karolos Papoulias told party leaders yesterday, according to a transcript of the meeting posted on the presidency’s website today.”

And CNBC has more here: “Stocks faded in the final hour of trading Tuesday to finish lower following news that Greek depositors withdrew 700 million euros from the nation’s banking system and after Greece’s leaders failed to agree on a coalition government.”

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This story makes you wonder how secure is our security.

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Either you love or hate Chomsky…..but both positions are created by telling the truth.

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Not good imo. Perhaps the Chinese did not see off balance sheet losses. Not that i know there is any, but why would we let a communist government buy a U.S. bank?

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“Spain’s fourth attempt in less than three years to clean up its banks, saddled with bad loans after a property market bust, didn’t go far enough to rebuild confidence in the industry.

“I don’t know why they even bothered,” Olly Burrows, a credit analyst at Rabobank International in London, said in a phone interview. “A lot of people were expecting a big announcement on a bad bank and all we really got was additional provisions to part of the real estate book.”

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Simply uncanny, the mirroring of the two indices…

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This is some fucked up reality indeud!

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“In a report released by the Foreign Ministry detailing human rights abuses around the world, the United States comes up short, cited for violations on both the domestic and foreign fronts.

The report says that the United States, on the pretext of fighting terrorism, is actually crushing the liberties and freedoms of the very individuals the security measures were intended to protect – the American people.

“The situation in the United States…is far from the ideals proclaimed in Washington,” the report says. “The incumbent administration continues to apply most of the methods of controlling society and interfering in the private lives of the American people that were adopted by the special services under George Bush on the pretext of combating terror.”

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From Bloomberg: IMF, EU, ECB Open to Changes in Greek Aid Deal, Real News Says

The so-called troika of the European Union, the International Monetary Fund and the European Central Bank is willing to make six important changes to Greece’s financial aid agreement if a pro-European government is formed in the country, Real News said.

The Troika is willing to extend by one year to end 2015 the time for Greece to cut its budget deficit as well as to proceed with a restructuring of loans, the Athens-based newspaper reported in its Sunday edition preleased today, citing “well informed” sources at the European Commission.

The Troika is also willing to maintain the force of collective labor agreements, to alleviate the level of pension cuts or restore certain pensions to previous levels and to keep wage levels in the private sector and reduce the average tax burden on employees, the newspaper said.

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Parental Guidance on this one folks.

Cheers on your weekend!

[youtube://http://www.youtube.com/watch?v=gZVOOmi9gDE 450 300] [youtube://http://www.youtube.com/watch?v=B1T8xgHdMEM 450 300]

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Marc Faber, publisher of the Gloom, Boom & Doom report, sees stocks crashing “like in 1987” if stocks climb absent further stimulus from the Federal Reserve.

Read the article here.

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[youtube://http://www.youtube.com/watch?v=Q4AKkF97fcE 450 300]

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“The United States opened its banking market to China’s biggest bank ICBC, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.

Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.

The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.”

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“It’s just after lunchtime on a drizzly day in the Amsterdam suburb of Bos en Lommer and the line of people waiting to fill their bags with free rice, juice, potatoes and bread is lengthening.

The market is one of 135 food banks in the Netherlands bailing out people trying to survive on less than 180 euros ($234) a month, the threshold to qualify for the aid. Organizers say demand for the service rose 20 percent in the first quarter.”

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Tyler Durden is out with another scary chart from Europe and some commentary explaining why the end is likely near for the EU experiment.

Read the article and see the chart here.

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They decided to withold a billion tomorrow, as the dick measuring contest continues.

Outraged German cabinet members are also demanding that they withdraw all aid to Greece.

Hooray.

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“Remember the NDAA? Yeah, for a variety of reasons that bill got a lot of attention last year — mostly focused on the question of detainment of terrorists. But there are some other nuggets in the bill, including one tidbit about “military activities in cyberspace.” The existing version of the NDAA does grant the Defense Department the ability to conduct such military activities, but only “upon direction by the President” and if the purpose is to “defend our Nation, Allies and interests,” subject to existing laws. ”

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Homeowners looking to refinance have been told to wait 60-90 days. Hundreds of thousands of would be borrowers  trying to take advantage of low rates  have not received any service after bailing out the nations largest banks.

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Spain has asked it banks to set aside an additional $45 billion for default risk. The measures to help sure up the banking system has not created confidence at all. It is widely expected by the end of the week Spain will need a international bailout.

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