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Oil prices tumble after Greek no vote to bailout, China stock market turmoil
Reuters ^ | July 5, 2015 | Aaron Sheldrick and Henning Gloystein

Posted on 07/05/2015 6:55:28 PM PDT by 2ndDivisionVet

Oil prices fell sharply in early trading on Monday after Greece rejected austerity measures demanded in return for bailout money and as China rolled out an unprecedented series of steps over the weekend to prevent a full-blown stock market crash.

In a referendum on Sunday, Greeks overwhelmingly rejected austerity measures demanded in return for bailout money, putting in doubt its continued place in the single currency and pulling down the euro EUR= in early trading on Monday.

In China, stock markets face a make-or-break week after officials rolled out a series of measures to prevent a full-blown stock market crash that would threaten the world's second-largest economy.

Both U.S. CLc1 and internationally traded Brent LCOc1 futures were down over 1 percent, trading at $55.08 and $59.72 per barrel respectively at 0035 GMT.

The falls meant that both crude futures were at their lowest level since mid-April....

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; Germany; Government; United Kingdom
KEYWORDS: alexistsipras; china; chinastockmarket; energy; europeanunion; france; germany; greece; greecereferendum; methane; nato; oil; oilprice; opec; petroleum; syriza; unitedkingdom
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To: Kickass Conservative

Just mint a trillion dollar coin, like Mr. Obama planned on doing.


41 posted on 07/05/2015 9:33:38 PM PDT by 2ndDivisionVet (You can help: https://donate.tedcruz.org/c/FBTX0095/)
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To: 2ndDivisionVet

The only question I have is who’s Face goes on the Coin.
LOL


42 posted on 07/05/2015 9:36:06 PM PDT by Kickass Conservative (They Live, and we're the only ones wearing the Sunglasses.)
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To: dila813

Yes, but they voted for their own problems!


43 posted on 07/05/2015 9:36:43 PM PDT by Deagle (i)
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To: Deagle

I’m going to the bank in the morning. I will tell them I want a 50% reduction in my mortgage and also for them to loan me another 100K with no interest and no payment schedule. I voted for it and expect them to honor my vote.

I need the 100K for a new fishing boat and lots of whisky to drink while I fish.


44 posted on 07/05/2015 9:37:13 PM PDT by oldasrocks (They should lock all of you up and only let out us properly medicated people.)
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To: MrShoop

Possibly, but unlikely. The US has been getting out of anything Greece related for months now so their liability is small. As to others, Germany mainly, they have been investing in Greece for years and are not going to lose their butts. This also applies to others in the Eurozone as they have gone along with this... Too bad!


45 posted on 07/05/2015 9:40:25 PM PDT by Deagle (i)
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To: oldasrocks

Ha, are you Greek?


46 posted on 07/05/2015 9:41:44 PM PDT by Deagle (i)
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To: riri

I go on an annual motorcycle ride through the alps with some Austrian and German friends. Even the tiniest villages in the “Green Hills of Tyrol” are swarming with economy boosting immigrants wandering aimlessly. In the middle of the alps 20 miles from the nearest village there’s an African with a bag of trinkets, socks, thread, and various other sundries. There must be organized gangs that round them up and dump them off to sell junk.


47 posted on 07/05/2015 9:52:35 PM PDT by Organic Panic
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To: MrShoop
The big exposure is the credit default swaps that trigger on the "official" default by Greece.
48 posted on 07/05/2015 9:59:01 PM PDT by Myrddin
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To: 2ndDivisionVet

ZimGreeceBwe


49 posted on 07/05/2015 10:15:49 PM PDT by lurk
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To: SkyDancer
"The Greek global economy is one big Ponzi scheme."

The loans to the Greeks are insured and those policies are reinsured. Those are subsequently hedged by futures contracts on debt repayment and then derivatives are sold on the futures contracts. Dominoes piled on top of dominoes.

50 posted on 07/05/2015 10:26:07 PM PDT by outofsalt ( If history teaches us anything it's that history rarely teaches us anything.)
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To: Myrddin

Yes, exactly - who is effectively insuring german bank debt?


51 posted on 07/05/2015 11:04:29 PM PDT by Wayne07
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To: freedomfiter2

The plan was obviously for something worse. Why do you think he voluntarily took hemlock, surrounded by friends and students (but not his wife)? The entire story was written from an admiring student’s perspective.


52 posted on 07/06/2015 4:30:34 AM PDT by oblomov
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To: Organic Panic
There must be organized gangs that round them up and dump them off to sell junk.

No doubt, much like the Romanians. I didn't see any women though. I wonder if they come also. With the Romanians, you typically only see the women but they only beg, they don't even make any pretense of selling junk.

This must be sort of new because, I haven't been down that way in about 5 years but prior to that I have spent quite a bit of time in Northern & Southern Europe and don't recall seeing it so widespread.

53 posted on 07/06/2015 9:11:22 AM PDT by riri (Obama's Amerika--Not a fun place.)
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To: 2ndDivisionVet

the unanswered question....... what precipitated the decline of oil prices?


54 posted on 07/06/2015 9:16:36 AM PDT by bert ((K.E.; N.P.; GOPc.;+12, 73, ..... No peace? then no peace!)
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To: Deagle
I feel bad for the Greeks but they continue to vote for Socialist/Communist leaders so they will get what they voted for.

They vote for more freebies. I doubt they care about who is handing them out. It's exactly what will happen here as we add more and more folks to the rolls of the Dependent Class.

55 posted on 07/06/2015 9:45:01 AM PDT by Teacher317 (We have now sunk to a depth at which restatement of the obvious is the first duty of intelligent men)
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