Wow, the Greeks may have been hoping for some respite on the football pitch to boost the national psyche but it was not to be as they lost 2-1 to the Czech Republic.
The following tweet stood out:
"What is up with this Greek defence? Weak just like their finances!":-o

bigsam would not have allowed a gold dinar. it would his status. gadhaffi had to go....sad but true.

Kenya invites bids for coal exploration blocks - http://af.reuters.com/ar...s/idAFL5E8HD0VX20120613

“During this new stage of the depression, the refugee gold and the foreign government reserve deposits were constantly driven by fear hither and yon over the world. We were to see currencies demoralized and governments embarrassed as fear drove the gold from one country to another. In fact, there was a mass of gold and short-term credit which behaved like a loose cannon on the deck of the world in a tempest-tossed era.” Herbert Hoover on the 1931 Sovereign Debt Crisis

"After the Spanish banking bailout drama the action now swings back to Greece for the election this weekend. Former Prime Minister George Papandreou tells Bloomberg TV’s Sara Eisen that Greece has ‘a few weeks’ before its government runs out of money and that this is a ‘make or break’ period..."

http://www.arabianmoney....ster-george-papandreou/


"VENICE — Concerns grew on Monday that Italy could be the next victim of Europe’s financial infection, leading nervous investors to sell Italian stocks and bonds and damping euphoria over a weekend deal to bail out Spain’s banks...."

http://www.nytimes.com/2...mp;emc=edit_th_20120612

Tomorrow spartans go to the polls to decide if hellena will stay married to the euro. It'll be interesting.

Trivia - If spartans vote a euro exit does that mean they also get suspended from the ongoing euro cup tournament....

Spanish 10yr bond yield at multi year highs - well above 7%. Indeed greece elections winner is pro euro... Markets defensive again... When will this circus end? Too too boring.

http://in.reuters.com/ar...o-idINL5E8HI8RP20120618

In times of economic stress, capital will first seek safety then profit. When capital is openly threatened with seizure, confiscation or the 75% income tax rate for the rich that France promises, it flees or goes underground. Stephen Grover Cleveland (March 18, 1837 – June 24, 1908), the 22nd and 24th President of the United States addressing Congress during his Annual Message to Congress:

"At times like the present, when the evils of unsound finance threaten us, the speculator may anticipate a harvest gathered from the misfortune of others, the capitalist may protect himself by hoarding or may even find profit in the fluctuations of values; but the wage earner - the first to be injured by a depreciated currency - is practically defenseless. He relies for work upon the ventures of confident and contented capital. This failing him, his condition is without alleviation, for he can neither prey on the misfortunes of others nor hoard his labour." Stephen Grover Cleveland (March 18, 1837 – June 24, 1908), the 22nd and 24th President of the United States addressing Congress during his Annual Message to Congress.


"PARIS — As if it’s not enough that England and France are battling for Europe’s soccer championship this week — now their leaders are sniping over taxes, too.

While their teams face decisive matches in Ukraine, British Prime Minister David Cameron ignited a stir while in Mexico at the G-20 summit with a swipe at new French President Francois Hollande’s plan to raise taxes on the wealthy and large corporations to help France tackle its deficit and pay for new public spending intended to lift growth...."

Read more:

http://www.washingtonpos...9/gJQAyGqmnV_story.html


"An Italian man attempting to cross the Swiss border has had 50 kg (110 lb) of gold seized by police. The gold, worth around £1.6m (€2m), was found in a hidden compartment in his car. The businessman and his daughter, who was also in the car, have both been charged with smuggling.

The incident underlines a growing trend of Italians who are seeking to move wealth to Switzerland - funds that Italy is trying to have the Swiss authorities tax retroactively. Exports to Switzerland from the financially stricken country rose 35% year-on-year in February, with the Italian statistics office admitting it was mostly due to “sales of non-monetary gold”....."

Read more:

http://uk.news.yahoo.com...-of-gold-in-his-car.html