Mind Over Market

Rising loan delinquencies and declining public confidence will require banks to recapitalize. Based on their Texas ratios, they are already bankrupt, according to U.S. economist Steve Hanke. By Robert Stowe England July 11, 2015 With or without a new bailout package for Greece, it will take more than a green light by the European Central Bank to raise the Bank of Greece’s ceiling for Emergency Liquidity Assistance to undo the damage done from the capital controls imposed Greek banks on June 29. Indeed, their financial condition was already deteriorating over the course of the last six months, as customers withdrew more than €40 billion in deposits. When the banks re-open, there’s worry the exodus of deposits could resume. With hope rising for a new bailout package for Greece, it will take more than a fres flow of funds from the European Central Bank to the Bank of Greece and out to the Greek economy to undo the damage done by shutting down the banking system for two weeks except

There's no way to interpret the proposal of terms from Greece to obtain yet another bailout other than to say Greek Prime Minister Alexis Tsipras has caved to European Union demands, mostly the terms of Germany's finance minister Wolfgang Schaeuble. July 10, 2015 Here is the Greek proposal . Also, see scathing analysis from naked capitalism here . Also, see analysis from The Business Insider here .