Greek crisis talks between eurozone finance ministers on a new €74 billion loan came to an inconclusive end Saturday, in a sign that a deal which would secure much-needed financing for Athens and prevent a possible exit from the currency area is still far from certain.

Greek crisis talks between eurozone finance ministers on a new €74 billion loan came to an inconclusive end Saturday, in a sign that a deal which would secure much-needed financing for Athens and prevent a possible exit from the currency area is still far from certain.

The International Monetary Fund on Tuesday confirmed Greece had not made its 1.5 billion euro ($1.7 billion) loan repayment to the Fund, making it the first advanced economy to ever be in arrears to the Fund.

The International Monetary Fund on Tuesday confirmed Greece had not made its 1.5 billion euro ($1.7 billion) loan repayment to the Fund, making it the first advanced economy to ever be in arrears to the Fund.The missed payment, the largest in the Fund's history, is equivalent to a default, in that both imply a breach of Athens' obligations. IMF spokesman Gerry Rice said Greece can now only receive further IMF funding once the arrears are cleared.

#ECB Said to See #Greece Bank Holiday Needed as #ELA Dries Up #madmoneyfund

#ECB Said to See #Greece Bank Holiday European Central Bank is of the opinion that Greece will need to impose a bank holiday to stem deposit outflows as liquidity dries up, according to a person familiar with the ECB’s thinking.El BCE mantiene la liquidez de emergencia a los bancos griegos. http://bit.ly/1CChYts #economia
The level of Emergency Liquidity Assistance available to the Greek banking system is insufficient to cover lenders’ needs, the person said, asking not to be identified as the information isn’t public. An ECB spokesman declined to comment. The decision to impose a bank holiday is the responsibility of the Greek government or the country’s central bank.
The ECB decided on Sunday to cap ELA at current levels after Prime Minister Alexis Tsipras’s government quit talks with international creditors to resolve the country’s debt crisis on Friday and called a referendum on the terms of the bailout program.#ECB Freezes Greek Emergency Bank Aid as Referendum Looms #GreeceCrisis #madmoneyfund #RT #banking #aid #union The gambit risks putting the country on the path to a debt default, capital controls and potentially an exit from European monetary union.
The ECB’s Governing Council is currently capping the amount of emergency cash available to Greek banks at just below 89 billion euros ($99 billion). Needed as #ELA Dries Up

Stocks tumble as Greek debt talks falter again #Greece #bearmarket

Stocks tumble as Greek debt talks falter again
USA TODAY - 22 minutes ago
The U.S. stock market enters the new week in worry mode as investors react to the ongoing stalemate between Greece and its creditors and brace for this week's Federal Reserve meeting on interest rate policy.Global financial markets suffered their first bout of significant contagion from the Greek crisis this year on Monday after 11th hour talks between the near bankrupt country and its creditors collapsed.

Gainers Change Mkt Cap
Allergan plc. 24.06% 89.46B
Banco Bradesco S.A. 6.57% 22.11B
Valhi, Inc. 6.43% 2.30B
Post Properties Inc 5.03% 3.01B
E I Du Pont De Nemours And Co 3.23% 62.57B
Losers Change Mkt Cap
Galapagos NV (ADR) -6.28% 2.07B
Micron Technology, Inc. -3.90% 26.12B
Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF -3.57% 1.43B
Gazit Globe Ltd -3.48% 2.19B
Caesars Acquisition Company -2.88% 1.10B
Excludes stocks with mkt cap less than $1B

Sector summary
Sector Change % down / up
Energy -0.90%
Basic Materials -0.53%
Industrials -0.49%
Cyclical Cons. Goods ... -0.35%
Non-Cyclical Cons. Goods... -0.44%
Financials -0.42%
Healthcare -0.96%
Technology -0.71%
Telecommunications Servi... -0.25%
Utilities -0.86%

Wall Street to open on black friday higher in shorter session

"They keep telling you that it looks good but you have to be very careful when you look at housing data," Polcari warns in the attached video, adding that you can't compare what goes on in the northeast with what's happening in Miami or Las Vegas or Phoenix.Wall Street was poised for a fairly unspectacular return from Thanksgiving, with both Dow futures and the broader S&P 500 futures up 0.1 percent. Trading is expected to remain subdued especially as it's only a half day in U.S. markets. "Thanksgiving Thursday and Friday always means quieter markets and this year is no different," said Alastair McCaig, market analyst at IG. He concedes that housing is "turning around from the depths of the lows" and is "trying to find a bottom." Try telling him that the recent 10% increase in the national median price of a home is reflective of what's really happening in America, and you're apt to get both barrels! "Prices are up 10% from $80,000," he says of the badly beaten markets where three bedroom condos can still be had for $100,000. "I'm not saying the housing market isn't trying to find a bottom, in fact, I think for a lot of the country it is. But I don't live in the middle of Idaho, I live here." In a similar vein,Separately, ECB President Mario Draghi said confidence was returning to the euro zone, and governments must implement reforms to secure the bloc's future. "We're looking at a higher opening, there is some good news coming out of Europe," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. "The fact that we're very close to sealing a deal for Greece certainly (helps) the risk-trade."The S&P 500 was poised to break a two-week losing streak, having gained more than 2 percent this week so far. Stocks had tumbled earlier in the month on worries about the impact of tax and spending changes to take effect from January, but hopes that politicians will reach a deal to avert the so-called fiscal cliff helped the market recoup some of those declines this week. Investors will likely focus on the retail sector as the holiday shopping season begins, looking for signs of how much consumers are spending as stores offer Black Friday deals and discounts. Shares of electronics retailer Best Buy Co (BBY) were up 1.6 percent at $11.75, while J C Penney (JCP) gained 2.4 percent to $17.67. Polcari's second mythical target takes aim at job growth, GDP and more generally, the commonly espoused theme that "the economy is picking up."Hopes that Greece will avoid an imminent bankruptcy have lain behind the euro's recent advance. That held Friday, with Europe's single currency up a further 0.2 percent at $1.2897. Earlier in Asia, Hong Kong's Hang Seng index rose 0.8 percent to 21,913.98 and South Korea's Kospi added 0.6 percent to 1,911.33. Japanese markets were closed for a holiday. In the oil markets, benchmark oil for January delivery was down 13 cents to $87.25 a barrel in electronic trading on the New York Mercantile Exchange. "I'm not trying to be a Grinch here, but again, I don't see it," he says, "especially in my own industry" where overall headcount in the banking and financial services business is down nearly 200,000 from the pre-recession peak. In fact, unlike those who are looking for continued slow and steady improvement in GDP, Polcari says, "as we move into the new year, I think there's going to be a recession in 2013."