As the carpenter said about his piece of wood, ‘no matter how much I cut off it’s still too short’:
China’s central bank cut its benchmark lending rates by 25 basis points to 4.85 percent on Saturday, the fourth reduction since November, as it gears up to lower borrowing costs and support a slowing economy.
The People’s Bank of China (PBOC) also reduced one-year benchmark deposit rates by 25 basis points to 2 percent, it said in a statement on its website, adding that the reductions would take effect on Sunday.
By Phil LeBeau
So why would the Prime Minister do this?
The Greek banks are ECB members, regulated and supervised by the ECB, with liquidity provided by the ECB. Should liquidity end, the ECB via the Bank of Greece simply stops making payments on that bank’s behalf. And why close the banks and prevent them from performing ongoing bank services that don’t require ECB liquidity, should it not be available as needed? Just more evidence that the Greek leaders aren’t playing with a full deck, so to speak…
By Phillip Tutt
June 29 (CNBC) —Despite a tweet from Greek Finance Minister Yanis Varoufakis that his government “opposed the very concept” of any controls, Greek Prime Minister Alexis Tsipras said later Sunday that he had forced the country’s central bank to recommend a bank holiday and capital controls.