Today's Headlines

Bloomberg:

• Schaeuble Says Greece Playing Chicken With Default Risk. German Finance Minister Wolfgang Schaeuble warned that governments can sometimes default by accident, in a jab at Greek officials still holding out for a better deal from creditors as their cash supplies run critically low. Greece is preparing for a meeting of euro-region finance ministers on Monday with the European Central Bank threatening to restrict the country’s access to bank funding unless there’s progress toward an aid deal. Greece’s creditors say the government’s plans for fixing the economy aren’t yet detailed enough to justify more financial support.
• China's CSRC Said to Guide Funds to Cut Small-Cap Exposure. China's securities regulator has suggested that some funds reduce their exposure to small-cap stocks listed on the ChiNext board, said people with knowledge of the matter. The CSRC is concerned inexperienced individual investors may be misled by the rapid increase in prices of shares traded on ChiNext and may be at risk of large losses, said the people, who asked not to be identified as the discussions were private. 
• Islamic State Claims It Attacked Iraqi Prison to Free Members. The Islamic State detonated 15 bombs around an Iraqi prison in Diyala province on Friday in a bloody attack that allowed dozens of prisoners to escape, the group said. The assault, coordinated with inmates in the facility in al-Khalis, freed 30 members of the group, according to an Islamic State statement Saturday.
• America’s Oil Drilling Boom Is Sputtering Back to Life. The oil boom isn’t dead after all. For the first time in five months, a rig in the Williston Basin, where North Dakota’s Bakken shale formation lies, sputtered back to life and started drilling for crude once again. And then one returned to the Permian Basin, the nation’s biggest oil play, field services contractor Baker Hughes Inc. said Friday.
• Bills to Rein in Fed Take Shape as Lawmaker Criticism Mounts. After complaining for months about what they see as the Federal Reserve’s recalcitrance and opacity, lawmakers are now rolling out concrete legislative proposals to make the world’s most powerful central bank more accountable. Senate Banking Committee Chairman Richard Shelby is putting the finishing touches on a bill that could give Congress more power over the New York Fed and create a commission with authority to propose sweeping reforms of the entire Fed system. Other senators want to curb the Fed’s ability to bail out banks during a financial meltdown and increase transparency of its regulation.
• Iowa Says 4 Million More Hens Have Bird Flu as Toll Mounts. Iowa reported that 4 million more egg-laying chickens in Wright County probably have bird flu as losses mount from the biggest outbreak ever in the U.S. affecting commercial poultry. One site in Wright has about 2.9 million birds and another has 1.1 million, the Iowa Department of Agriculture said in an e-mail statement. The farms weren’t identified.

ZeroHedge:

• Caught On Tape: Stunned Reporter Grills State Department Why Hillary's Breaches Won't Be Investigated.
• Abenomics Is 2 Years Old - Households Even Deeper In The Hole. (graph)
• American National Pride Plunges To 30th In The World. (graph)
• Nomi Prins: The Clintons & Their Banker Friends.
• The Hard Landing Continues: China Trade Date Disappoints Amid Weak Demand.
• Class Of 2015 Sets Student Debt Record.
• Smile, Nod, Lie, & Prepare For The Reset. (graph)
• Dismal Data Delivers Stock-Buying Frenzy. (graph)
• What QE Hath Wrought (In 8 Stunning Charts). (graph)
• 5 Things To Ponder: Margin Of Safety.
• A Multinational Trojan Horse: The Trans-Pacific Partnership.
• Two Years Later, The VaR Shock Is Back. (graph)
• The Charts That Matter - Everything's Relative.
• The "Wrong" Reason Why Bernanke Is Making Bank.
• Record Numbers Of Americans Renounce US Citizenship. (graph)
• Wall Street Is One Sick Puppy. (graph)

Business Insider:

• Retailers are facing some harsh truths about employee wages.
• Putin just threw Russia's biggest military parade since the Soviet Union collapsed.
• Jeff Gundlach presented these 35 charts to an invite-only room of investors at the New York Yacht Club.
• More defaults are coming to China.
• How the liquidity 'delusion' leads to a market crash.
• There is too much of almost everything/

Reuters:

• EU antitrust regulators query Qualcomm rivals on its business practices. EU antitrust regulators are asking Qualcomm's (QCOM.O) rivals how the U.S. chipmaker's business practices and the way it licenses its products affect them, as part of an investigation begun seven months ago, a document seen by Reuters showed.
• Greece Cuts 2015 Growth Forecast. Greece expects economy to grow .8% in 2015, below 1.4% March estimate and 2.9% estimate in budget plan announced in 2014, citing Finance Ministry document.

FAS:

• Schaeuble Says Countries Can Surprisingly Go Bankrupt. German Finance Minister Wolfgang Schaeuble says in a preview of an interview to be published Sunday. "Experience elsewhere in the world has shown that a country can suddenly become unable to pay its bills." It would unwise for a politician to say whether the German government has prepared for such an instance. Doesn't see an agreement on new measures to help Greece at Monday's Euro Group meeting.