Today's Headlines

Bloomberg:       

• Tsipras Vows to Reject Unfair Deal as EU Braces for Collapse. (video) Greek Prime Minister Alexis Tsipras said he’s ready to assume responsibility for the consequences of rejecting an unfair deal with creditors. In a sign that he’s being taken at his word, officials from the Netherlands, Portugal and Germany said they were bracing for a breakdown in talks that could roil the currency bloc. With a viable solution “the Greek government recently elected by the Greek people will bear the cost of carrying through,” Tsipras told reporters in Athens on Wednesday. Without one, “we will assume the responsibility to say ‘the great no’ to a continuation of the catastrophic policies.”
• German Govt. Making Greece Contingency Plans: Schaeuble. (video) 
• EU Said to Extend Russia Sanctions as Ukraine Peace Elusive. European Union governments struck a preliminary accord to extend sanctions against Russia by six months to the end of January, to keep up the pressure on the Kremlin to bring peace to eastern Ukraine. Representatives of the 28 governments agreed on Wednesday in Brussels to prolong the trade and investment curbs, two EU officials said on condition of anonymity under EU media rules. Final confirmation of the move is due June 22, they said. The behind-the-scenes decision marks a victory for EU President Donald Tusk, a leader of the hardline camp since his time as Poland’s prime minister, and avoids a showdown over Russia policy at an EU summit next week.
• When Will China's Stock Market Bubble Burst? (video)
• China Liquidity Pushes Stock Market Bubble: David Woo. (graph)
• European Stocks Decline as Investors Watch Greek Crisis, Fed. European stocks declined, amid continued debate over Greece’s fate, and speculation the Federal Reserve will signal a slow pace of monetary tightening. The Stoxx Europe 600 Index slid 0.5 percent to 383.74 at the close of trading. Shares earlier fell as much as 0.8 percent after Finance Minister Wolfgang Schaeuble was said to have told lawmakers in Berlin that the German government is making contingency plans for failure to reach an aid deal with Greece by June 30.
• Iron in China Sags Most Since April as Steel Demand Slows. Iron ore in China slumped the most in seven weeks amid concern that steel consumption in the world’s largest user was faltering, curbing demand for the raw material. Futures on the Dalian Commodity Exchange sank 2.9 percent to 425 yuan ($68.46) a metric ton on Wednesday, the most since April 29. Ore with 62 percent content delivered to Qingdao fell 2.2 percent to $61.51 a dry metric ton on Wednesday, the lowest level in more than three weeks, according to Metal Bulletin Ltd. 
• You’ve Been Warned: Central Bankers Turning Less Market-Friendly. Some things seem permanent. Greece is fighting for a bailout. A Bush and a Clinton are running for the White House. FIFA is plagued by scandal. But for those who track the world’s central banks, change is afoot.

CNBC: 

• Fed leaves interest rates unchanged. (video)
• Are junk bonds sending an early warning to markets?

ZeroHedge: 

• Greek Debt Committee Just Declared All Debt To The Troika "Illegal, Illegitimate, And Odious".
• "Lift-Off" Lies And The Fed's Reputational Risk.
• Hensarling Slams Fed's "Willful Obstruction" In Leak Probe, Demands "Immediate Compliance".
• With The Spread Between CPI And PCE Blowing Out The Most Since 2009, Is The Fed Making A Big Mistake. (graph)
• Another Fed "Insider" Quits, Tells The Truth.
• Why Greece Matters (To Even The Most Small-Minded US Equity Manager). (graph)
• Crude Tumbles On Cushing, Gasoline Inventory Build, Lower 48 Production Rise. (graph)
• Excluding All That Is Bad, Things Are Good. (graph)
• Some Troubling Numbers From The CBO. (graph)
• Biggest Glut In Recorded Crude-Oil History Taking Shape. (graph)
• Bank Of Greece Pleads For Deal, Says "Uncontrollable Crisis", "Soaring Inflation" Coming.