Today's Headlines

Bloomberg:    

• Greek Standoff Takes Another Twist as Dueling Plans Are Drafted. The impasse over Greece’s future lingered as both sides worked on rival proposals for the conditions of a financial lifeline with debt payments looming. Greek Prime Minister Alexis Tsipras said his government submitted a new plan, while officials from the country’s creditors were said to be finalizing what would be a final offer to avoid the country defaulting. While the euro rallied on optimism over a deal, Dutch Finance Minister Jeroen Dijsselbloem, who leads the euro-area finance ministers’ group, said institutions are still far from any agreement.  
• European Stocks Fall to Two-Week Low Amid Greece Debt Standoff. (video) European stocks fell for the third time in four days as investors speculated whether Greece will reach an agreement with creditors before it runs out of time and money. The Stoxx Europe 600 Index declined 1 percent to 396.45 at the close of trading, after losing as much as 1.3 percent. The ASE Index dropped 2.5 percent to the lowest level in almost a month, as Greek markets reopened after a holiday.
• Treasuries Fall by Most in Two Weeks as European Bonds Sell Off. Treasuries fell by the most in two weeks as a European bond-market selloff intensified and stronger U.S. economic data added to speculation the Federal Reserve may raise interest rates this year. Yields are climbing along with those on German bunds as European leaders aim to avert a default by Greece, damping demand for a refuge. The shift from haven assets comes as reports such as one Monday showing an improvement in manufacturing add to expectations of U.S. growth before the release of the May employment report at the end of the week.
• Russia Oil Output Near Record Swells Global Glut Before OPEC. Russian oil output neared a record in May, damping speculation before OPEC meets this week that major producers may cooperate to curb a global supply glut. Production of oil and natural-gas condensate climbed 1.6 percent from a year earlier to 10.708 million barrels a day, close to January’s post-Soviet high of 10.713 million barrels a day, according to preliminary data from the Energy Ministry’s CDU-TEK unit.
• Amazon(AMZN) Debuts Free Shipping on Small Goods Without Minimum Order.

MarketWatch.com:

• More find Hillary Clinton untrustworthy in new poll.

ZeroHedge: 

• It's Official: The "Helicopter Money" Calls Have Begun.
• EURUSD Up 300 Pips In Last 24 Hours, Dollar's 2nd Biggest Drop In 6 Years. (graph)
• Who's On The Other Side Of The Trade?
• German Bund Carnage Ends With Worst Day In 3 Years. (graph)
• China Goes Full BTFD-tard: Record New Trading Account Openings Send Stocks Up 16% In 2 Days. (graph)
• Expect The Recent Oil Rally To End Badly If OPEC Doesn’t Cut. (graph)
• Albert Edwards: Yen Collapse Will Lead To "New Round Of Currency Turmoil", Deflation In US And Eurozone.
• A Bubble On Thin Ice. (graph)
• Recovery 2015: Use Of Non-Bank Credit (e.g. Payday Loans) Continues To Soar. (graph)
• TSA Agents Failed To Catch 95% Of Mock Bombs And Weapons.

Business Insider: 

• FIFA PRESIDENT SEPP BLATTER TO RESIGN.
• Iraqi prime minister: 'We lost 2,300 Humvees' to ISIS in Mosul alone.
• ISIS could win if these 4 things happen.

Telegraph:

• Greece and creditors still at odds as country slides towards abyss. Jeroen Dijsselbloem, head of the Eurogroup of finance ministers, says deal unlikely this week as creditors will not meet Greece "half way" while Syriza vows never to "succumb to blackmail".