Today's Headlines

Bloomberg:       

• Weekend of Fear in Greece as Banks, People Live Day to Day. Dorothea Lambros stood outside an HSBC branch in central Athens on Friday afternoon, an envelope stuffed with cash in one hand and a 38,000 euro ($43,000) cashier’s check in the other. She was a few minutes too late to make her deposit at the London-based bank. She was too scared to take her life-savings back to her Greek bank. She worried it wouldn’t survive the weekend. “I don’t know what happens on Monday,” said Lambros, a 58-year-old government employee. Nobody does. Every shifting deadline, every last-gasp effort has built up to this: a nation that went to sleep on Friday not knowing what Monday will bring. A deal, or more brinkmanship. Shuttered banks and empty cash machines, or a few more days of euros in their pockets and drachmas in their past - - and maybe their future.

• Greece’s Tsipras to Assemble Cabinet on Eve of Bailout Talks. Greece’s cabinet will huddle with the prime minister on Sunday to map out its strategy for a meeting the next day that will decide the nation’s future in Europe’s currency bloc. On the agenda at the meeting in Prime Minister Alexis Tsipras’ residence is whether to compromise on election promises in order to avoid a default on its debt. Months of back and forth with creditors have left banks living day-to-day on European Central Bank funding. Panicked depositors have withdrawn 30 billion euros ($34 billion) since December and 4 billion euros the past week alone. Without a deal at an European Union leaders summit on Monday, Greece faces the specter of capital controls and what U.S. Treasury Secretary Jacob J. Lew said was a “terrible” economic decline.

• EU, Greece Pursue Quiet Diplomacy to Stave Off Default. (video) European Union leaders and Greece’s creditors head into a flurry of behind-the-scenes diplomacy ahead of high-level meetings to unlock aid for the nation flirting with default. With markets closed, the weekend gives negotiators trying to avert a Greek exit from the euro some room to lay out a road map for what will be a high-stakes week with an emergency summit of EU chiefs on Monday. The clock is running down on a June 30 deadline to make payments and work out a new deal amid disagreements on pensions, sales tax and a deficit target.

Wall Street Journal: 

• Greece Considers Last-Ditch Proposals to Avoid Collision With Bailout Creditors. Athens would consider culling tax breaks to pay for smaller pension cuts.

• Anthem(ANTM) Raises Offer for Cigna(CI) to $47.5 Billion. Aetna(AET) in the last few days made a takeover proposal to Humana(HUM).

• ObamaCare’s Oligopoly Wave. Bigger insurance, bigger medicine, and a health consolidation frenzy.

ZeroHedge:

• Meanwhile, Greece Is Quietly Printing Billions Of Euros.

• "The Collateral Has Run Out" - JPM Warns ECB Will Use Greek "Nuclear Option" If No Monday Deal.

• The Lesson In China: Don't Go Bubble In the First Place. (graph)

• So You Think You Are Rich. (graph)

• China Must Be Getting Really Nervous To Do This.

• Black Box Trading: Why They All “Blow-Up”.

• Dumb Or Smart Money? Bullish Bets On VIX Highest Since 2008. (graph)

• Liquidity And Manipulated Prices Are Not An Economy And Never Will Be.

• The Coming US Recession Charted.

• "Bank Holiday" Preparations Begin In Greece, Lines Form At Athens ATMs.

• Cities, States Shun Moody's For Blowing The Whistle On Pension Liabilities.

• Disgraced, Demoted Pathological Liar To Collect $10 Million At MSNBC.

• Fearing Capital Controls, Tourists Request Hotel Safes In Greece.

• Carl Icahn: Donald Trump Is Completely Correct That "We Are In A Bubble Like You've Never Seen Before". (video)

• This Is The Most Profitable "Strategy" Of The World's Biggest Hedge Fund In The Past Decade. (graph)

• Inciting Bank Runs As A Negotiating Tactic.

• Bonds & Bullion Beat Stocks As Fed Frenzy Fades. (graph)

• 5 Things To Ponder: Shades Or Umbrella. (graph)

Business Insider:

• Talking Barbies are ushering in a new era of mass surveillance.

• Relations between the US and China are getting tense.

• SOROS: The US needs to befriend China or all hell is going to break loose.

• Developers in China are giving away Porsches to sell houses.

• Iranian official: There will be a nuke deal because 'Americans need it more than we do'.

• Greece is now officially a part of Russia big new gas plan.

• Russia built one of the most alarming antiaircraft systems in history — and won't say who it's sending it to.

• Here's what stock market valuations look like if you add back all the bad stuff companies like to take out.

Financial Times:

• Greek banks: Athens’ Achilles heel. Until this week, the big suspense surrounding Greece was whether Athens would be able to meet a €1.6bn debt repayment to the International Monetary Fund due at the end of June or go bankrupt. But the fear of default is rapidly being overtaken by a separate — and possibly more dangerous — ticking time bomb: the solvency of Greece’s banks.

Telegraph: 

• The euro was doomed from the start. The Greek crisis epitomises the complete mess that Europe has made of the single currency.