Today's Headlines

Bloomberg:     

• Greece Talks Spill Into 2nd Day as Finance Chiefs Deadlock. European finance ministers deadlocked over how to keep Greece in the euro, forcing emergency talks to continue Sunday and threatening to delay the infusion Prime Minister Alexis Tsipras desperately needs. With Greece running out of money and its banks shut for the past two weeks, the hardline group led by Germany signaled that the country’s debt was too great, Tsipras’s reform proposals were inadequate and, in any event, the Greeks couldn’t be trusted to keep their word. Finance ministry aides will work through the night, allowing finance chiefs to reconvene at 11 a.m. in Brussels before a leaders’ summit.

• Greek Bailout Dissected as German Skepticism Clouds Talks. European officials are grilling Greece on its bailout proposals in talks to save its place in the euro as a German-led bloc questions whether they go far enough. Hours after Greek Prime Minister Alexis Tsipras won overwhelming support in Parliament for the package of spending cuts, pension savings and tax increases, some finance ministers arriving in Brussels voiced skepticism over the details. Their meeting begins two days of wrangling that will conclude with a summit on Sunday, the deadline to reach a new deal. 

• Yellen Puts Bond Market on Notice 2015 Rate Increase Is Looming. Janet Yellen is reminding the bond market that 2015 will include at least one interest-rate increase. After Treasuries posted a four-day rally through July 8 on refuge demand linked to unsolved Greek bailout talks and plunging Chinese stocks, U.S. debt reversed direction. The Fed chair’s remarks then helped extend the biggest two-day rout since 2013, along with improved chances of a Greek solution and a rebound in China’s equities, which cooled concern of a meltdown for the world’s second largest economy.

ZeroHedge:

• Eurogroup Meeting Ends Without Agreement: "Huge Problems", "Issue Of Greek Trust Very Difficult".

• Someone Told Merkel...

• Varoufakis' Stunning Accusation: Schauble Wants A Grexit "To Put The Fear Of God" Into The French.

• German FinMin Blasts Greek Proposal: Debt Restructuring Impossible, "Everyone Knows They Can't Be Believed".

• It's Not Just The Troika: 79% Of Greeks Oppose Syriza's Third Bailout Proposal.

• Schauble Proposes "5 Year Grexit With Humanitarian Support".

• The Chart That Keeps Angela Merkel Up At Night. (graph)

• Over To You Merkel: Greek Govt Approves Bill The Greek People Soundly Rejected.

• "There Is Going To Be A Taper Tantrum In Latin America... It Is Inescapable".

• How The World Works - The Santelligram.

• Risky Loans Are 'Driving' US Auto Sales: 3 Charts.

• Violent Crime Is Surging In Major U.S. Cities And The Economy Is Not Even Crashing Yet.

• China's Margin Mania In Context, The "Striking" Comparison With The US And Japan. (graph)

• Finland Echoes Germany, Wants Greece Out; Five Other Nations Back Grexit.

• Mapping The World's "Grey Swans". (graph)

• 5 Things To Ponder: "China Rising" Or Not? (graph)

• Dramamine Required: Stocks End Week Unchanged Despite Nausea-Inducing Wild Ride. (graph)

Business Insider:

• Greece appears to be on its way to a 3rd bailout.

• High valuations are weighing on US stocks ahead of earnings.

• The entire world learned a very important lesson about China this week.

• Jeb Bush’s ‘longer hours’ remark will haunt him.

• Junk bond issuance has 'frozen up'.

Telegraph: 

• Greece news live: Germany readies five-year temporary Grexit plan after finance ministers fail to reach agreement. Wolfgang Schauble reportedly rejects Greece's new austerity measures, favouring a "temporary" Grexit as creditors demand even more austerity from Greece.

• A focus on Greece means we risk downplaying important events in China. The reduction in the value of Chinese shares in the past month alone has been 13 times the size of the Greek economy.