Today's Headlines

Bloomberg:  

• Greeks Head to Polls Divided for Referendum to Chart New Course. Greeks are heading to the polls Sunday, evenly split on a referendum to chart a new course in their five-year economic crisis. “Come Monday, Greece won’t be facing just massive economic problems; it will be a deeply divided country,” said Nikos Marantzidis, a pollster and professor of political science at the University of Macedonia in northern Greece. “If the economic situation deteriorates further, which it probably will, the divide will only run deeper.” A poll commissioned by Bloomberg showed 43 percent of voters intend to reject the creditor proposals, while 42.5 percent will accept the conditions. The survey of 1,042 people conducted by the University of Macedonia had a margin of error of 3 percentage points. 

• Greeks Vote on Place in Euro as Banks Run Dry: The Process. This is a guide to the rules governing the voting.

• ECB Primes European Tranquilizer as Greece Faces Bank Chaos. The European Central Bank claims it can calm any regional market turmoil that follows Greece’s referendum on Sunday. Saving the country’s banking system will be harder. With two asset-buying programs, international swap lines, backstops for eastern Europe and cash tenders in place, the ECB has a wide range of tools at hand should bond yields surge or money markets freeze after the July 5 vote. That’s a possible outcome if voters reject the terms of a European Union-led bailout. Yet even if the Greek people back the EU offer, the nation’s lenders, which have been shut and under capital controls for the past week, won’t be able to reopen soon unless the ECB approves more liquidity. To do that, monetary-policy officials would have to take a leap of faith that the government will be able to strike a new deal.

• China Freezes IPOs, Greek Vote Too Close to Call: Saturday Wrap. Here are highlights of news that broke around the world on the U.S. Independence Day holiday:

Wall Street Journal:

• Iran Nuclear Talks Appear to Advance. But senior diplomats stress elusive deal to end 10-year standoff is far from certain. Key elements of a nuclear agreement between Iran and world powers appeared to be falling into place on Saturday, just ahead of a July 7 deadline, according to officials involved in negotiations in Austria’s capital. Still, senior American and Iranian diplomats stressed an elusive deal to end a 10-year standoff over Iran’s nuclear program was far from certain.

• Greek, German Tensions Turn to Open Resentment as Referendum Looms. Anti-German rhetoric from some Greek politicians is met by mounting frustration in Berlin. At newspaper kiosks in Greece, ahead of Sunday’s referendum, some front pages this week showed swastikas and the word “OXI”, Greek for “no.” On the streets of Athens, a poster showed German Finance Minister Wolfgang Schäuble with the words: “He’s been sucking your blood for five years. Now tell him NO.” In Germany, Greece’s most powerful creditor, the press have this week poured their own contempt and ridicule on Greek Prime Minister Alexis Tsipras, with epithets ranging

ZeroHedge:

• The Greek Bluff In All Its Glory: Presenting The Grexit "Falling Dominoes". (graph)

• China Scrambles to Put Plunge Protection Team Together: Banks Pledge Support For Crashing Market. (graph)

• This Is Why The Euro Is Finished. (graph)

• Sugar Daddies Are Paying Their Share Of The $1.3 Trillion Student Loan Balance. (graph)

• FBI Admits 11 Attacks Against Internet, Power Grid Lines In California This Year.

• Greeks Turn To Bitcoin To Dodge Capital Controls.

• Nomi Prins: In A World Of Artificial Liquidity – Cash Is King.

Business Insider:

• China's new Silk Road is a disaster waiting to happen.

• 'Inhuman and barbaric' Boko Haram militants have unleashed a new wave of terror in Nigeria.

• Britain's government is planning to raid wealthy people's pension pots.

• Tunisia declares state of emergency after hotel attack on foreign tourists.

• Here are the markets most exposed to the crisis in Greece.

• Varoufakis accuses Greece's creditors of 'terrorism'.

• These Chinese companies pledged to buy at least $19.3 billion in shares to stabilise the cratering market.

• The World Bank deleted a section of a report that slammed the Chinese government. 

• GOLDMAN: Here are the 3 main scenarios for Greece after its referendum.

Telegraph:

• The week that Germany turned its back on Greece. After trust between the two broke at a key moment, the Telegraph travels to Frankfurt and Berlin to ask those in the know what will – or should – happen next. 

• US unprepared for coming crash with interest rates still stuck to the floor. The inability of the US central bank to raise interest rates since the crisis leaves it vulnerable when the next recession strikes.

Bild:

• Schaeuble Says Tsipras Doesn't Want Reform Program. Greek govt doesn't want reform program given economic data, statements by Alexis Tsipras before and after election, German Finance Minister Wolfgang Schaeuble says in interview.

Caijing:

• China Suspends New IPOs. Suspension was decided by a State. Suspension was decided by a State Council meeting and executed by the China Securities Regulatory Commission.