The great Greek debt saga is at near panic mode (appropriately) with stocks down overseas, and I believe the following quote helps investors understand where things stand.
YanisVaroufakis, Greece's Finance minister said today: "I am against increasing the corporate tax, but then again I am against raising the tax on hotels and against cutting the pensions of people who live below the poverty line. These issues are putting me and my government in an impossible position, having to make a bad choice among really hard, difficult bad choices."
Well, making a bad choice, or a series of bad choices is what got you here, so choose wisely. Greece maintains that its creditors are still pointing forth demands that it cannot agree to. Either way, the deadline for the 1.6 billion euro ($1.8 billion) debt repayment due to the International Monetary Fund is Tuesday. Buckle up.
Meanwhile, in China, the Shanghai Composite Index continues to get mauled, giving up 7.4% of its value today after yesterday's 3.5% beat down, as valuations continue to be stretched by high speculation and as those positions are being unwound due to a tightening of the leverage requirements.
Bloomberg reported that General Electric's (GE) healthcare finance unit has received multiple bids, which are believed to include bids from Capital One (COF), Apollo Global (APO), Ares Management (ARES), and Ventas (VTR). A sale is rumored to be able to bring in over $11 billion as GE ¿ a holding of the Dividend Stock Advisor portfolio -- unloads GE Capital's businesses.
U.S. equity futures are a bit higher this morning, with gold down slightly and the dollar not meaningfully changed.
The earnings calendar is light today with Finish Line (FINL) being a notable earnings report this morning.
At 10 a.m. we will see the June University of Michigan Sentiment report, with expectations of 94.6.