With polls showing a tight result, the only thing certain about the referendum is the timing: polls are open from 7 a.m. to 7 p.m. and the result may be known before midnight.
Either way, what follows are emergency negotiations, the outcome deciding which side feels it has the upper hand.
“We are surrounded by a triangle of crisis and destabilization,” Greek Foreign Minister Nikos Kotzias said in an interview, pointing toward the smoldering war in Ukraine, the bloody gains by the Islamic State in Syria and Iraq, and the raging civil war in Libya. “Everybody has to ask himself what will happen if this center of stabilization, Greece, will be destabilized.”
Michael Hasenstab, a lead investor with Franklin Templeton, had poured about $7 billion into Ukrainian bonds in the years before the change of power in Kiev. That investment is worth about $4 billion today. The loss comes to about 1 percent of a global bond fund he oversees. Despite the loss, the fund’s return has been positive this year.
“We do look for situations that are out of favor,” Mr. Hasenstab said in a video released by the company in April last year about the decision to invest in Ukraine.
The new guidelines also permit non-listed shares and “other assets” as collateral for margin traders who have insufficient value in their stock accounts to repay loans. The China Securities Regulatory Commission didn’t respond to a faxed query on the changes, while Citic Securities Ltd., the nation’s biggest brokerage, declined to comment.
How Iceland Emerged From Its Deep Freeze (jdargis)
But just as Iceland returns to the fold, Europe is again bracing for a financial catastrophe in a renegade nation. Greece, having missed crucial debt payments, has in recent days moved closer than ever to an exit from the euro. Leaving the common currency — and having to suddenly create its own new money — could plunge Greece into an even deeper economic downturn.
One surefire way to get that message across is to give people an EV experience, according to Pam Fletcher, the chief engineer for EVs at General Motors (GM). “The people that have owned and lived with EVs can understand it, they’ve seen how the vehicles work for them, It’s part of the learning curve and more people will understand it over time,” she said. “It’s hard to explain to people the benefits if they haven’t had that experience.”
Cupertino is in many ways a model California city when it comes to responding to the drought. Parks and lawns across this community are brown, and that is considered a mark of progress here these days. The only remnant left of the bubbling fountain where children once frolicked in front of City Hall is a photograph behind the mayor’s desk; the city turned the fountain off long ago.
Many believe the ability to help one another with food gives Karitaina, with about 30 year-round residents and 100 in the long, drowsy summer, a better chance of surviving than city dwellers coping with the same anxieties. Rural Greek communities have age-old survival tactics that allow them to weather storms such as World War II deprivation and natural disasters. They will need to draw on them deeply, as Greece’s current problems are unlikely to go away soon – whatever the outcome of the referendum Sunday on whether to accept the latest bailout proposals, which call for more austerity cuts to already razor-thin public services.
Gold & Silver
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