Most Clicked CFA Institute Financial NewsBrief Stories


1. Greece shuts banks, stock market

CFA Institute Financial NewsBrief | Jun 29, 2015

The Greek government has imposed capital controls, including closure of banks and the stock market, after the European Central Bank refused to increase emergency liquidity that has prevented the financial system from collapse. A referendum Sunday will decide whether Greece accepts an offer from international creditors, Prime Minister Alexis Tsipras says. The New York Times (tiered subscription model) (28 Jun.) Kathimerini (Greece) (28 Jun.) EuroNews.com (France) (28 Jun.)


2. Greece officially defaults on IMF loan

CFA Institute Financial NewsBrief | Jul 01, 2015

The International Monetary Fund has confirmed Greece failed to make a €1.55 billion payment due Tuesday. Spokesman Gerry Rice says the IMF board has been told Greece is in arrears. Concerns about fallout from a Greek default have rattled financial markets for days. Bloomberg (30 Jun.) CNN (30 Jun.) Reuters (01 Jul.) The New York Times (tiered subscription model) (30 Jun.)


3. Greeks to vote on rescue as default looms

CFA Institute Financial NewsBrief | Jun 30, 2015

Greeks are being encouraged by European leaders to vote yes in a referendum on the rescue of their nation. However, Prime Minister Alexis Tsipras is urging voters to reject the rescue and seek a better deal. European authorities are also telling voters the referendum is a decision on Greece's eurozone membership. Greece has confirmed it will not make a €1.55 billion loan repayment due Tuesday to the International Monetary Fund. Financial Times (tiered subscription model) (30 Jun.) Reuters (29 Jun.) The Wall Street Journal (tiered subscription model) (29 Jun.) MarketWatch (29 Jun.)


4. Central banks have no way to avert next crisis, BIS says

CFA Institute Financial NewsBrief | Jun 29, 2015

Central banks have exhausted options in coping with the financial crisis and have no tools left for the next one, according to the Bank for International Settlements' annual report. Central banks have fallen into a trap by lowering interest rates to create booms, then further reducing rates when booms turn to busts, the BIS says. Bank for International Settlements (6/28) The Telegraph (London) (tiered subscription model) (28 Jun.)


5. Attention turns to Greek payment due July 20

CFA Institute Financial NewsBrief | Jul 01, 2015

Market participants are focusing on €3.49 billion Greece owes the European Central Bank and other EU institutions. The payment is due July 20, and failure to pay could trigger cross-default clauses. Reuters (30 Jun.)


6. EU awaits outcome of Greek referendum, Dijsselbloem says

CFA Institute Financial NewsBrief | Jul 02, 2015

The EU has halted negotiations with Greece regarding financial aid. "There will be no talks in the coming days," Eurogroup President Jeroen Dijsselbloem said. "We will simply await now the outcome of the referendum on Sunday." Greek Prime Minister Alexis Tsipras has called on voters to reject tough terms for aid and says EU leaders are trying to force the nation out of the eurozone. The Council of Europe has raised concerns about the referendum, including a short notice and the complexity of questions. The Washington Post (tiered subscription model) (01 Jul.) Financial Times (tiered subscription model) (02 Jul.) Kathimerini (Greece) (01 Jul.) The Wall Street Journal (tiered subscription model) (01 Jul.)


7. Commentary: The illusion of liquidity

CFA Institute Financial NewsBrief | Jun 29, 2015

Concern is growing that asset managers have created the appearance of liquidity in markets that are vulnerable to liquidity disappearing during times of stress, David Oakley writes. Financial Times (tiered subscription model) (28 Jun.)


8. China acts after stock market plunges

CFA Institute Financial NewsBrief | Jun 29, 2015

The Chinese central bank has reduced reserve ratios and interest rates after a sharp stock market downturn. The ratio has been cut 50 basis points for banks serving small businesses, agriculture and rural areas and 300 basis points for finance companies. The interest rate for one-year loans has been lowered 25 basis points, to 4.85%. Xinhuanet.com (China) (27 Jun.) South China Morning Post (Hong Kong) (free registration) (28 Jun.)


9. Key provision of U.S. health care law upheld by Supreme Court

CFA Institute Financial NewsBrief | Jun 26, 2015

The U.S. Supreme Court voted 6-3 to reject the last major legal challenge to the Affordable Care Act, President Barack Obama's signature achievement. If the court had struck down insurance subsidies for health care, 6 million people could have lost coverage. The Washington Post (tiered subscription model) (25 Jun.) Los Angeles Times (tiered subscription model) (25 Jun.) Politico (25 Jun.)


10. Puerto Rico can't pay its debt, governor says

CFA Institute Financial NewsBrief | Jun 29, 2015

Puerto Rican Gov. Alejandro Garcia Padilla said the commonwealth won't be able to pay approximately $72 billion of debt. Government officials were working with creditors of the electric authority to avert a default on a $416 million payment due Wednesday. The New York Times (tiered subscription model) (28 Jun.)