IMF Says Greece Needs Even Deeper Debt Relief From Europe (Bloomberg)
The IMF now estimates Greece’s debt to peak at close to 200 percent of gross domestic product in the next two years. In its analysis released July 2, the Washington-based fund said nominal gross public debt was on track to reach about 170 percent of GDP by 2017.
IMF: Greece may need 30 years to recover (Reuters)
The IMF study said European countries would have to give Greece a 30-year grace period on servicing all its European debt, including new loans, and a dramatic maturity extension. Or else they must make annual transfers to the Greek budget or accept "deep upfront haircuts" on existing loans.
Tsipras Vies to Keep Support (WSJ)
The big question is whether the 40-year-old premier can maintain the backing of his own party and stay in office long enough to see the agreement completed—his toughest political test since he swept to power in January on an antiausterity ticket. Under pressure from European leaders who made clear they felt prepared for a Greek exit from the euro, Mr. Tsipras made an abrupt about-face, agreeing to public-spending cuts that were tougher than measures rejected by Greek voters in a July 5 referendum.
Hundreds of sex toys dangling from power lines in Portland, Oregon (Reuters)
The large white and bright orange dildos appear to have been strung together in pairs, and have prompted numerous reports to the Portland Office of Neighborhood Involvement, department spokeswoman Lisa Leddy said on Monday. A spokesman for public utility Portland General Electric said he did not believe the rubber products posed a fire hazard. In online forums, Portlanders posted photos of dildos swaying in the wind above a number of major commercial streets, and speculated about their origins. Portland resident Lucila Cejas Epple said she first encountered the phalluses at a neighborhood street fair over the weekend.
New York Stock Exchange System Failure Draws Attention to Staff Cuts (Dealbook)
ICE, which has grown into a juggernaut through a series of acquisitions, mostly of derivatives exchanges, is known for its relentless focus on cost-cutting and efficiency. But the reductions in New York have been under scrutiny because of the possibility that they left the exchange without enough experienced people to manage a crisis like the one it faced last Wednesday.
American Apparel investor Standard General sues Charney (Reuters)
Hedge fund Standard General LP has sued American Apparel Inc's ousted Chief Executive Dov Charney for the first time, the latest move in a bitter legal saga that began after he was fired in December. American Apparel suspended Charney six months before firing him, alleging misuse of company funds and a failure to stop a subordinate from posting false blog entries about former employees. The latest lawsuit, filed by American Apparel stakeholder Standard General on Monday, alleged that Charney was yet to fulfill promises made to the hedge fund and sought an injunction to stop his "meritless" and "destructive actions" against the firm.
Paulson Builds Stake in Syngenta to Support Monsanto Deal (Bloomberg)
Paulson & Co. has amassed a large number of shares in the Swiss pesticide company that’s trying to fend off a $45 billion takeover offer from U.S. rival Monsanto Co. and is supportive of a deal between the two, said the people, who asked not to be identified discussing private information.
Chinese hedge funds make up for lost time (NYP)
Hedge funds that rode China’s bull market for most of the year are big winners even after the country’s scary stock plunge. Despite steep losses in June and early July, five dedicated Chinese funds — most with a few hundred million dollars under management — still rank among the top 20 performers this year, according to a widely watched weekly ranking by HSBC. After losing 10.18 percent in the first three days of July, the $76 million Quam China Focus fund was the best performer on the HSBC list, gaining 34.92 percent through July 3.
Sinead O’Connor slams Kim’s Rolling Stone cover (NYP)
“What is this c–t doing on the cover of Rolling Stone,” she angrily posted to her Facebook on Tuesday about Kim Kardashian West’s recent Rolling Stones cover, adding that “Music has officially died.” The “Nothing Compares 2 U” singer continued her rant against the cover by remarking that Rolling Stone is to blame for having “murdered” music. “Simon Cowell and Louis Walsh can no longer be expected to take all the blame.” she wrote, “Bob Dylan must be f–king horrified.” At the end of her post she called a boycott against Rolling Stone magazine.