Opening Bell: 7.17.15

Europe moves to restore funding to Greece after bailout vote (Reuters)
Europe moved to re-open funding to Greece's stricken economy on Thursday after the parliament in Athens approved a new bailout program in a fractious vote that left the government without a majority. The European Central Bank increased emergency funding for Greek lenders, although capital controls will have to remain in place to avoid a run on the banks when they reopen on Monday. European Union finance ministers also approved 7 billion euros ($7.6 billion) in bridge loans to keep Greece afloat, allowing it to make a bond payment to the ECB next Monday and clear its arrears with the International Monetary Fund.

Fear of the Unknown Binds a Greek Deal With Few Believers (WSJ)
German Finance Minister Wolfgang Schäuble keeps repeating his assertion that Greece might be better off leaving the euro. Asked Thursday about his idea of a temporary euro exit, he told a radio station, “Perhaps it would be the better path for Greece.” Even as he asked his Parliament to swallow the accord, Greek Prime Minister Alexis Tsipras described it as “a difficult and bad agreement.”

Warren Pushes U.S. Regulators to Revisit Wall Street Swaps (Bloomberg)
Warren, a Massachusetts Democrat, and Representative Elijah Cummings, a Maryland Democrat, are asking financial regulators including the Federal Reserve and Federal Deposit Insurance Corp. for information about how last year’s easing of a key Dodd-Frank Act requirement exposes taxpayers to the risk of future bailouts. The two lawmakers said JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and Goldman Sachs Group Inc. provided insufficient responses to questions they sent earlier this year about the impact of the changes to the Dodd-Frank requirement that banks move certain types of swaps out of bank units that receive federal government benefits.

Hostess bringing deep fried Twinkies to the freezer aisle (NYP)
Hostess, run by Apollo Global Management and Metropoulos & Co., is telling lenders it plans to introduce frozen fried Twinkies and cake balls to its product portfolio, The Post has learned.

Spanish mayor institutes daily nap time for entire city (UPI)
Mayor Joan Faus Vitoria of Ador in Valencia declared 2 to 5 p.m. as the official time for the city's residents to take their afternoon siestas. The edict asks residents to keep quiet during the siesta hours and the mayor recommended children be kept inside to prevent noise from traveling into open windows.

The Fund Formerly Known as Vice Still Favors Guns, Booze and Sin (Bloomberg)
After trailing his benchmark for a second year, this asset manager is sticking to his guns. And cigarettes, and beer. Even casinos, despite a crackdown on corruption in China that sent Macau houses into a tailspin. Gerry Sullivan, who runs $238 million in what was formerly known as the Vice Fund, buys defense contractors, big tobacco, liquor and gambling. He calls them the four legs of his stool. That one of them fell off is no reason to panic, he says, after the fund handed investors a loss in the 12 months ended June.

Janet Yellen Supports Changes to Systemically Important Distinction (WSJ)
At issue is the $50 billion threshold set by the 2010 Dodd-Frank law at which a bank automatically qualifies for Fed supervision and regulation under a set of tougher capital, liquidity and other requirements such as participating in the Fed’s annual “stress test” exam. Regional banks above the threshold like Zions Bancorp, Huntington Bancshares Inc. and Regions Financial Corp. are fighting for that bar to be raised and Ms. Yellen’s remarks are the latest sign that they may eventually be successful in that pursuit.

FCC Set to Reject Dish Partners’ Spectrum Discounts (WSJ)
Federal regulators are poised to reject $3.3 billion in discounts sought by two small Dish partners during an airwaves auction earlier this year, people familiar with the matter said, dealing a blow to the satellite-TV operator, which has been aggressively accumulating spectrum despite not offering cellphone service.

Illinois fair: Dog-riding monkey races will go on despite protests (UPI)
Organizers of an Illinois county fair said the yearly Banana Derby -- a race involving monkeys riding on the backs of dogs -- will go on despite objections. Sandra Hart, a member of the Lake County Board, authored a letter signed by the majority of the board's members calling on the fair to cancel the derby, which is a traveling show that performs at multiple fairs around the country and has been part of the Lake County event for several years...Philip Dolci, promoter of the Banana Derby, said the three monkeys in the attraction -- only two of which race -- are treated well. He said the monkeys enjoy performing, especially a trick in which one of the primates gives out handshakes in exchange for a dollar bill. "His favorite trick is taking dollar bills. I mean, how would you abuse that animal, you know what I'm saying? We cook for them, we clean for them, my mom and wife make clothes for them," he said. "If I was doing something wrong, the people of Lake County wouldn't have brought their kids back for six years to see us. They say, 'We see the monkey every year.' They know the monkey's name. It's insanity, really."