Opening Bell: Greece, Germany, Tabasco Sauce
Eurozone Pushes for New Proposal by Greece (WSJ)
Eurozone decision makers piled pressure on Greek Prime Minister Alexis Tsipras on Tuesday, warning that without a credible new proposal on reforms his country might have to abandon the euro. Not much time is left until Greece’s banks—closed for most business for over a week now—run out of cash, which would push the already suffering country deeper into recession and a possible exit from the currency.
Germany’s Power Polarizes (WSJ)
Under the glass Reichstag dome in Germany’s parliament last week, left-wing opposition leader Gregor Gysi lit into Chancellor Angela Merkel for saddling Greece with a staggering unemployment rate, devastating wage cuts, and “soup kitchens upon soup kitchens.” The chancellor, sitting a few steps away with a blank expression on her face, scrolled through her smartphone. Ms. Merkel’s power after a decade in office has become seemingly untouchable, both within Germany and across Europe. But with the “no” vote in Sunday’s Greek referendum on bailout terms posing the biggest challenge yet to decades of European integration, risks to the European project resulting from Germany’s rise as the Continent’s most powerful country are becoming clear.
IMF: U.S. Economy at Risk of Stalling If Rates Raised Too Soon (WSJ)
The IMF’s push for a delayed rate increase is at odds with the current signals Fed officials are sending for a move later in 2015. Last week’s job numbers bolstered the Fed’s plans to increase short-term rates in the months ahead.
Man Breaks Into Restaurant, Chugs Tabasco Sauce: Cops (AP)
A man is in hot water after allegedly stealing a bicycle, pitching it through a Berlin restaurant window, then entering and quaffing half a bottle of Tabasco sauce - telling authorities he was thirsty. Police spokesman Jens Berger said Tuesday the 34-year-old was intoxicated, but it wasn't clear why he went for the bottle of Tabasco to quench his thirst. He says the man may have mistaken it for a tiny bottle of liqueur, popular in Germany. Neighbors alerted police overnight after hearing the window smash. The man was arrested inside the restaurant. Berger says after telling police he had broken in because he was thirsty, he said all he wanted to do was sleep.
Shake Shack Shares Are Plunging After Morgan Stanley Said the Stock Was Far too Expensive (Bloomberg)
Shares of Shake Shack have been plunging since the bank downgraded the stock, saying that "any way you stack it ... SHAK is expensive."
We Tried to Spend $50 at 100 Montaditos. We Failed. (Bankruptcy Beat)
Here’s our Yelp review for dinner and drinks at the 100 Montaditos on Bleecker Street in Greenwich Village: Title: “Waaaay Too Much Quality for Waaaay Too Low a Price.” Body: “The food was way too inexpensive for how great it tasted, and the happy hour drinks were just too heavily discounted. And to boot, the manager was extremely accommodating and friendly to all the guests. Also, the location is awesome and the space is great. I’m not sure how this place is still in business.” Last sentence notwithstanding, that’s a five-star review. But for a company in bankruptcy, low-priced food and drinks at high-rent locations might not be the quickest way out of chapter 11. In fact, early in the bankruptcy case, a lawyer for embattled franchisees cited that business model as one of the reasons for the Spanish chain’s struggles since expanding into the U.S.
Men’s Shaving Start-Up Raises $75.6 Million (Dealbook)
Harry’s announced on Thursday that it had raised $75.6 million, its third big round in 18 months. The new money, led by Wellington Management, values the company at roughly $675 million before the new financing is taken into account, according to a person briefed on the matter who spoke on condition of anonymity.
Grizzly Bear Slams Basketball-Sized Rock Into Glass At Minnesota Zoo (AP)
A grizzly bear exhibit at the Minnesota Zoo is temporarily closed after one of the bears picked up a basketball-sized rock and shattered a barrier. Startled visitors stood on the other side as the bear repeatedly slammed the rock into a pane of glass Monday morning. Zoo animal collections manager Tony Fisher tells the Minneapolis Star Tribune the five-layer pane stayed in place "like a windshield." No one was hurt...Fisher isn't sure which of the three bears is responsible for busting one of pane's five layers. But he suspects it was Kenai, a nearly full-grown male who is "usually the clown out there."
