Greece Faces Euro Exit Unless Demands Accepted by Sunday (Bloomberg)
Europe has “a Grexit scenario prepared in detail,” European Commission President Jean-Claude Juncker said late Tuesday night, hours before Austrian Chancellor Werner Faymann said Greece’s Plan B is “another currency.” The European Union set a Sunday deadline to reach a deal with Greece on a rescue in exchange for austerity measures and economic reforms, while the country formally requested a new three-year bailout.
Tsipras Takes Defiant Tone, as Greece Submits New Loan Request (Dealbook)
In a defiant speech before the European Parliament, Prime Minister Alexis Tsipras of Greece said on Wednesday that his government was determined to reach a “viable agreement” with the country’s creditors. But he also insisted that any deal should include debt relief, and emphasized that the Greek crisis was essentially a European problem. “We want an agreement that will give a final end to the crisis and show there is light at the end of the tunnel,” Mr. Tsipras told the packed chamber in Strasbourg, France. But he said that a deal could not come at any price, noting that Greece had been “transformed into a laboratory for testing austerity over the past years.”
China Stock Sellers Frozen Out of 71% of Market (Bloomberg)
At least 1,331 companies have halted trading on mainland exchanges, freezing $2.6 trillion of shares, or about 40 percent of the country’s market capitalization. Another 747 fell by the 10 percent daily limit on Wednesday, making it all but impossible to find buyers at the prevailing price.
Judge rules local law can’t replace national bankruptcy code in Puerto Rico (NYP)
Hedge funds BlueMountain Capital and Franklin Templeton Investors sued Puerto Rico last summer after it passed a local law to skirt US bankruptcy law by specifically excluding Puerto Rico. A federal judge ruled that the local law could not supercede the US bankruptcy code to allow a bankruptcy filing, and a federal appeals judge affirmed the lower court’s decision on Tuesday. But in a nod to the growing political tension surrounding the debt situation, one of the judges said the bankruptcy law was unconstitutional. That law, said Judge Juan Torruella, is “just another example of disadvantage suffered by Puerto Rico,” which he said had a “colonial relationship” with the US.
Alabama man offering $10,000 to find him a girlfriend (HP)
Ren Lu You, 29, of Birmingham, said he created DateRen.com after going on 30 dates during the last 10 months that failed to result in a happy relationship. You's website has an entry form for people seeking the $10,000 prize to submit names, biographies and photos of potential girlfriends for You, a Harvard graduate who works as a private equity associate. He said the person who connects him with a woman who becomes his girlfriend for at least six months will receive the prize. "It's pretty simple," the site says. "I save a ton of time on finding romantic prospects and going on bad dates. You make a bunch of money for something you might have done for a friend, just for fun."
Citibank expects approval to open bank in Vietnam (Reuters)
The U.S. lender said the State Bank of Vietnam (SBV) governor would grant it a letter of acceptance, in principle, in Washington on Wednesday, witnessed by Communist Party chief Nguyen Phu Trong, who is on a landmark visit to the United States.
California Pot Growers Raid Waterways (WSJ)
Cannabis plants grown outdoors need as much as six gallons of water a day, or double that required by tomatoes, according to federal estimates. In the case of 7,376 pot plants seized by sheriff’s deputies from a farm last year in Shasta County on June 10, that equated to as much as 44,000 gallons a day, or what the Environmental Protection Agency estimates is enough to meet the average daily needs of 110 families.
The Tax Inversion Wave Keeps Rolling (WSJ)
Having squeaked through where others failed— AbbVie Inc., for example, abandoned its $54 billion takeover of Shire PLC in the wake of the new rules—Horizon Pharma PLC is now pressing its tax advantages through deal making, following a well-worn path laid by other corporate inverters before it.
Maine fisherman catches extremely rare two-colored lobster (HP)
The lobster has a half-orange tail and one orange claw but an all-brown body, making it unique even from regular split-colored lobsters that are typically colored brown on one side and orange on the other. "There's probably quite a few genetic mutations that created that type of pattern," Adam Baukus, scientist at the Gulf of Maine Research Institute, told NECN. The University of Maine's Lobster Institute estimates the chances of finding a split-colored lobster are 1 in 50 million, making it the second-rarest lobster behind the colorless albino lobster, which has a 1 in 100 million chance of being discovered.