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<ul class="summary-list"><li><keyword id="6368079" type="UNKNOWN" weightage="60" keywordseo="Crypto-assets">Crypto assets</keyword> shouldn't be considered a "real investment," European Central Bank Vice President <keyword id="836500" type="PERSON" weightage="60" keywordseo="Luis-de-Guindos">Luis de Guindos</keyword> told <a href="https://www.bloomberg.com/news/articles/2021-05-19/ecb-s-guindos-says-crypto-assets-aren-t-a-real-investment?sref=GUP2BhaG">Bloomberg</a> on Wednesday. </li><li>The assets have weak fundamentals and their value is difficult to assess, he said. </li><li>The <keyword id="60971" type="CITY" weightage="60" keywordseo="ECB">ECB</keyword> called <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> "risky and speculative" in its latest Financial Stability Report. </li></ul><p>Crypto assets shouldn't be considered as a "real investment" because assessing their value is difficult, the vice president of the European Central Bank told <a href="https://www.bloomberg.com/news/articles/2021-05-19/ecb-s-guindos-says-crypto-assets-aren-t-a-real-investment?sref=GUP2BhaG">Bloomberg</a> on Wednesday. His came as the price of bitcoin and other <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> were crashing.</p><p>"When you have difficulties to find out what are the real fundamentals of an investment, then what you're doing is not a real investment," ECB VP Luis de Guindos said during an interview on Bloomberg TV. "This is an asset with very weak fundamentals and that is going to be subject to a lot of volatility."</p><p>Guindos' appearance coincided with the release of the ECB's Financial Stability Report in which it said the surge in bitcoin prices "has eclipsed previous financial bubbles like the 'tulip mania' and the South Sea Bubble in the 1600s and 1700s."</p><p>Cryptocurrency prices sank Wednesday after the People's Bank of <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-rally-china-bans-banks-crypto-business-btc-2021-5-1030442848?utm_source=markets&amp;utm_medium=ingestgest">said digital tokens can't be used as a payment form </a>by financial institutions. <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">Bitcoin</a> tumbled as much as 31% on Wednesday and slid to lows around $30,000 that haven't been seen since the start of 2021. <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest">Ether</a>, the token on the <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword> platform, fell as much as 44% to trade under $2,000.</p><p>Bitcoin has also been under pressure in recent sessions after <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> CEO Musk said the electric vehicle maker would stop taking bitcoin as payment because of the "insane" amount of energy needed to create new coins and secure the network.</p><p>The ECB in its report likened the surge in bitcoin's price to the speculative run-up in prices of tulips in Holland in the 17th century, as well as the 1720 financial crash centered on British investors in the South Sea Company which engaged in slave trading.</p><p>Bitcoin's price volatility makes it "risky and speculative, while its exorbitant carbon footprint and potential use for illicit purposes are grounds for concern," the ECB said.</p><p>But financial stability risks from crypto assets "appear limited at present," as they are still not widely for payments and as euro-area institutions have little exposure to crypto-linked financial instruments, the central bank said.</p>

Crypto assets are not a 'real investment' because their fundamentals are weak, says top ECB official

<ul class="summary-list"><li>Global stocks fell Friday after Fed chief <keyword id="11918133" type="UNKNOWN" weightage="60" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword> said a 50-basis-point rate hike is on the table for May.</li><li>Nomura said it now expects the central bank to raise interest rates by 75 basis points in June and July.</li></ul><p>Global stocks edged lower Friday, as the prospect of the Federal Reserve bringing in bigger interest-rate hikes than expected dampened earnings-driven optimism among investors.<br /><br />Fed Chair Jerome Powell on Thursday signaled the central bank's next hike could be double the typical quarter-percentage-point rise. "I would say 50 basis points will be on the table for the May meeting," he said in an International Monetary Fund debate.</p><p>He also said investors anticipating a series of half-percentage-point hikes were "reacting appropriately." </p><p>Futures on the <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones</a> and <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> fell 0.3%, and <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq</a> futures were down 0.4% as of 6:00 a.m. ET, suggesting a lower start to trading later in the day.</p><p>The <a href="https://markets.businessinsider.com/index/msci-world">MSCI World index</a>, which tracks <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> in several developed and emerging nations, lost 0.5%.</p><p>San Francisco Fed President Mary Daly also suggested a <a href="https://finance.yahoo.com/news/san-francisco-fed-president-mary-daly-yahoo-finance-transcript-april-2022-201253030.html">half percentage point rate increase</a> on Thursday. The remarks from Fed officials hit the positive sentiment from corporate earnings this week, and <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-indexes-treasury-fed-rate-hike-powell-2022-4">US stocks turned sharply lower</a> Thursday. </p><p>"The incipient recovery rally on Wall Street overnight ran into a brick wall of Fed speakers, notably Jerome Powell, who was very hawkish," Jeffrey Halley, a senior market analyst at Oanda, said in a note.</p><p>Powell noted it's difficult for the Fed to tame inflation without risking an economic downturn.</p><p>"Our goal is to use our tools to get demand and supply back in synch… and do so without a slowdown that amounts to a recession," he said. "It is going to be very challenging."</p><p>His hawkish comments lifted US bond yields and the dollar. The yield on the <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year Treasury note</a> moved 3 basis points higher to 2.94%, while yield on the <a href="https://markets.businessinsider.com/rates/u-s--rates-30-years">30-year Treasury bond</a> rose 2 basis points to 2.95%. The <a href="https://markets.businessinsider.com/index/us-dollar-index">dollar index</a> rose 0.4% to 100.99.</p><p><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was about flat at $1,948 an ounce.</p><p>Nomura revised its outlook and now sees the <a href="https://www.bloomberg.com/news/articles/2022-04-22/nomura-now-expects-fed-to-hike-75-basis-points-in-june-and-july">Fed raising interest rates by 75 basis points</a> at its June and July meetings, after the expected 50 basis-point hike.</p><p>The Fed is about to enter a blackout period ahead of its 3-4 May meeting, meaning officials are barred from making comments until it's over. Given that, US PCE inflation data will be closely watched next week, according to Christopher Dembik, Saxo Bank's head of macro analysis.</p><p>Earnings season will continue to be in focus. <a href="https://markets.businessinsider.com/stocks/vz-stock">Verizon</a>, <a href="https://markets.businessinsider.com/stocks/axp-stock">American Express</a>, and <a href="https://markets.businessinsider.com/stocks/slb-stock">Schlumberger</a> are due to report quarterly results Friday.</p><p>Oil prices looked set to end the week 4% lower, partly driven by concerns the outlook for demand in China, which has imposed tough measures to contain coronavirus outbreaks. Meanwhile, outages in Libya and sanctions on Russia have hit supply.</p><p><a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent crude futures</a> fell 1.4% to $106.41, and <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> dropped 1.5% to $102.26 a barrel.</p><p>Treasury Secretary Janet Yellen <a href="https://mondovisione.com/media-and-resources/news/transcript-of-press-conference-from-us-secretary-of-the-treasury-janet-l-yellen/">urged the European Union to be cautious</a> about imposing a complete ban on Russian energy exports, saying Thursday the move could "clearly raise global oil prices." </p><p>In Europe, ECB vice president Luis de Guindos told <a href="https://www.bloomberg.com/news/articles/2022-04-21/ecb-s-guindos-sees-qe-ending-in-july-paving-way-for-rate-hike">Bloomberg</a> Thursday that the bank's bond purchases should be ended in July, and a rate increase would be possible the same month.</p><p>A slowdown in Britain's retail sector showed UK consumer confidence has fallen to the <a href="https://12ft.io/proxy?q=https%3A%2F%2Fwww.ft.com%2Fcontent%2F113d93fb-add5-46e2-a482-114cab7b00ea">lowest since the 2008 recession.</a></p><p><a href="https://markets.businessinsider.com/index/ftse_100">London's FTSE 100</a> fell 0.6%. The pan-European <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Euro Stoxx 600</a> dropped 1.1%, and <a href="https://markets.businessinsider.com/index/dax">Frankfurt's DAX</a> lost 1.5%.</p><p>Monetary policy concerns spilled over into Asian markets, already anxious about a deeper economic slowdown in China, which brought in new strict COVID-19 measures Friday.</p><p>Tokyo's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei</a> lost 1.6%. Hong Kong's <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng</a> fell 0.2%, but the <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> rose 0.2%. </p><p><strong>Read More:</strong> <em><a href="https://www.businessinsider.com/netflix-stock-what-is-next-after-crash-earnings-price-prediction-2022-4">4 market experts analyze what's next for Netflix and its shares as they continue to plummet — including a researcher who thinks the stock has 33% more downside</a></em></p>

Global stocks slip and oil dips after Fed Chair Powell signals bigger-than-usual rate hikes are on the cards

<ul class="summary-list"><li><keyword id="10473418" type="UNKNOWN" weightage="60" keywordseo="cathie-wood">Cathie Wood</keyword> said emerging market <keyword id="46318" type="ORGANIZATION" weightage="60" keywordseo="central-banks">central banks</keyword> may start adding <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> to their holdings.</li><li>But central bankers around the world have, by and large, been very pessimistic about crypto.</li><li>From Argentina to the UK, central bank bosses have warned the assets are highly risky.</li></ul><p>Superstar investor Cathie Wood said on Thursday central banks in emerging <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> could add <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> to their balance sheets to protect against the effects of deflation as the economic boom cools.</p><p>She <a href="https://www.coindesk.com/ark-cathie-wood-crash-esg-movement">told CoinDesk's Consensus event</a> that emerging market central banks - and maybe even the eurozone - could well start holding hard assets like bitcoin "because they know their currencies are going down, and that they will be under attack as reserves go down."</p><p>Yet central bankers have by and large been dismissive of crypto, including those in emerging economies such as India.</p><p>Hours before Wood's comments, Japan's central bank chief expressed doubts about bitcoin's uses and called the asset "speculative."</p><p>"Most of the trading is speculative and volatility is extraordinarily high," Bank of Japan Governor Haruhiko Kuroda <a href="https://www.bloomberg.com/news/articles/2021-05-28/kuroda-joins-chorus-of-central-bankers-casting-doubt-on-bitcoin?srnd=premium-europe">told Bloomberg</a> on Thursday. "It's barely used as a means of settlement."</p><p>This is what other central bankers think about cryptocurrencies:</p><p><strong>Reserve Bank of India Governor Shaktikanta Das</strong></p><p>Das <a href="https://www.businessinsider.com/indian-central-bank-has-major-concerns-over-cryptocurrencies-governor-das-2021-2">said in February</a> he was concerned that cryptocurrencies could threaten financial stability in India.</p><p>He told CNBC TV-18 the central bank had told the government about these "major concerns."</p><p>India's central bank moved to ban banks from handling cryptocurrency transactions, although the Supreme Court later struck down the rule in March. Asia's third-largest economy has considered banning cryptocurrencies altogether.</p><p><strong>People's Bank of China Governor Li Bo</strong></p><p>Li <a href="https://markets.businessinsider.com/currencies/news/bitcoin-china-softens-tone-calls-btc-investment-alternative-crypto-2021-4-1030319057">said in April</a> bitcoin is an "investment alternative," which encouraged many in the crypto community.</p><p>"We regard bitcoin and stablecoin as crypto assets ... These are investment alternatives," he said at a panel hosted by CNBC. Yet he said they "are not currency per se" and added that he had doubts about their role in the real economy.</p><p>However, the PBoC has a history of acting tough on crypto. It <a href="https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/">renewed its crackdown</a> on banks accepting cryptocurrencies as payments in May, triggering a plunge in bitcoin.</p><p><strong>Central Bank of Argentina</strong></p><p>The central bank in Argentina - which is a country prone to currency crises - warned its citizens earlier in May about the risks of cryptocurrencies, in a joint statement with the securities regulator.</p><p>It said crypto assets aren't legal tender and "can cause significant financial losses for its holders, including the possibility of losing the totality of the resources invested."</p><p><strong>Bank of England Governor Andrew Bailey</strong></p><p>Bailey <a href="https://markets.businessinsider.com/currencies/news/cryptocurrencies-bitcoin-dogecoin-risks-lose-money-bank-of-england-andrew-bailey-1030396958">had words of warning</a> on cryptocurrencies at the BoE's latest monetary policy meeting. "I would only emphasize what I've said quite a few times in recent years. I'm afraid they have no intrinsic value," he said.</p><p>"Now that doesn't mean to say people don't put value on them, because they can have extrinsic value. But they have no intrinsic value."</p><p>Bailey added: "I'm sorry, I'm going to say this very bluntly again: buy them only if you're prepared to lose all your money."</p><p>The Governor said later in May the rise in bitcoin was a warning sign. "You've probably seen all the stories about the price of bitcoin," he said at a Bank of England event.</p><p>"That's a warning sign. People are looking for investment opportunities. Buy it if you want, but it has no intrinsic value."</p><p><strong>Federal Reserve Chair Jerome Powell</strong></p><p>Powell made a similar point to Kuroda in April, saying bitcoin and cryptocurrencies are for speculation.</p><p>"They're really vehicles for speculation," he told the Economic Club of New York. "They're not really being actively used as payments."</p><p>In March he compared cryptocurrencies to gold. "They're highly volatile and therefore not really useful stores of value and they're not backed by anything," <a href="https://markets.businessinsider.com/currencies/news/bitcoin-volatile-dollar-cryptocurrencies-digital-currency-federal-reserve-jerome-powell-2021-3-1030233742">Powell said</a> at a Bank for International Settlements event.</p><p>"It's more a speculative asset that's essentially a substitute for gold, rather than for the dollar."</p><p><strong>European Central Bank President Christine Lagarde</strong></p><p>Lagarde <a href="https://www.businessinsider.com/christine-lagarde-central-banks-unlikely-to-hold-bitcoin-soon-2021-2">said</a> she doesn't think bitcoin is a real currency - a view shared by most central bankers - in February, adding that central banks would not start holding cryptocurrencies.</p><p>"It's very unlikely - I would say it's out of the question," Lagarde said at a virtual event hosted by The Economist.</p><p>She had been even more downbeat in January, saying bitcoin "is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity."</p><p>The ECB boss called for more regulation that "has to be applied and agreed upon… at a global level."</p><p><strong>ECB Vice President Luis de Guindos</strong></p><p>Lagarde's deputy expressed similar skepticism towards cryptocurrencies in May, saying bitcoin isn't a real investment.</p><p>"When you have difficulties to find out what are the real fundamentals of an investment, then what you're doing is not a real investment," Guindos <a href="https://www.bloomberg.com/news/articles/2021-05-19/ecb-s-guindos-says-crypto-assets-aren-t-a-real-investment">told Bloomberg TV</a>. "This is an asset with very weak fundamentals and that is going to be subject to a lot of volatility."</p><p>However, the ECB said in its Financial Stability Review in May bitcoin does not pose much of a risk to the financial system.</p><p><strong>Danmarks Nationalbank Governor Lars Rohde</strong></p><p>Rohde stuck to the central banker line on Thursday, <a href="https://www.bloomberg.com/news/articles/2021-05-27/cryptocurrencies-can-be-ignored-as-speculative-fad-rohde-says">telling Bloomberg</a> that bitcoin is "a very speculative asset at best."</p><p>He said: "There is no stability and no guarantee from any side about the value of cryptocurrencies." Rohde added that he's "tempted to ignore" cryptos.</p>

Cathie Wood says central banks might add crypto to their balance sheets. Here's the list of bitcoin-skeptic central bankers who think otherwise.

<ul class="summary-list"><li>Europe could lose 15 million jobs without the approval of new equity support, the <keyword id="6355408" type="DEFINITION" weightage="60" keywordseo="imf">IMF</keyword> said Tuesday.</li><li>Loans helped at the start of the pandemic, but firms now need cash aid, the organization added.</li><li>A mix of public and private support worth around 2% to 3% of GDP would fill the economic hole, the IMF said.</li></ul><p>Fiscal relief saved European governments from an even worse COVID-19 recession, but failure to approve additional support could plunge the continent into new economic pain, the <keyword id="6366068" type="ORGANIZATION" weightage="60" keywordseo="international-monetary-fund">International Monetary Fund</keyword> said Tuesday.</p><p>The IMF projects that Europe stands to lose 15 million jobs unless authorities roll out new equity support. Liquidity bolstered by central banks gave European firms easy access to cash and prevented widespread bankruptcies at the start of the pandemic. But today's problems lie on the equity side of the equation, with businesses' debts worryingly exceeding their assets, according to the IMF.</p><p>Action from the public and private sectors is needed to extend a critical bridge for European firms, the organization said. Committing about 2% to 3% of GDP to equity support can ensure robust firms will avoid insolvency until the broader <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> rebounds, the IMF added.</p><p>"Healthier firms will create more jobs," Laura Papi and Alfred Kammer, director of the IMF's European Department, said in a Tuesday <a href="https://blogs.imf.org/2021/03/02/staying-afloat-new-measures-to-support-european-businesses/">blog post</a>. "Upskilling, training, and job search programs should help displaced workers find new jobs in sectors that are expanding."</p><p>New support should solely focus on businesses that were solvent before the pandemic, they added. While public support is estimated to have addressed 60% of firms' liquidity problems, the proportion of insolvent businesses is expected to have grown by six percentage points through the health crisis.</p><p>Losing 15 million payrolls would be a massive setback for the still-struggling European economy. By comparison, the US is still down 10 million jobs after its own labor-market recovery stagnated through the winter. European countries and the US already racked up unprecedented debts with relief programs earlier in the pandemic. The US largely focused on helping the newly unemployed, while European countries including Denmark and the UK <a href="https://markets.businessinsider.com/news/stocks/europe-fight-coronavirus-pay-workers-wages-plan-economy-stay-home-2020-3-1029031212">paid workers to stay at home</a>.</p><p>Striking the right balance between public and private support is key. The public sector isn't well equipped to "assess the viability of a large number of small businesses," the team said, adding public support is "more attractive for bad than good firms." Targeting support for the businesses that need it most is then critical to avoid wasting government funds, the IMF said.</p><p>Banks can then fill in the gaps. Private firms know their clients and their business plans best, and incentivizing private investors to lend a hand helps avoid the moral hazard associated with public support, the IMF said.</p><p>Providing the right support to the right businesses won't just protect millions of jobs. Healthier businesses create more openings, the team said. Investment in support programs for the unemployed can further fill in gaps in the EU's <keyword id="409455" type="PERSON" weightage="60" keywordseo="labor-market">labor market</keyword>, they added.</p><p>"Upskilling, training, and job search programs should help displaced workers find new jobs in sectors that are expanding," the IMF said. "This course of action will ensure a strong and lasting recovery after the pandemic."</p><p>The organization's warning comes as Europe braces for a possible double-dip recession. Luis de Guindos, vice president of the European Central Bank, said Tuesday that first-quarter growth in the region is set to be "relatively weaker than expected." Second-quarter GDP could also come in below estimates, he said. The EU could then see a "noticeable rebound in activity" if vaccinations trend as planned.</p>

Europe risks losing 15 million jobs if new economic support isn't approved, IMF says

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Alkis Konstantinidis</span></p><p class="caption">Two revellers are seen amid flare smoke as they celebrate "Ash Monday" by participating in a colourful "flour war", a traditional festivity marking the end of the carnival season and the start of the 40-day Lent period until the Orthodox Easter, in the port town of Galaxidi, Greece.</p></div><p></p></div></div>Here is what you need to know. </p><p><strong><a href="http://www.businessinsider.com/european-parliament-brexit-resolution-association-agreement-single-market-2018-2?r=UK&amp;IR=T">The European Parliament will call for Britain to have "privileged" single market access after Brexit</a>. </strong>The Parliament wants the EU to negotiate an "association agreement" which could give Britain "privileged" single market access and membership of EU agencies.</p><p><strong><a href="http://www.businessinsider.com/spanish-economy-minister-luis-de-guindos-to-be-appointed-ecb-vice-president-2018-2?r=UK&amp;IR=T">Mario Draghi is getting a new right hand man</a>. </strong>Euro zone finance ministers are set to choose Spanish Economy Minister Luis de Guindos as the new vice president at the European Central Bank, a move likely to boost the chances of a German becoming head of the European Central Bank next year, Reuters says.</p><p><strong><a href="http://markets.businessinsider.com/currencies/btc-usd">Bitcoin is back above $11,000</a>. </strong>The cryptocurrency trades up about 2% near $11,400 a coin as trade presses higher for the fifth straight day and 10th in the last 11.</p><p><strong><a href="http://www.businessinsider.com/bitcoin-brilliant-scam-says-paul-singer-elliott-management-2018-2">Paul Singer's Elliott Management says cryptocurrencies are "one of the most brilliant scams in history."</a></strong>"FOMO (fear of missing out) has solidly trumped WTHIT (what the hell is this??)," the $34 billion hedge fund wrote in a fourth-quarter letter to clients.</p><p><strong><a href="http://www.businessinsider.com/sp-global-ratings-on-cryptocurrency-contagion-risk-to-banks-2018-2?r=UK&amp;IR=T">S&amp;P: Warnings that cryptocurrency could crash the global financial system are "much ado about nothing."</a> </strong><span>"In our opinion, in its current version, a cryptocurrency is a speculative instrument, and a collapse in its market value would be just a ripple across the financial services industry, still too small to disturb stability or affect the creditworthiness of banks we rate," credit analyst Mohamed Damak and his team wrote.</span></p><p><strong><a href="http://www.businessinsider.com/evan-spiegel-sells-50-million-in-snap-stock-2018-2">Snap CEO Evan Spiegel sells some stock</a>. </strong>Spiegel sold $50 million of Snap stock last week, marking his first share sale since his company went public a year ago, a Securities and Exchange Commission filing showed. </p><p><strong><a href="http://www.businessinsider.com/deutsche-bank-to-cut-up-to-500-trading-and-investment-banking-jobs-2018-2?r=UK&amp;IR=T">Layoffs are coming at Deutsche Bank</a>. </strong>The German bank plans to cut up to 500 trading and investment banking jobs following three years of steep losses, according to multiple reports.</p><p><strong><a href="http://www.businessinsider.com/kfc-shuts-750-uk-stores-in-chicken-logistics-crisis-2018-2?utm_content=buffer87bd8&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer&amp;r=UK&amp;IR=T">750 KFCs in Britain are closed because of a chicken logistics crisis</a>. </strong>More than 80% Britain's KFC locations are temporarily closed <span>after a change in food distributors led to a nationwide chicken shortage for the company.</span> </p><p><strong><a href="http://markets.businessinsider.com/indices">Stock markets around the world trade mixed</a>. </strong>Japan's Nikkei (-1%) lagged in Asia and Germany's DAX (+0.12%) clings to gains in Europe. The S&amp;P 500 is set to open down 0.6% near 2,716.</p><p><strong><a href="http://markets.businessinsider.com/earnings-calendar">Earnings reports keep coming</a>. </strong>Domino's Pizza, Home Depot, and Walmart report ahead of the opening bell.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/elon-musk-explains-spacex-falcon-heavy-central-core-crash-landing-2018-2">Elon Musk explains the one thing that went wrong with SpaceX's Falcon Heavy flight</a></h3>        <div>                    </div>    </div>

10 things you need to know before the opening bell

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Spanish finance minister Luis De Guindos just said that a <a href="http://www.reuters.com/article/2015/03/02/eurozone-greece-spain-idUSS8N0VR00420150302">€30-50 billion ($33.7 - $56.1 billion) rescue deal is being negotiated for Greece</a>, according to Reuters.</p><p>That's the first we've heard about the details of a potential third bailout since the Eurogroup (all of Europe's finance ministers) <a href="http://uk.businessinsider.com/greece-europe-reach-deal-2015-2">made a deal with Greece on February 20</a> which will keep the country funded for four months.</p><p>Reuters reports that "<span>more flexible conditions" will be part of the plan, citing de Guindos, but without any specifics.</span></p><p>Tensions are running high between Greece, Spain and Portugal. The latter two countries have conservative governments, and their own Syriza-like anti-austerity movements to deal with. In Spain, left-wing Podemos are regularly leading in polls for December's general election.</p><p>Over the weekend Greek finance minister Yanis Varoufakis said that there was an "<a href="http://openeurope.org.uk/daily-shakeup/greece-seeks-renegotiate-bond-payments-ecb/">axis of powers</a>" aligned against the country's attempts to scrap its bailouts, naming Spain and Portugal and invoking World War Two-era language (both countries had fascist governments despite remaining neutral during the war).</p><p>Greece's government still faces a major struggle to satisfy both Europe's finance ministers and its own party, which seems to be less satisfied with Athens' negotiating stance after barely more than a month in power. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/largest-ice-glacier-calving-filmed-2015-1">This Video Of The Largest Breakage Of Ice From A Glacier Ever Filmed Is Absolutely Frightening</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NqbHJucjpzcqR3obKs3FqeMQRi8yolxr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Greece is negotiating a third bailout of up to €50 billion

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Greek finance minister Yanis Varoufakis is not having a good start to the week. </p><p>According to the Financial Times, Varoufakis is "<a href="http://www.ft.com/cms/s/0/ccd73f38-ec2f-11e4-8604-00144feab7de.html#axzz3YV13ay00">increasingly isolated</a>," and Eurogroup chief Jeroen Dijsselbloem is contacting Prime Minister Alexis Tsipras directly to try to negotiate, bypassing the finance ministry. </p><p>At the Eurogroup summit in Riga that finished last week, Greece had hoped to finalise a €7.2 billion ($7.8 billion, £5.16 billion) bailout tranche. However, Athens seems nowhere near a mutually acceptable agreement with its European creditors.</p><p>Spanish finance minister Luis de Guindos even broke protocol by <a href="http://www.bloomberg.com/news/articles/2015-04-26/the-rumble-in-riga-how-the-eu-lost-patience-with-varoufakis">talking to Bloomberg about the events</a> of the meeting:</p><p style="padding-left: 30px;">"All the ministers told him: this can't go on," Spain's Luis de Guindos said the following day. "The feeling among the 18 was exactly the same. There was no kind of divergence." The others who provided an account of the meeting in interviews asked not to be named, citing the privacy of the talks.</p><p>Varoufakis is rapidly becoming the Mario Balotelli of European finance ministers. Over the weekend he tweeted a Roosevelt quote: "<a href="https://twitter.com/yanisvaroufakis/status/592264336107806720">They are unanimous in their hate for me; and I welcome their hatred</a>," which seems like a slightly wordier version of Balotelli's more succinct "<a href="https://twitter.com/Birdyword/status/592615226903769088">WHY ALWAYS ME</a>". </p><p>Analysts are pretty much united on how the situation looks. <span style="line-height: 1.5em;">Here's Deutsche Bank's Jim Reid early Monday:</span></p><p style="padding-left: 30px;">In terms of the latest on Greece key EU stakeholders are still in a deadlock after the meeting at Riga last Friday. Indeed there are also signs that Greek finance minister Yanis Varoufakis is increasingly being isolated both in Brussels and in Athens which has prompted officials to bypass the finance minister in upcoming debt talks.</p><p>And here's Daiwa Capital Markets' Chris Scicluna:</p><p style="padding-left: 30px;">The pressure on the Greek government to speed up the formulation of acceptable fiscal and structural reforms intensified following the reported "hammering" Varoufakis received at Friday's Eurogroup meeting.</p><p>And here's Michael Every at Rabobank: </p><p style="padding-left: 30px;">The news-flow over the weekend itself was already notable regarding Greece, with Eurozone finance ministers lashing out at their Greek counterpart as a "time-waster"; to which Mr. Varoufakis used Twitter to quote F.D. Roosevelt's response to those who opposed his New Deal during the Great Depression, "They are unanimous in their hatred for me; and I welcome their hatred." Clearly, tensions on that front continue to rise as Greece's looming payments to creditors come due.</p><p>According to a variety of estimates, without the bailout deal Greece <a href="http://www.businessinsider.com/when-does-greece-actually-run-out-of-money-2015-4">may have until June or July</a> before it runs out of cash to meet debt repayments. Whether Varoufakis makes it to that point in the summer in his current position is an open question right now. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/maps-big-countries-world-geography-russia-greenland-antarctica-2015-3">9 animated maps that will change the way you see the world </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xnMTYzbTrjVXj7b6Ir8JPwdraRakXLY4" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The world is turning against Yanis Varoufakis 

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>Amid high-level brinkmanship by Greece's finance minister Yanis Varoufakis, the euro zone officials negotiating&#xa0;the next tranche of bailout funds to cash-strapped Athens are getting frustrated.&#xa0;<p>Earlier this week,&#xa0;a participant of the April 24 meeting<span>&#xa0;in Riga, Latvia,</span>&#xa0;<a href="http://www.bloomberg.com/news/articles/2015-04-24/varoufakis-said-to-take-hammering-from-frustrated-euro-ministers">called</a>&#xa0;Varoufakis was&#xa0;a "time-waster, a gambler, and&#xa0;an amateur." And now <span>eight participants <a href="http://www.bloomberg.com/news/articles/2015-04-26/the-rumble-in-riga-how-the-eu-lost-patience-with-varoufakis">talked to.</a></span><a href="http://www.bloomberg.com/news/articles/2015-04-26/the-rumble-in-riga-how-the-eu-lost-patience-with-varoufakis">Bloomberg</a> about how the game theorist's brash style made the talks maddening.</p><p><span>"All the ministers told him: this can't go on," Spanish politician Luis de Guindos told Bloomberg. "The feeling among the 18 was exactly the same. There was no kind of divergence."&#xa0;</span></p><p><span><span>Varoufakis, for his part, sees the political turmoil differently: He tweeted a line from&#xa0;</span></span><span style="font-size: 15px; line-height: 1.5em;">US President Franklin D. Roosevelt's&#xa0;<span>&#xa0;</span><span>1936&#xa0;</span><a href="http://www.presidency.ucsb.edu/ws/?pid=15219" target="_blank">speech</a><span>&#xa0;on the eve of a national election.</span></span></p><div><div></div></div><p class="embed-spacer"></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/merriam-websters-most-looked-up-word-pragmatic-2015-4">Here's the most looked-up word in the Merriam-Webster dictionary</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZrNGNvdDqFUZGpifnFLELrtncNElhlUX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Greece's finance minister channels FDR: 'I welcome their hatred'

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>The International Monetary Fund (IMF) is backing away from a potential third Greek bailout package, <a href="http://www.elmundo.es/economia/2015/05/12/55510bc222601da0418b456b.html">according to Spanish newspaper El Mundo</a>. </p><p>The paper cites a lack of "really effective action" and Athens' recent re-hiring of public employees who were previously made redundant under austerity measures as reasons for the IMF's stance.</p><p>Every recent IMF repayment by Greece has been hotly anticipated, with analysts attempting to work out which of the major disbursements Athens will fail to make. </p><p>El Mundo notes that the only countries which have previously defaulted with the IMF are Zimbabwe, Somalia and Sudan.</p><p>If the report is accurate, that would leave any future deal completely in the hands of the Eurogroup (the bloc of eurozone finance ministers), the European Commission and the European Central Bank (ECB). Many Eurogroup members are already reluctant to foot the bill, and will not be happy to hear they're taking a bigger chunk.</p><p>The current tranche of €7.2 billion ($8.05 billion, £5.17 billion) that's being negotiated with Greece's new government is the final instalment of the second bailout package. After that, any new deal would have to start afresh.</p><p>Greece's first and second bailout were worth a combined €240 billion. Nobody expects a third package to be that large, but Spanish finance minister Luis de Guindos has hinted at a bailout worth around €50 billion. </p><p>Here's what HSBC European economist Fabio Balboni had this to say in a note: </p><p style="padding-left: 30px;">The focus of the negotiations appears to be shifting to the third programme of financial assistance needed after June, also raising the possibility of a referendum to decide on the agreed set of reforms and, ultimately, Greece's eurozone membership. Creditors appear to be more favourable towards this option, possibly also as a way to overcome the lack of trust towards Greece's authorities. A referendum could also provide a facesaving strategy for the Greek government.</p><p>The official position of the Greek government is that it wants no more bailout deals, and wants to go back to the start to renegotiate Greece's debts entirely, modelled on the <a href="http://en.wikipedia.org/wiki/London_Agreement_on_German_External_Debts">1953 London agreement on German debts</a>. However, there's next to no appetite for that anywhere in the rest of Europe, and the country desperately needs funding.</p><p>Prime Minister<a href="http://uk.businessinsider.com/greeces-prime-minister-just-promised-a-referendum-if-his-deal-with-europe-isnt-good-enough-2015-4"> Alexis Tsipras has previously suggested a referendum</a> if he can't get a deal that's consistent with his party's leftist programme. As HSBC's Balboni suggest, this might let him off the hook - though Greek voters are solidly against austerity measures, repeated polling suggests they are also largely committed to membership of the euro, <em>even if that means further deep austerity. </em></p><p>But without some sort of agreement, <a href="http://uk.businessinsider.com/greece-is-not-making-progress--its-hurtling-towards-a-default-2015-5">a cash crunch is looming for Greece, and a default will follow</a>. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/new-omega-globemaster-watch-unboxing-2015-5">Forget the Apple Watch - here's the new watch everyone on Wall Street wants</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5iaDNwdDrYYMm2yipFb14ndbRkPnemqO" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

REPORT: The IMF won't join in a third bailout for Greece

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div><p></p></div></div>Starting Monday, Spanish police will inspect and fine Uber drivers in Madrid for carrying passengers without required licenses, <a href="http://novobrief.com/spain-trying-push-uber-country-drivers-will-face-fines-e18000/">according to Novobrief</a>.</p>
<p>Fines will range from €4,000 to €6,000 (about $5,000 to $7,500), and could be as much as €18,000 (roughly $22,000).</p>
<p>Repeat offenses <a href="http://www.thelocal.es/20141006/madrid-starts-fining-users-of-uber-taxi-app">could lead to drivers losing their cars</a>, according to The Local, an English-language Spanish publication.</p>
<p>UberPOP, Uber's European operation, initially <a href="http://blog.uber.com/uberPOP-barcelona_EN">launched in Barcelona</a> in April. It launched in Madrid <a href="http://blog.uber.com/uberPOP-madrid_EN">just weeks ago</a>.</p>
<p>UberPOP is different than UberX, the standard Uber car in the US, because it allows you to<span style="line-height: 1.5em;"> split the fare with multiple passengers. In addition, UberPOP drivers use their own cars to drive people around - not just high-end vehicles. Essentially, UberPOP is Uber's European Lyft killer.</span></p>
<p>The problem with UberPOP, however, is that it's illegal across Spain. Here's Article 1 of <a href="https://www.fomento.gob.es/MFOM.CP.Web/handlers/pdfhandler.ashx?idpub=TTW001">Spain's current transportation legislature</a>, which has been <a href="http://tech.eu/news/uber-drives-legal-obstacles-time-barcelona/">translated by tech.eu</a>:</p>

<p><span style="font-size: 15px; line-height: 1.5em;">In other words, private transportation services like UberPOP requires licenses to operate in Spain. </span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">"</span><span style="line-height: 1.5em;">The main issue is that current regulation limits the number of such permits to a thirtieth of all taxi licenses, establishing a significant barrier of entry for new companies in the space," according to <a href="http://novobrief.com/spain-trying-push-uber-country-drivers-will-face-fines-e18000/">NovoBrief's Jaime Novoa</a>, who has covered the ridesharing industry within Spain. </span><span style="line-height: 1.5em;">"</span><span style="line-height: 1.5em;">UberPOP relies on private drivers and vehicles to offer its services in a way to avoid having VTC licenses. If Uber were to launch services like UberSUV, UberX or Uber 'black cars' it would have to get approval from the government via those permits."</span></p>
<p><span style="line-height: 1.5em;">Taxi drivers <a href="http://www.thelocal.es/20140701/taxi-drivers-strike-again-in-uber-protest">protested</a> <span>after Uber launched in Barcelona</span></span><span style="line-height: 1.5em;">. This weekend, Catalonia's government said it would </span><span style="line-height: 1.5em;"></span><a href="http://www.20minutos.es/noticia/2256679/0/cambio-ley-taxis/inmovilizar-coche/uber-barcelona/">change local laws to punish Uber drivers and protect taxis</a><span style="line-height: 1.5em;">, according to Spanish news outlet 20 Minutos. The proposed changes would fine drivers and keep them off the road if drivers didn't have proper licenses, similar to those enacted by Madrid on Monday.</span></p>
<p><span>Uber has been having a hard time in Europe. Its </span><span></span><a href="http://www.businessinsider.com/r-german-courts-uphold-ban-on-uber-ride-share-service-2014-9">use in Berlin and Hamburg</a><span> has been hotly contested recently. Paris taxi drivers </span><span></span><a href="http://www.businessweek.com/articles/2014-01-13/paris-cabbies-slash-tires-smash-windshields-in-protest-against-uber">protested the app</a> earlier this year<span>. </span>Taxi drivers in Spain have <a href="http://www.theguardian.com/uk-news/gallery/2014/jun/11/taxi-drivers-across-europe-protest-uber-app-in-pictures">protested numerous times</a> since the app launched in Spain.</p>
<p>Unlike Uber drivers, taxi drivers say they're paying for taxes, insurance, and licenses, and Uber gives them unfair competition. <span>Spain's Economy Minister Luis de Guindos </span><span></span><a href="http://www.thelocal.es/20140618/minister-tells-taxi-drivers-to-adapt-to-new-app">sided with Uber earlier this year,</a><span> telling taxi drivers they'd just have to adapt to new technologies. </span></p>
<p><span style="line-height: 1.5em;">We have reached out to Uber for comment, and will update this story when we hear back.</span></p>

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