Bloomberg L.P.

Bloomberg goes to the source of a phenomenon that’s either the cause or the result of the ongoing “Greek crisis”, namely, people taking out whatever cash they have in local bank accounts and stashing it in their homes.

Bloomberg Business reports that the Greek tourism business is facing both problems and boons, on the cusp of summer and the tourism High Season.

As financial woes continue amidst a mistrustful European climate, tourism, according to Bloomberg, is needed more than ever to provide a life raft for the country’s economy.

German Finance Minister Wolfgang Schaeuble reportedly “cited” a … “Montenegro” scenario for debt-laden and recession-plagued Greece on Friday, i.e. a parallel currency.

According to Bloomberg, under such a scenario the euro would be used in the country along with a new (local) currency if ongoing talks with creditors languish.

Georgios Michelis, a former executive at Emporiki Bank, is on track to become chairman of Greece?s bank rescue fund, according to two euro-area officials.

Bonds of Frigoglass SAIC surged to an eight- month high after the Greek refrigeration supplier said it will sell its glass unit to pay down debt and focus on its core cooling business.

The company?s 250 million euros ($279 million) of 8.25 percent notes due May 2018 rose 4.9 cents on the euro to 100.7 cents, according to data compiled by Bloomberg.

Greek bonds are the best performing sovereign securities tracked by Bloomberg?s World Bond Indexes in the last month amid optimism an agreement may be within reach.

On Tuesday, the Greek paper rebounded after Monday?s sell-off, with yields on notes due 2017 falling 122 basis points to 22.77 percent.

[Bloomberg]

Bloomberg points to big US companies that hold $1.73 in cash of which %1.1 trillion belongs to the 50 biggest companies according to Moody’s Investor Services. Most of the money is hoarded overseas but repatriating would subject it to a 35% US tax and spending it or even giving it back to shareholders is a pain.

By Ian Wishart

Greece, mired in a protracted financial crisis and at loggerheads with its bailout stewards, will leave the euro, according to the majority of investors, analysts, and traders in a Bloomberg survey.

Cyprus-based Mercuria Energy Group Ltd is looking to tie up with private equity firms to buy oil and gas production amid weak crude prices, said chief executive officer Marco Dunand.

Mercuria could spend as much as $1 billion on majority or minority stakes and will study projects in places including the US, Argentina and Nigeria, he said in an interview on Wednesday.

"Why is Varoufakis laughing" is the caption under the photograph of Greek FinMin Yanis Varoufakis, in an editorial by Bloomberg columnist Mark Whitehouse.