First Day of Summer!


Fitch sees risk of Greek, US debt defaults [Reuters]

Greece expected to hold confidence vote []

Paulson dumps entire stake of Sino-Forest [ via Reuters]

Here's a fun fact: China trades reveal shift from dollar [Financial Times] "China began diversifying away from the US dollar in earnest in the first four months of this year, most likely by buying far more European government debt than US dollar assets, according to estimates from Standard Chartered Bank. China’s foreign exchange reserves expanded by around $200bn in the first four months of the year, with three-quarters of the new inflow invested abroad in non-US dollar assets”

Feds sue bankers over fall in bonds [WSJ] "Federal regulators sued J.P. Morgan Chase & Co. and Royal Bank of Scotland PLC Monday seeking to recover more than $800 million tied to the sales of bonds backed by risky mortgages to failed credit unions."

It's the first day of Summer!