Greece Exit Coming Down To The Wire As Pension Issue Looms Large

Stocks were down modestly during the lunch hour in New York today on concerns that Greek officials and their creditors have a “substantial” distance separating their proposals. Five primary issues are said to separate negotiators from approving a Greek deal. Unfortunately, that deal isn’t expected to solve the long term problem that may potentially re-appear again this fall, according to reports. All this occurs as former U.S. Treasury Secretary Larry Summers proclaimed yesterday that there “is foam on the runway,” indicating that those institutions with exposure to a “real tragic” outcome have hedged the potential volatility, likely in regulated derivatives…