by Calculated Risk on 5/25/2015 08:13:00 PM

From Bloomberg: What Would Happen If Greece Doesn’t Pay the IMF: Q&A

Q: What will the IMF do?

A: A missed payment date starts the clock ticking. Two weeks after the initial due date and a cable from Washington urging immediate payment, the fund sends another cable stressing the “seriousness of the failure to meet obligations” and again urges prompt settlement. Two weeks after that, the managing director informs the Executive Board that an obligation is overdue. For Greece, that’s when the serious consequences kick in. These are known as cross-default and cross-acceleration.

From CNBC: Pre-Market Data and Bloomberg futures: currently S&P futures are down 3 and DOW futures are down 20 (fair value).

Tuesday:
• At 8:30 AM ET, Durable Goods Orders for April from the Census Bureau. The consensus is for a 0.6% decrease in durable goods orders.

• At 9:00 AM, the FHFA House Price Index for March 2015. This was originally a GSE only repeat sales, however there is also an expanded index.

• At 9:00 AM, the S&P/Case-Shiller House Price Index for March. Although this is the March report, it is really a 3 month average of January, February and March prices. The consensus is for a 4.6% year-over-year increase in the Comp 20 index for March.

• At 10:00 AM, New Home Sales for April from the Census Bureau. The consensus is for an increase in sales to 509 thousand Seasonally Adjusted Annual Rate (SAAR) in April from 481 thousand in March.

• Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for May.

• At 10:30 AM, Dallas Fed Manufacturing Survey for May.