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Don't Expect A Formal Greek Annoncement Until Friday
For all Commodore 64 HFT setups expecting an imminent relief rally following a formal Greek bailout announcement, you may have to wait at least two more days. Dow Jones reports that a German official has said that finance ministers meeting this afternoon are "unlikely to make any decision and there is no aid for Greece on the agenda of Thursday's summit of EU leaders." Furthermore, "There doesn't exist any decision on such aid and it also isn't pending at present". Additional data points to the shape of the bailout: it appears a guarantee is the only, if any, way to go, after a source noted that a "refinancing of debt is not in Greek interest, as it would be seen as a default." With €3 billion in ten year notes set for auction by Portugal, we could be in for a very volatile day. The Portuguese 10 year Bund spread is currently 11 tighter to 137 bps.
From Dow Jones:
Euro-zone finance ministers scheduled to talk about Greece this afternoon are unlikely to make any decision and there is no aid for Greece on the agenda of Thursday's summit of European Union leaders, a senior German government official said Wednesday.
The official added that Germany will stick to the European bailout ban and at present no EU or bilateral aid for Greece is on the meeting's agenda.
The comments come before an informal summit held by the EU in Brussels, where leaders will focus on Greece's debt crisis as part of a broader assessment of post-recession government debt levels.
"There doesn't exist any decision on such aid and it also isn't pending at present," said the senior government official at a press conference on Thursday's meeting. The official added that for Germany, Greece has the responsibility to deal with its budget woes.
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Head fakes aplenty. This report actually makes fiscal sense - be accountable for your own mistakes. Therefore, it cannot be accurate. In the global moral hazard fractional reserve fiat currency monetary system the only solution to all problems is more debt.
Friday? Guess they are buying some time to get all the German tourists out of Greece!
many thanks for staying on top of this I wind down the Tandy into standby mode.
You're showing your age.
I guess testing Hal 9000 in a bullshit storm went over well. He seemed to have did everything right and responded accordingly. He will be a good robotic overlord. All hail skynet.
Remember Leo the one thing you and I completely agree upon is that the market is rigged. I consider no announcement as merely a co-inka-dink.
I get my news here: http://bit.ly/brdWWK
"Formal Greek Annoncement"
I'm not sure why but these three words in this particular order had me rolling on the floor laughing. I think it might be the ultimate oxymoron, along the lines of "political intelligence".
BTW Tyler, it's spelled Announcement. Spell check is your friend and s/he should be visited often. :>)
Dubai?
Friday? Must be trying to buy some time to get all the German tourists out of Greece!
lol - i thought the olympics were in canada but no lie in thinking that there will be some world class sprinters coming out of greece -
Commodore 64??? Just how the hell old are you? Got buggy whips? Spats? Hut-cha-da-cha!
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