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EU Announces Immediate And Highly Indeterminate "Action" To Be Taken On Greece, No Disclosure What It Is
The non-bailout bailout is here. Or is it? They really should have used Larry Summers. Van Rompuy says "determined and coordinated action if needed" will be provided. Uh, it is needed. But what is the deal? And what are the details? Greek 2s10s 40 bps steeper to +93 bps as 2 Year trades 56 bps lower to 4.97%.
WSJ reports:
Euro-zone countries will provide "determined and coordinated action if needed" to preserve stability in the currency union, European Council President Herman Van Rompuy said at a summit of European Union leaders Thursday, but he gave few details of how that would be provided and no indication that direct aid to Greece, the zone's sickest member, was imminent.
"Greece did not ask for any financial support," Mr. Van Rompuy said.
He and the 27 leaders of the EU countries were continuing their talks Thursday.
It wasn't clear that investors would be soothed. The euro, which has gyrated for several days amid rising and falling hopes of help to Greece, slipped slightly after Mr. Van Rompuy appeared in front of the stately library where the leaders were meeting to read his statement.
Foreceful action? Oh yes.
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saw a report about voluntary loans.
that's pretty funny.
Polish Prime Minister Donald Tusk told reporters earlier that the aid, which would amount to the first bailout of a euro zone members since the currency was created 11 years ago, was likely to come in the form of loans.
"It could be voluntary loans from member states. That seems to be the best option," Tusk said.
I wonder if portugal, spain, ireland, italy will be volunteering to lend money.....
This is hilarious. Solve a debt problem with more debt. This is like Greece finding some dummy to make a CC balance transfer offer, only to now goose BOTH credit lines to their max. In the meantime, they have no increased income to pay.
Classic. Greece will be a balck hole for the EU, to soon be joined by Spain, Portugal and any other country that sees free money, er, I mean "loans" (wink-wink, nudge-nudge).
Is there any other way?
Voluntary loans as in the LTCM bail-out, in which Lehman didn't participate in full and got to pay the price 10 years later :)
So European. they actually think that statements coming from a badly coordinated, unrepresentative body run by some fucker from Belguim that no-one has ever heard of (betcha wish you had got Blair now) will calm the markets.
Write the fucking cheque already.
Ahh, post-modern, post-democratic society. Gotta love it.
Sounds like Dick Fuld is advising the Greeks.
This is geting sureal
Here let me define forceful action for you:
Forceful action = American Taxpayers (via the IMF) bent over and raped in order to bailout Greece.
Watch, it's coming....
You mean the USA is going to be getting it up the, you know... Greek style?
So ZH'ers, who's the bitch?
Got gold?
---------------------
Are you there yet?
Are you ready to finally pull out all your funds from banks and Wall Street?
Sell off all stocks/trades?
Perhaps even go on a labor strike with your co-workers and picket your State government?
Or are you just sitting there like a good sheeple?
And Lastly....
"Everybody's gotta plan, until they get hit in the face".
--- Mike Tyson
Like a Rear Admiral in a Greek Navy.
You are making this too complicated. Barroso bought 1500 long aud contracts after getting the heads up last weekend on the official trip and this morning was the time for the payoff. You act as if policy is of any concern here. The French would be wise to think some more before hanging someone else's debt on Germans again. Maybe they think Benake won this war for them too, so its their due.
Forceful Action?
Usually statements like this result in the opposite happening. I would expect, if the current wave count is correct, (iii) of [iii] of 1 down, that any official "rescue" of Greece will be met with the biggest "sell the news" event of the year.
http://danericselliottwaves.blogspot.com
Tusk was saying "Man give them money, uhm, whoever wants to... well, at least, whoever has some... For solidarity's sake!"
I'd call that a "bum-out"
Gostbusters... much more practical than "bailout" whatever that means- Oil/ dollar index resilient tho...
One effective bailout it is...
http://www.uxbridgegazette.co.uk/west-london-news/world-uk-news/2010/02/...
So the question really is, will the EU sacrifice itself, or principle? Since it's a political organization, take a guess which....
Bailout will be by the US through IMF. EU guarantees to keep buying UST. Germany can't do more than utter words of support. The Deutschvolk won't stand for it. "We entered the EU mit rules, we have followed the rules und you will follow the rules, too!...or aufweidersehn EU!"
No worries I hear Ralph Kramden locked in a room somewhere figuring all this out for the EU.
50 Billion? " A Mere Bag of Shells"
Toga, toga, toga....http://www.youtube.com/watch?v=a9JYq-mXprw
I envision something like "loans to be provided by Germany and France but those loans are re-insured by the IMF."
Meanwhile, CDS on IMF contributors (hint: US, UK) will likely move higher in a preview of the ultimate end game.
Helios needs a Heloc ... the Acropolis is collapsing , volunteer your granite counter tops.
Dear Tyler, what everyone is talking about? It is just noise, what is EUR 50-100 Bln - it is peanuts compared to what US borrows just during a one week of Treasury auctions. The real fear and major sell-off will begin when Everyone feels that an avalanche just can not be stopped... untill then it is just a big money game (GS, Mr. Soros etc). Regards.
Isn't this another case of 'closely monitoring the situation' yet do nothing....
like 'sub-prime is well contained' situation
all talk talk talk but no action till it is much too late!
This is an onerous sign
Anyone read: http://www.iamned.com ?
This headline sounds like the classic misleading stock prospectus of the South Sea Bubble:
"A company for carrying on an undertaking of great advantage, but nobody to know what it is."
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