Euro Finance Ministers Break As Greek PSI Plans Crumble

Tyler Durden's picture

In other words, as Dow Jones reports, negotiations over participation of European banks in the Greek bailout at Eurofin meeting have broken down. That is all.

Ok fine, here is some more:

Euro-zone finance ministers have taken a break in their meeting in Brussels, after discussions revealed that a proposal mapped out for private-sector participation in Greece's next bailout may face impossible hurdles.

The ministers will reconvene after meeting with their country delegates.

In the June 19 Luxembourg meeting, leaders agreed on private-sector participation in the rescue, so long as it's voluntary, substantial and would not result in selective default.

"The voluntary is basically dead," said one euro-zone official.

Another official said: "They now see all three are not possible."
He was already separating himself from the strategy, adding: "We never thought it was a good idea," he said.

h/t London Dude

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Azannoth's picture

The last recourse the Glorious Printing Press, com'n bitchez make my day

knukles's picture

 "We never thought it was a good idea,"

QED
Neither did the rest of us.
These folks will now justify their existence as human fodder for snarky remarks on ZH.
How's that workin' for ya' now?

SheepDog-One's picture

The king is dead.....long live the king!

augie's picture

Hah, That's enough. Desperately defending all key technical levels right to the close. hahaha 

SilverIsKing's picture

I hope you are keeping careful notes of all of this.  The book and movie rights will be worth a lot of money.

Archimedes's picture

Kaboom!  Or...kaboom?

slaughterer's picture

Please update.  This was a tease. 

Lord Welligton's picture

Agreed.

Come on fess up. What actually happened.

cossack55's picture

Mama Mia. Ooops, wrong freakin Piig again.

djsmps's picture

Did they meet for 75 minutes?

Mae Kadoodie's picture

Did they eat their peas?

granolageek's picture

I read the first 28 pages of that garbage. It did not reflect well on Barak Obama Jr.s father, but neither was there anything except rumors against him, and not aword about his son.

 

To the best of my knowledge, no one has questioned who Barak Obama's mother is, or that she is a US citizen. That is undeniably sufficient to get him a US passport and the right to vote, no matter where he happened to be born. Nor has anyone denied that he is elegible to be president if he was born in Hawaii.

 

So you are reduced to claiming both that he was born in Kenya, and despite being the son of a US ciitzen that makes him inelegible to be president. Extra points if you will stand up and claim that John McCain, who was born in Panama, and Mitt Romney's father George who also ran for president despite being born in Mexico were not also inelegible.

 

Camel, meet eye of needle.

knukles's picture

Can't be everything to everybody.
Jezzzz.  Lighten up.

NotApplicable's picture

Hawaii is a kingdom. Just because DC stole it with a coup, does not make it a US state.

JimBowie1958's picture

Actually, no, his mother was not old enough and by law that would disqualify Barry if he was not born physically in the US since his father was not a US citizen.

I believe that Barry was born in the US, but it is annoying how something so basic as meeting constitutional qualifications for an office has become a highly partisan issue.

 

Stoploss's picture

Ready the splatter shields.

Archimedes's picture

Basically the banks don't want to take a haircut...go figure!

Gordon Freeman's picture

The negotiations:

"You first"

"No, you first!"

(repeat, fade...)

mayhem_korner's picture

Goto 1:23...

http://www.youtube.com/watch?v=GNhY93UsC0I&feature=related

 

BTW, what are the Vegas lines on what deal is struck first - Greek bailout, US Debt ceiling or NFL Labor?

Black Forest's picture

Well, I am going to bed now, too.

carbonmutant's picture
China’s Debt 160% Of Its GDP Just Like Greece

Credit Suisse as warning that “Chinese credit growth has reached the critical level that has previously anticipated sudden downturns in other countries.”

http://blogs.forbes.com/robertlenzner/2011/07/11/chinas-debt-160-of-its-...

IQ 145's picture

 That's alright, it'll just encourage the little darlings to buy more gold and silver. Fine with me.

Urban Redneck's picture

Did CS actually say China has a 160% debt to GDP ratio or is Lenzer's headline writer off his rocker?

mt paul's picture

when your bald ...

does a haircut 

really mater

mopickens's picture

fire in the hole

Hook Line and Sphincter's picture

referring to the new super resistant gonococcus?

CrashisOptimistic's picture

Of course the banks don't.  And they haven't even started playing hardball yet.  Nor have the Brussels bureaucrats whose pension benefits are at risk.

In the end, the ECB will GIVE (not lend, GIVE) Greece money.  They are that terrified of contagion.

oogs66's picture

It won't help. Contagion is here. Defaults are next

j0nx's picture

In the end, the US Taxpayer will GIVE (not lend, GIVE) Greece money.  They are that terrified of contagion.

FIFY

bsdetector's picture

They will give it to Ireland too, if the Irish hold out.

lesterbegood's picture

 "They are that terrified of contagion."

The Fiat Flu, perhaps...swallow lotz of gold and you'll feel better.

the not so mighty maximiza's picture

Was not this fixed last week,   what the hell is going on?

Jim in MN's picture

Well, you know, mumble mumble, sumpin sumpin. 

We never thought it was a good idea.

Lord Welligton's picture

"The voluntary is basically dead," said one euro-zone official.

Stupid French idea. But then they are French.

Pool Shark's picture

 

As you would know well Wellington; the smartest Frenchie was Corsican...

 

Lord Welligton's picture

Indeed.

Gave him a "ass-whoopin" all the same.

brodix's picture

Exit window; 9/11/2001

Meet sidewalk; 7/11/2011.

 Bookends on a rather interesting decade.

 Wonder what's in store.

taraxias's picture

and the S&P yawns......