Euro Summit Concludes: Watch The Press Conference Starting Momentarily Live

Tyler Durden's picture

Wondering why the EURUSD is surging once again and is now on its way to 1.45? Because as Sarkozy just said Europe is preparing to launch a European Monetary Fund, which would be used to recapitalize insolvent banks and bankrupt countries. In other words Europe just passed its own TARP and trillions and trillions more of taxpayer money about to be sunk down the drain. As the summit has now ended, the Europarliament conference recapping the resolutions of the summit can be watched below. If anyone gets a sense of deja vu from early May when we had an identical development after the first Greek bailout, you are forgiven.

Here are the headlines which keep on coming:

  • SARKOZY SAYS PRIVATE SECTOR TO CONTRIBUTE EU135 BLN IN 30 YEARS
  • GREEK BANK PLAN SEES PAR BOND EXCHANGE INTO 30 YR INSTRUMENT
  • SARKOZY SAYS GREECE WILL REPAY ITS DEBTS
  • SARKOZY DECLINES TO USE TERM `DEFAULT' ON GREEK BAILOUT PLANS
  • SARKOZY SAYS LOWER GREEK RATE TO SAVE EU30 BLN OVER 10 YEARS
  • SARKOZY SAYS GREEK BAILOUT LOAN RATE BETWEEN 3.5% AND 4%
  • GREEK BANK PLAN SEES PAR BOND EXCHANGE INTO 30 YR INSTRUMENT
  • GREEK BANK PLAN SEES 21% NET PRESENT VALUE LOSS

Full releases below:

 

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