Germany Coalition Member: "No EU Aid For Greece, Must Help Itself"

Tyler Durden's picture

It has been at least 15 minutes without a rumor, report, or actual development on Greece. So here is one: Market News reports that a senior member of Chancellor Palpatine, er, Angela Merkel's CDU/CSU-FDP government coalition has told the news agency that "Greece cannot count on financial help from the European Union and has to solve its budget problems on its own."

Some more nails in the Greek financial (not "technical", mind you, whatever that means - ask the real soon to be announced source of bailout funds, the IMF) bailout rumor (at least until the next counter-rumor emerges in about 20 seconds).

Michael Meister, who is a deputy leader of the CDU/CSU's parliamentary group and responsible for budget and fiscal policies, stressed that Greece had to undertake the necessary consolidation and reform steps to regain the confidence of financial markets.

"The European Commission and the EU won't help Greece" financially, Meister said. "The Greeks have to be aware that they have to get by without help from Europe."

He reminded that the EU treaties do not allow Eurozone member states to bail out another member.

The EU has to encourage the Greek government to "courageously" carry forward its structural reforms "so that Greece can become a trustworthy borrower again," the coalition member reasoned.

"If Greece does not undertake the necessary reform steps then it will have problems refinancing its debt and that will be more painful than carrying out the structural reforms," Meister argued.

Oh, and just in case you mistakenly thought Mister Meister has some clue what he is talking about, he opens his mouth and quickly disproves that assumption.

The politician also stressed the need for a reform of the market of credit default swaps in order to curb the speculation against the euro. "We must do something against this speculation," Meister said. There must be a change of structures which currently allow speculative attacks, he urged. Such a reform "can be taken on right away," he said.

All in all, the usual idiocy everywhere, with ever more rubbish spouted , just polluting the airwaves. Nothing too unexpected for this Alice in Wonderland capital markets environment.