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Greek Aid Decision Reached By Germany And France, Submitted To EU President, IMF Aid Included
FRANCE, GERMANY GREECE DEAL SUBMITTED TO EU PRES. VAN ROMPUY
FRANCE SAYS HAS REACHED ACCORD WITH GERMANY ON GREECE AID: AFP
GREECE 10-YEAR SPREAD 15BP TIGHTER VS BUNDS AT +314BPS
GREECE 10-YEAR SPREADS TIGHTEN ON REPORTS FRANCO-GERMAN AID
And from Reuters:
France and Germany have reached a deal on a financing plan for crisis-hit Greece that will involve EU member states and the International Monetary Fund, the Elysee said on Thursday.
French President Nicolas Sarkozy and German Chancellor Angela Merkel agreed on a joint approach ahead of an EU summit, which risked being wrecked by disagreements over how to deal with Greece, struggling to overcome its financial problems.
A French official said the deal with Merkel opened the way for bilateral loans within a European Union framework combined with loans from the Washington-based IMF.
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Greece is still in the news?
I guess over the weekend will be when the deal falls apart. Rinse and repeat. IMF involvement rumor. Rumor then discredited. Greece has no bailout and then there are stirring of an agreement. Rinse repeat.
Sounds like a plan for getting partially pregnant.
So how is this different from what the market expected. Is it because France and Germany finally pretended to "agree" on something. The IMF is still coming in because divided Europe cannot seem to figure out a way to deal with its own problems...
The Macro View
http://themacroview.wordpress.com
This is so inane.
The IMF bailing out the EU. The retarded rescuing the incompetent. Precious sanctimonious hypocrites deserve each other.
But wait there's more!
Hold off on booking your European vacation. Next year will be humongoloid cheaper!
Lost count. This is what...the 47th reported rumored bailout??
Good, I'm glad that's finally settled.
Can we now please move on to Portugal, Spain and Italy.
Or, CA, IL, or NY, for some American drama.
What? There are states with debt/deficit problems? I haven't seen any word of that for months, I assumed they'd all managed to get their houses in order. Oh well, nothing that a little bailout money won't fix.
The EURO's not buying this story... yet.
It's still down at 1.33
They just broke a very important rule: never lend money to a deadbeat.
Enjoy the consequences monetary union experiment bitches!
Uncle Sam's been raking in the loans...there's not a chance in hell those creditors will ever get paid back. Greece just shows there's plenty of fools around.
Is that really a surprise.
France, Germany and Switzerland (or rather private banks in these countries) are Greece's largest creditors. So in the end Germany and France are bailing out their own banks (and the Swiss banks as well). The IMF involvement is to make sure that Greece's priorities are right, i.e. that more money is available for the banks.
Was there really ever any doubt that their would be a bailout? I think not.
http://english.capital.gr/news.asp?id=916980
"Greece" is greek for "Bear Stearns"
So how do you spell "Lehman" in European sovereigns?
Whups! Somethings not going according to plan...
The Euro just dropped to 1.329
Something must be done before the European summer holiday season kicks off in May!!!!!
Gee, Trichet no agrees and contradicts earlier supposed agreement. Shocked I say, Shocked!
Thats my point, I agree with you John Mccloy they are trying to jawbone people into investing in Greece by saying that we may/could/will/etc. etc. loan Greece money. Which everybody knows it won't happen that way.
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