DAX Pump-And-Dump As Greeks Won't Budge On Pension Cuts

The algo reaction to "Greece is willing to make concessions," was a immediate vertical ramp higher... which was quickly obliterated when the humans read further that Greece "will not cut its existing pensions," thus meaning no deal is close as the EU demands just that. EURUSD has been weaker all morning...

The Reuters headline that caused it...

Greece is willing to make concessions to strike a deal with creditors as long as it is "economically viable", but will not cut its existing pensions, a top Greek negotiator told Reuters on Wednesday.

The reaction - algo idiocy in DAX, not much in Euro...

and close up on DAX Futures... as the headline hit

Charts: Bloomberg

Comments

[KnuckleDragger-X]

Rumors, and rumors of rumors, This won't end well, but the sheep must be shorn, no matter what.....

[ebworthen]

C'mon Greek pensioners, those Brussels banskers need money for the kitchen staff and a new limousine.

Beans and rice, it's just a broken promise, and you'll be helping the lifestyles of the rich and not so famous.

[Joebloinvestor]

All this over pensions that will not be paid at all pretty soon.

[ted41776]

how do you say "fuck off, we're not paying" in Greek?

[tc06rtw]

  Ánte gamísou!… Emeís den plirónoun!