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Eurogroup Press Conference In Progress

Submitted by Tyler Durden on 02/20/2012 18:23 -0400

Update 3: Conference begins now

Update 2: At this point the conference, if at all, will be held at 3:30 am CET. Probably would be better to just scrap it all, put a fork in Greece and go home. The second the 10 page Greek "sustainability" report hits the public it's lights out.

Update: 23:00 CET has come and gone. Next stop: midnight. As a reminder, the October 2011 official second Greek bailout announcement was delayed until 4 am.

According to a just released update on the website of the European Council, the much anticipated press conference "to end all press conferences" will take place at 23:00 CET, or 5 pm Eastern. What will then likely happen is another delay until midnight, then later, then finally when Europe is sleeping a few finance ministers will say that the Deal is virtually done, the terms of the PSI are agreed upon (except that "some" creditors, those who have a blocking stake, will vote no and force the use of CACs and thus trigger a default before March 20) with the exception of a few minor outstanding items, such as whose debt is cut to bring total Debt/GDP to 120% by 2020, which they hope to get resolved shortly. And so this latest and greatest meeting will come and go, and anyone who shorted the Belgian caterers will be broke when the market opens up tomorrow, when Belgian catering ETFs all go limit up.

Watch it live, or dead, or zombie, or however the mood suits, at the following webcast.

And the full statement:

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Mon, 02/20/2012 - 22:58 | 2179608 nasdaq99

these people DO NOT want out of the EU. 77% still to this day want to stay:

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_21/02/2012_429006

maybe TD is right but i still think this thing drags on

Fuck you Krugman if you're still reading. When debt is more important that people THEN THE SYSTEM IS EVIL. Scroll back to yesterday and read that one.

Mon, 02/20/2012 - 23:01 | 2179619 Waffen

They want their ouzo and to drink it too.

Mon, 02/20/2012 - 23:00 | 2179616 maxmad

CNBC is saying they only got 130 billion!!! Not Good!!

Tue, 02/21/2012 - 01:18 | 2180078 sangell

Venizelos will spend that in restaurant tabs alone before 2020!

Mon, 02/20/2012 - 23:02 | 2179623 chindit13

Priced in? You want priced in? I'll give you priced in.

Since mid September 2011, a scant five months ago, the rise in the DAX on the back of the thrice weekly "Market Jumps on Hopes for a Greek Settlement" headlines, has been.......drum roll.........forty percent. FORTY PERCENT.

That is priced to a perfection Greece hasn't seen since Lord Elgin stole all the marbles.

In days of yore there would have been a fund manager or two who might have at least considered the possibility of selling the news after goosing the rumors.

Instead we get, for old time's sake, yet another EURUSD 70 pip ramping.

Mon, 02/20/2012 - 23:03 | 2179625 Storm Bringer

If they had a real solution, dont you think they would be anxious to give it to us...... delaying another 3 hours is not going to change the content of the message, unless they want to do it while the West is asleep........

Mon, 02/20/2012 - 23:12 | 2179655 Reese Bobby

After this fraud gets done it will be interesting to see how the sovereign debt of Portugal, Spain, Italy etc. trade, once the ECB is done propping them up this week. Do real money players sell into the ECB confidence bid given this brutal new paradigm?

I also find the CDS side of this mess interesting. Does Brussels want a trigger event now? That seems to be conventional thinking but it does not seem neat and risk-less to me.

Definitely not looking forward to this slow-motion resolution #4, or is it #5? Losing track.

Mon, 02/20/2012 - 23:14 | 2179666 Atomizer

One more point, just as Hitler claimed the blond hair/blue eyes program, it was all about data mining. In the year of 2012, your DNA is taken. Building a new race falls in the hands of people who play GOD. Do you think during the Anunnaki phase of this planet, these very studies where not attempted?

Find waldo before the fake Gods decide to start the experiment over again. :^)

This is not a joke, just common sense to forge ahead..

Mon, 02/20/2012 - 23:21 | 2179695 Whoa Dammit

How will leadership that is incapable of holding a simple press conference hold the EU together?

Mon, 02/20/2012 - 23:29 | 2179701 chindit13

cut

Mon, 02/20/2012 - 23:23 | 2179709 mrbalfour

Does anyone have an algo that waits 60 seconds after a headline is printed and then takes the other side of the trade?

Tue, 02/21/2012 - 00:34 | 2179940 Bdelande

Now that the sham deal of the century has been cut.....the walk of shame begins.

Never have so many, suffered at the hands of so few, for so much.........

The EU Technocrats have disgraced themselves by throwing the lowest rung of the Greek people under the bus, in order to save the greedy irresponsible Euro banksters, and thier partners in crime, the Greek politicians whom are bought and paid for by the Greek elite scoundrels whom have ilegitimately gained the most from this dispicable scam, all set up and endorsed by none other that the giant GS squid itself.........

May the money changers that permitted this travesty of the highest order all rot in perpetual hell..............

Tue, 02/21/2012 - 00:26 | 2179943 electricgorilla

The Fed has become powerless:

http://valuebin.wordpress.com/

Tue, 02/21/2012 - 00:27 | 2179946 chindit13

A quick back of the envelope calculation seems to say that a whole lot of Eurobanks levered 40:1 just ate a combined $280 billion.

Tue, 02/21/2012 - 00:27 | 2179948 Joebloinvestor

The "contagion" that destroys the EU will be started by these clowns.

That being the total lack of confidence in EU leadership.

Expect a "run on the bank" to dump the haircut bonds and after the greasing the ECB just gave everyone but themselves, I can see the ECB being the only buyer of any future bonds.

Tue, 02/21/2012 - 00:34 | 2179957 Conman

Wow so Greece is no longer a sovereign nation. The eurodouche said there will be permanent eurodoches installed in Greece to implement the austerity.

Tue, 02/21/2012 - 00:35 | 2179961 surf0766

I am long teargas pins

Tue, 02/21/2012 - 00:37 | 2179966 Conman

No teargas needed, as long as they keep calling it a program over and over again its all puppies and kittens. All is ok!

Tue, 02/21/2012 - 00:34 | 2179960 surf0766

I simply cannot watch or listen to anymore of their bullshit

Tue, 02/21/2012 - 00:39 | 2179972 Let The Wurlitz...

Even if the ECB and the associated European clowns get everybody in the world to pitch in and pay off ALL of the Greek dept does it really matter?? Is it going to change your outlook on Europe??, Britian???, Japan??? or the USA???

I dont undertsand all the drama.

Tue, 02/21/2012 - 01:02 | 2179973 Bdelande

The QE fire hose now clearly needs to be turn towards Mr. Brent who's hair is apparently ablaze.......

Finally, all the run of the mill, chart humping, price chasing, momo trend following BB whores can blow me!

Tue, 02/21/2012 - 01:50 | 2180114 slewie the pi-rat

1st or 2nd post

hi!

now, go beat the fuk outa somebody!

Tue, 02/21/2012 - 00:49 | 2180001 Goatboy

There is a typo in 4th paragraph of this "important" document, namely "competiveness". Hows that possible?

Tue, 02/21/2012 - 00:49 | 2180003 s2man

"And greek spending will be overseen by the, um, various partners."

Yep, that's what the Greeks want.

Tue, 02/21/2012 - 00:49 | 2180004 AndrewJackson

So now that we have this agreenment, how long will it take for greece, germany, or some other brick wall to get in the way of the bailout money? Any ideas which will come first?

Tue, 02/21/2012 - 00:50 | 2180006 number cruncher

From the statement... (Tyler... you need to make this a new subject)

"It is understood that the disbursements for the PSI operation and the final decision to approve
the guarantees for the second programme are subject to a successful PSI operation and
confirmation, by the Eurogroup on the basis of an assessment by the Troika, of the legal
implementation by Greece of the agreed prior actions. The official sector will decide on the
precise amount of financial assistance to be provided in the context of the second Greek
programme in early March, once the results of PSI are known and the prior actions have been
implemented."

So there is NO DEAL until the PSI operation is agreed upon........ so the bondholders need to agree to the PSI without parliamentary approval of the disbursements for the PSI to the bondholders... its a bit circular there.

Tue, 02/21/2012 - 00:57 | 2180033 Zgangsta

Why finalize anything when the market jumps every time "progress" is announced?

Tue, 02/21/2012 - 00:53 | 2180015 Seasmoke

the world is becoming a very expensive place to live in

Tue, 02/21/2012 - 00:55 | 2180024 sangell

Wow! Talk about beaten men. What a funureal press conference. No one could commit to anything.

Like Tyler said this is Fork City.

Tue, 02/21/2012 - 00:56 | 2180026 cnhedge

the time has passed!

http://www.cnhedge.com

Tue, 02/21/2012 - 00:56 | 2180029 sasebo

More meaningless crap by some pseudo-intellectuals.

Tue, 02/21/2012 - 01:04 | 2180048 SilverFocker

Anduh, it'suh, weuh, we all understanduh..........Basicalyuh we areuh just sayinguh, this was just pulled outuh of our assesuh.........And the guy in the middle is just to tired to answer.....code for, " I really just don't know how to spin this shit".

Oh Ben....you got some splaining to do.

Tue, 02/21/2012 - 01:08 | 2180053 sangell

Best news conference I've seen since Bill Clinton admitting he lied. I don't think J.C Juncker, Ollie Rehn or the other buffoon will ever come to be known as the 'Come Back Kid"! Where in the hell were representatives of the Greek Government. It's all conditional on them? You'd think someone from Greece would have been present if there was a 'deal'!

Tue, 02/21/2012 - 01:12 | 2180063 hairball48

What does it matter what the Troika and the Greek pols decide?

Greece is hopelessly bankrupt in real terms and can never pay off ANY amount of debt. All this talk of "austerity" is just bullshit for the MSM. The Greek people will never "cooperate" with any of these austerity measures. The more austerity that's imposed, assuming it's sucessfully implemented, a HUGE assumption, simply lowers real GDP.

Greece needs to default...like yesterday.

This whole business is just a huge circle jerk/clusterfuck to sell soap on MSNBC and the rest of the MSM...

although I love listening to Vonnie Quinn on Bloomberg Radio :)

Tue, 02/21/2012 - 08:26 | 2180341 MsCreant