Here It Comes - Bunds Tumble Following News Sarkozy, Merkel To "Make Announcement" On Greece Today

Tyler Durden's picture

Well, the China rumor came and went... So it's time for more "Magic From a 'Mergency Merkozy Meeting." From Reuters:


Bottom line: either they file Greece, or they don't, and the vigilantes realize that "emergency" meetings become not monthly (remember Zero Hedge's question how long until the next Merkozy "date" following the last one?), not weekly, but daily, and German and French CDS soar to record highs... Which will likely happen today.

From Reuters:

The leaders of France and Germany will make a statement on Greece later on Tuesday, a senior French government source told Reuters.


The source said President Nicolas Sarkozy and German Chancellor Angela Merkel spoke by telephone on Monday and were "determined to do what is necessary" to calm the crisis of confidence over Greece and the euro zone.


"The president is resolute," the source said. "He was in contact with Angela Merkel yesterday to take positions which should be made public today. They are going to take action today."

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oogs66's picture

they will announce eurobonds to take effect in 3 years, but all is good!

Id fight Gandhi's picture

Europe is all over the place, up down up down.

tocointhephrase's picture

Mr. Fan meet Mr. Spray, Mr. Spray meet Mr. Wall. Now don't go making any mess...ok?

Hedge Jobs's picture

instead of "Merkozy" we should call the merkel / sarkozy double act the "Smerks" like those underwater cartoon caroon characters the "snorks". But unlike the snorks who had snorkels on their heads the Smerks have big dicks on their heads instead.

GeneMarchbanks's picture

Can kicking? It will be an announcement about an upcoming announcement on whether or not we'll have unicorn backed bonds at some point in the future.

Or they'll announce Gold backing for the Euro. (I can dream, can't I?)

Chaffinch's picture

Yep, we can all dream! Seriously though, at the point where 'tail risk' happens and gold gets revalued, won't that be a great way for the CBs to make everything fine again (those CBs that have any gold left, after selling so much to dampen the price, that is)?

Sequitur's picture

If they give Greece das boot, the banks will take a big hit, but, in the long run it is for the best.

Apostle of Unknown's picture

They are incapable of long term thinking. That's exactly why they won't give Greece das boot today.

Mae Kadoodie's picture

If anyone gets the boot it should be Italy.

Mitzibitzi's picture

Yeah, but they have plenty of the shiny yellow stuff, so I can't see them getting kicked out of bed quite yet.

DefiantSurf's picture

announcement will follow EU market closing...or maybe announcement causes market closing, hard to tell...

papaswamp's picture

If they don't let the greeks default the burden on the Geran people will doom their economies. Take the pain now and you will be better later. The core problems won't change...BUT I know they will kick the can until the next time (Decemberish). Wait for everyone to be on christmas break then splat.

Sequitur's picture

WHELP, glad I picked up a nice slice of FAZ yesterday, was tough to hold on through that bullshit at the close. Fuck the Financial Times.

Who is John Galt's picture

Good luck with that dude! Book your profits when you can, this game is rigged!

scratch_and_sniff's picture

If the euro is going anywhere here it is up, (due to the amounts of shorts that have been piled on)...anyone got any information when this speech is taking place?

Sequitur's picture

^ This. Also, anyone got a good vehicle for shorting US T-bills? This has to be the trade of the decade.

NervousRex's picture

"CEO of Society Demerol" the closed caption just now on Bloomie :-)

I think he'll need some demerol before this is over.

Lord Welligton's picture

"The president is resolute,"

Well then. He better resolutely recapitalise his banks.

If Greece is allowed default within the Euro Ireland will definitely seek a contribution of, say, €50bn for the recapitalising of Irish banks.

Note. Anglo Irish Bank was "recapitalised" by way of "promissory" notes.

Ireland has yet to pay €30bn of this.

There will be no public appetite for easy treatment of Greece while we pay for the profligate lending by German and France banks into an Irish property bubble.

Robslob's picture

US it...shaved 6 SP points of red off....

DefiantSurf's picture

I'd rather see the Iceland model

Who is John Galt's picture

And markets are GREEN!

jbc77's picture

Euro markets bouncing back. Another leak for the front running kings? Rumor?

Aloysian's picture

BNP will truly mean bNp

NuYawkFrankie's picture

Re. Sarkozy, Merkel To "Make Announcement"

Are they getting engaged or something?  No mention -so far at least - in the Enquirer...

Jehu's picture

Ohhhh they're already married, and a divorce would get very messy.

GeneMarchbanks's picture

First of all... gross. You are sick freak who should be beaten. Secondly, kinda. Eurobonds are a shotgun wedding of some kind.

s2man's picture

Watching the Eurozone fail is like watching a building collapse in slow motion.

Coming soon to a country near you...

Rikki-Tikki-Tavi's picture

How come short FTSE ETF's like XUKS and SUK2 on LSE are halted?

fredquimby's picture

Some monetary history:

........and what Sarko and Merkel SHOULD be announcing today:


We can but hope.....

Jehu's picture

1) Economic turmoil in Europe

2) Contagion spreads

3) Authoritarian regime takes power in Europe

4) War(s) civil and otherwise.


Same old play (Napoleon, Hitler)..... different players.



Maxwell Smart's picture

The only announcement Merkel & Sarkozy are ever going to make is that all is just fine and Greece is going to pay all debts to the last drachma, oops... euro.

Sequitur's picture

Well if it's a joint statement, doesn't this mean they are bailing em out?

Cdad's picture


Cdad also has a statement.  European insolvency in PIIGS nations will not be cured by statements.

A Dim View's picture

Well no, not now that he's gone short....

bankruptcylawyer's picture

they are announcing the gradual transition by greece from euro back to drachma. 


market will actually rally on this news when they realize how good bankruptcy is for global finances, once you get past the bumpy part. 

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