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:

  • FRENCH GOVERNMENT SOURCEE SAYS SARKOZY AND MERKEL WILL MAKE AN ANNOUNCEMENT ON GREECE TODAY
  • GERMAN BUND FUTURES <FGBLc1> HIT SESSION LOW AT 137.68 AFTER MERKEL-SARKOZY NEWS

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."