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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."

 

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Tue, 09/13/2011 - 07:25 | 1662917 oogs66
oogs66's picture

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

Tue, 09/13/2011 - 07:25 | 1662918 Id fight Gandhi
Id fight Gandhi's picture

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

Tue, 09/13/2011 - 07:26 | 1662922 The Onion Of Tw...
The Onion Of Twickenham's picture

Mr. Shit meet Mr. Fan

Tue, 09/13/2011 - 07:31 | 1662937 tocointhephrase
tocointhephrase's picture

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

Tue, 09/13/2011 - 07:43 | 1662963 RemiG2010
RemiG2010's picture

Yeap!

Tue, 09/13/2011 - 07:59 | 1663021 Hedge Jobs
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.

Tue, 09/13/2011 - 07:31 | 1662924 GeneMarchbanks
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?)

Tue, 09/13/2011 - 07:53 | 1662999 Chaffinch
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)?

Tue, 09/13/2011 - 07:28 | 1662925 Sequitur
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.

Tue, 09/13/2011 - 07:31 | 1662940 Apostle of Unknown
Apostle of Unknown's picture

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

Tue, 09/13/2011 - 07:48 | 1662976 Mae Kadoodie
Mae Kadoodie's picture

If anyone gets the boot it should be Italy.

Tue, 09/13/2011 - 08:03 | 1663030 Mitzibitzi
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.

Tue, 09/13/2011 - 07:28 | 1662926 Who is John Galt
Who is John Galt's picture

BULLISH!

Tue, 09/13/2011 - 07:29 | 1662928 DefiantSurf
DefiantSurf's picture

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

Tue, 09/13/2011 - 07:29 | 1662930 papaswamp
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.

Tue, 09/13/2011 - 07:30 | 1662931 Sequitur
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.

Tue, 09/13/2011 - 07:35 | 1662947 Who is John Galt
Who is John Galt's picture

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

Tue, 09/13/2011 - 07:31 | 1662938 scratch_and_sniff
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?

Tue, 09/13/2011 - 07:36 | 1662948 Sequitur
Sequitur's picture

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

Tue, 09/13/2011 - 07:32 | 1662942 NervousRex
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.

Tue, 09/13/2011 - 07:32 | 1662943 Lord Welligton
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.

Tue, 09/13/2011 - 07:33 | 1662944 Robslob
Robslob's picture

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

Tue, 09/13/2011 - 07:34 | 1662946 DefiantSurf
DefiantSurf's picture

I'd rather see the Iceland model

Tue, 09/13/2011 - 07:36 | 1662951 Who is John Galt
Who is John Galt's picture

And markets are GREEN!

Tue, 09/13/2011 - 07:37 | 1662953 jbc77
jbc77's picture

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

Tue, 09/13/2011 - 07:39 | 1662955 Aloysian
Aloysian's picture

BNP will truly mean bNp

Tue, 09/13/2011 - 07:43 | 1662956 NuYawkFrankie
NuYawkFrankie's picture

Re. Sarkozy, Merkel To "Make Announcement"

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

Tue, 09/13/2011 - 07:43 | 1662964 Jehu
Jehu's picture

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

Tue, 09/13/2011 - 07:45 | 1662968 GeneMarchbanks
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.

Tue, 09/13/2011 - 07:39 | 1662957 s2man
s2man's picture

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

Coming soon to a country near you...

Tue, 09/13/2011 - 07:40 | 1662958 Rikki-Tikki-Tavi
Rikki-Tikki-Tavi's picture

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

Tue, 09/13/2011 - 07:50 | 1662983 NuYawkFrankie
NuYawkFrankie's picture

Traffic lights on red?

Tue, 09/13/2011 - 07:41 | 1662960 fredquimby
fredquimby's picture

Some monetary history:

http://fofoa.blogspot.com/2011/09/once-upon-time.html

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

http://fofoa.blogspot.com/2010/05/open-letter-to-emu-heads-of-state.html

 

We can but hope.....

Tue, 09/13/2011 - 07:41 | 1662961 Jehu
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.

 

 

Tue, 09/13/2011 - 07:48 | 1662978 Maxwell Smart
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.

Tue, 09/13/2011 - 07:50 | 1662981 Sequitur
Sequitur's picture

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

Tue, 09/13/2011 - 07:50 | 1662985 Cdad
Cdad's picture

LOL!

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

Tue, 09/13/2011 - 07:50 | 1662988 skistroni
skistroni's picture

Bluffing.

Tue, 09/13/2011 - 07:56 | 1663011 A Dim View
A Dim View's picture

NO FRANCO-GERMAN INITIATIVE ON GREECE TODAY, LOUVRIER SAYS
Well no, not now that he's gone short....

Tue, 09/13/2011 - 09:43 | 1663300 bankruptcylawyer
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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