"No Euro Zone Statement Expected Today"

Tyler Durden's picture

This, in the parlance of our times, is called massively mismanaging expectations.

From Reuters:

Euro zone leaders will not issue a statement after a summit on Sunday to discuss the debt crisis, several EU sources said on Sunday, a decision that is likely to further undermine financial market confidence in leaders' abilities to tackle the debt problem.


The sources said the 17 euro zone heads of state and government had not reached any conclusions on how best to recapitalise European banks, bolster the region's 440 billion euro rescue fund and make Greece's debts more sustainable, making a statement pointless.


Everything now rides on a deal being reached at another summit on Wednesday. Ahead of that summit, there will also be a gathering of all 27 EU leaders to again discuss the best steps to take on protecting the region from the fallout of a possible Greek debt default and wider economic contagion.

So... can we ramp the EUR even more as French banks dump further billions in toxic assets in a relentless firesale to momos chasing the ES which continues to go higher merely on 1.000 correlated EURUSD to S&P, FX-driven repatriation?

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Chuck Bone's picture

20 bucks says some kind of "official" statement/rumor comes out today.

Earl of Chiswick's picture

if you really had conviction you wouldn't be offering fiat, but you are likely correct and either way markets will celebrate

DeadFred's picture

"After a difficult but productive weekend meeting a tentative framework on debt relief has been made, the details of which will be ironed out before the announcement later this week"

In other words they have squat.

TheFourthStooge-ing's picture

"No Euro Zone Statement Expected Today"

"No Euro Zone" Statement Expected Later This Week


CrashisOptimistic's picture

The announcement will be with the buzzword "Breakthrough".  A breakthrough in negotiations has been achieved and details soon.

Zero Govt's picture


"No Euro Zone Statement Expected Today"

ie. the political dribble was so fuking inane the secretaries couldn't translate it 


Cassandra Syndrome's picture

I off to buy someone Popcorn.

Long-John-Silver's picture

I'm buying Popcorn futures later this evening.

Zero Govt's picture

don't leverage your popcorn, it could blow up in your face

X.inf.capt's picture

i think it may be prudent to do it tomorrow

if not done already....

people who do that on NOV. 5th may be labeled by TPTB...

and assuming the banks would stay open on the 5th.....

CrazyCooter's picture

If anyone wants to shop for a local bank, let me recommend ....


... with the caveat they charge for their data. There is a free hundred page views (see the gray counter in the top left corner) which I think is tracked by IP (so you can shop at home and then at work).

This is my first stop before opening an account. Do invest the time to learn what the various metrics mean.

Lastly, since the page views are limited, print every page of interest to a digital file (e.g. Microsoft Office Document Image Writer or CutePDF) for future reference.

Presently I have assets in three banks (primary with USAA and two savings accounts at 1B+ asset local banks) and two safe deposit boxes (at zero interest a bit of cash in a SDB along with some PMs is not a bad call). I know a lot of folks poo poo SDBs, but I did a fair amount of research and concluded they were one of my best options. I am getting a safe for my property, at which point I will re-balance.

I also keep a pretty good cubbard of chow (beans, cornbread, peas, ramen, rice, etc) and some cash on hand for the eventual bank holiday. I can eat for 60 days without going hungry and without going to the grocery store.

Anyway, happy shopping!



GeneMarchbanks's picture

That is step 1.

Step 2: Buy Silver

Step 3: Profit

Step 4: ?

X.inf.capt's picture


i wonder how much PM's are going to go up today....


broke433's picture

Its going down if stocks go down just like it did for the past month

CrazyCooter's picture

When this blows up, just like '08, PMs are going to get monkey hammered. I am talking out my ass, but I would think the price would need to go low enough for JPM to cover all their shorts and get on the right side of the trade. The price to make that happen is going to be shocking and I also think you won't be able to get anything physical at that price.



This is the last rodeo before the wheels come off. The story Reggie covered about the derivatives moving to the deposit side of things is the last cash grab left. There just isn't anything left after you blow up a 50+ trillion dollar book, ya' know?



Gief Gold Plox's picture

While I too expect PMs to get initially hammered, I do not believe we will see 2008 prices again because we've seen a few QEs since and I'm leaning towards the EU going down the same route since there is nothing else any more that can be done.


Ginny's picture

If PMs will go down, why not wait to buy from Kitco?

Banksters's picture

Turn away now

So right now there is just under €290bn left in the EFSF kitty. Which could go down to less than €250bn if Greece, Portugal, Spain and Italy draw on it to recapitalise their respective banks.

If you don't want to be scared, turn away now.

Italy needs to borrow €250bn next year just to refinance its existing debts that are coming due for repayment - and not including the new money it will need to borrow.

Or to put it another way, if Italy is shut out of markets - which is not impossible - then the EFSF in its current form will not have even enough money to tide Italy over, let alone keep alive any other eurozone governments that run into difficulties.


First thought... http://www.youtube.com/watch?v=uVcVSEa_Ooo


CrashisOptimistic's picture

You have to define shut out.

They could borrow at 10%.  Maybe that's what the EFSF will do, subsidize the interest payments each year.  How insane would that be?  All member countries would be writing checks each year for each other's interest payments.

FL_Conservative's picture

I agree.  This slow-motion financial wreck will turn into a full-blown tsunami before you have an opportunity to change your mind.  Can't wait to see the Sqwakbox crew, in particular Liesman, with a ghost-white look into the camera as all the SHTF.  Talk about priceless.  Hey Steve....got any BS rumors to pass along?????


lizzy36's picture

This is awesome.

Two years later and NO agreement to agree if terms agreeable in sight.

Looking forward to the rumor released at 4pm est to ramp futures


Manthong's picture

There is good news.. looks like we get another week of hopium and lies to keep the market up:

"as finance ministers entered the second of a six-day marathon to stave off a Greek default and shield banks from the fallout." 


Don't look for anything but "in hopes of", "tentative agreements", "new plan to..", "may reach accord on.." etc. etc. etc. coming from these desperate bozos this week.


maxmad's picture

This non-announcement today and everyone knows they have no legit plan, should be good for a 40 handle drop in the S&P!  Plus, Krauts may drop the D-Mark bomb this week!

BoNeSxxx's picture

No markets to move for another 8 hours or so... nothing to see here.

Expect them to say something @ market open.

RunningMan's picture


Of course there is no statement. I have been shocked by the aura of supreme confidence permeating the soundbites and media for the last two weeks that it is folly to think this won't be solved in a snap. I don't buy it, and it is time to be serious. Those in the States should be asking whether their fundamental freedom is threatened. The principles on which the US  was founded have been comprimised. European countries need to question their combined goals, if they even exist, and the intent of their leadership. It is patently obvious Greece has been sucking the EU dry while letting a corrupt system (um, tax collection probably a good thing) perpetuate itself, and now that the gravy train is over, they are upset. Unfortunately the whole system is connected so the leaders are trying to convince the ECB that it is in everyone's best interest to turn the gravy pipeline back on.


These ragtag protests (OWS) mean nothing to most people. They have no apparent organization, no common purpose, and worse have hangers on that are sometimes worse than those in power they challenge. Hard to sympathize with that, and it taints the whole.

Real change takes time, thinking and dedication. Quite simply, our world and governments need to move to longer time horizons in both government and finance/business. We need think beyond one year goals (or four if you are a president) or election cycles or earning reports to meaningful periods - e.g. ten years, over which human behavior actually changes, twenty, generations, etc. Hard decisions required now. Not just statements to continue to manipulate opinion and the markets.




CrashisOptimistic's picture

There is no long term.  You don't understand how NGLs being lumped in barrel for barrel is corrupting the measure of oil production.  NGLs have only 50% of the energy of a barrel of true crude. 

Production of oil is falling.  Human population is rising.  There is no fix.  There is no long term.

Corn1945's picture

So we are supposed to have confidence in the same people who created the problem in the first place?

jcaz's picture

LOL- this will be viewed as a positive for Europe- "No bad news yet",  Dollar will fall, stocks will rally..... The Kool-Aid is tasty today.....

Quinvarius's picture

Why do people think a banking liquidity crisis in Europe will make the Euro drop when it did the exact opposite in the USA to the Dollar?  Does anyone honestly think they are going to dump the Euro as a currency?  We didn't dump the dollar when we heard California was in trouble and they are much bigger than Greece.

IMO, the Dollar will continue to be the weakest currrency because we are still the ones doing all the printing.

BoNeSxxx's picture

Oh gee, I don't know... perhaps a slight difference is one union is formed by states and the other by sovereign nations (once upon a time US States were allowed to function as sovereigns, I know -- but that was a long time ago).

Or another difference, golly, could be the fact that the Euro is a financial union, not a political one (yet).

Then you have the US Petrodollar propping up the infinite inflatability of the Dollar...

Is that enough?  Or too many?

Quinvarius's picture

Did you throw in enough caveats to keep from undercutting your own argument and supporting mine?  No.  You didn't.  I kind of laughed when I read your repitition of CNBCesque nonsense.

Neither Greece nor California can print their own money.  Beyond that, you are purely speculating.  There is no logical path that goes from Greece default to the end of the Euro anymore than there is one that goes from a California default to the end of the dollar.

What part of the USA printing money is refuted by your suggestion that we can print endlessly for some half baked reason you heard on TV?

What I want to hear is why a demand for Euros is supposed to make the Euro lose value vs other paper money when a demand for dollars made the Dollar stronger vs other paper money.

BoNeSxxx's picture

Really?  You are going to continue to draw an analogy between California and Greece?  California is de facto backstopped by the other 49 states as a member state of the ferderation of states known as the USA.  ONE Single Sovereign Nation.  New Yorkers and Floridians are free to object but, at the end of the day, they have little say and the Fed has much broader power than the ECB.

Germany, France, Finland et al have a lot more to say about whether they want to backstop Greece.  There, did that come from CNBS? 

Put another way, I could stomach the erosion of my purchasing power through inflation brought on by the sins of Californians MUCH more readliy than I could (or would) by the sins of Canada or Mexico.  The Euro is doomed.  So is the USD -- only separated by about a couple of months or years depending on how it all plays out.

As for your final quesiton - it isn't a bad one.  Just seems obvious to me... All currencies are stressed to the breaking point by excessive bank and sovereign debt.  The real question at any given point in time is, 'who is the tallest midget'?  Simply a quesiton of degree at this point and the degree fluctutates on non-news, lies, plans, and inuendo (IMHO).

marcusfenix's picture

lol...no statement today...

yeah it's part of their "save the markets campaign" resaulting from yesterdays statements.

well, at least they agreed on one thing, they had better stfu before there was nothing left to have another meeting about on wensday....

bnbdnb's picture

Of course no statement. Its reached the obligatory time to "sell the news".

Belarus's picture

Exactly, and now that there is no news or said otherwise any real details there is nothing for the market to sell but only buy based on a infinite amount of optimism. WOW!

maxmad's picture

Now they just need to print optimism!  LOL!  This thing is going to CARSH!

Instant Wealth's picture

Looks like it´s going to be a "triple summit".


Why not make it a permanent summit for the political orgasm ad infinitum ?

HardlyZero's picture


They need to setup a seance room with Ouija Board and 8-Ball at the press table.

Make sure the prediction room is below ground and has sufficient access for the cement truck when SHTF...so it can be conveniently sealed off from view.

They could run a video feed from the room...and shackle the leaders to the table.

Maybe pay-per-view and use that to pay off the debts.

Patriotic duty ?

Iam Rich's picture

Simple really...since there is no "combined" statement (this will limit us to theoretically ONE statement), they get to make different "individual" statements all next week (20+ statements).  No matter how contradictory/identical each new "individual" statement is, each will be viewed in a vacuum, be viewed as positive or progress, and be reason for further ramping of the EUR-ES.  This is so easy even a caveman can do it!

RiverRoad's picture

Somebody better tell Penelope Europe that no matter how many times she weaves and unweaves that rug, Odysseus ain't ever comin' home, with all that portends......Good luck Penny.

mhoughgr's picture

good for another 250 points on the dow in anticipation that a delayed solution is a better solution on wednesday?

maxmad's picture

You got it!  250 point drop!  No deal, no rally!

lolmao500's picture

So who is buying those toxic assets really? The FED? US banks? China? The ECB? The BOJ? Pension funds?

Belarus's picture

Why come out with details when all you have to do is endlessly pretend there's going to be---we promise, there will be a deal that fixes everything--an agreement and markets run by computers and short covering gets a desired effect for a short while with the insane people running the world.

Four consective weekends now, with a spate of absolute shit news, I have been overjoyed going into Monday not long. Yet four weeks in a row, Monday's are met with a yawn and the rest of the week blisters up. 

I inititally thought the markets would face reality this weeek--since there is no way to truly ringfence in all the problems and political agendas in EU--and tank hard core. But heh, now that we'll get another plan of plans to fix everything some day, ze promises!, the market will probably continue to melt-up in complete fantasy land. 


Belarus's picture

Oh, the robots don't care why the EUR/USD goes up, they just react that it does. The only ones that end up giving a shit is all the shorts that get squeezed out of their positions.

I'm starting to despise shorts, whom fuel massive fire power to markets that are absolutely broken. So, fuck you you weak POS shorts. 

sabra1's picture

i would bet that one HFT is set up to short the markets, the other to go long. this way all stops are taken out both ways. after 3:00, they unplug the HFT that shorts! put nothing past these corrupt bastards!

lapedochild's picture

Sure we have HFT but it's all about confidence folks. Critical mass was lost this weekend and so sure we could get a couple % more on the S&P but I think we'll be in for a very hard correction. 15% now on no details.. Even if they come out, it will be a massive 'sell the news' event.

It would in fact be good if the markets turn south HARD, because that would force leaders to take tough decisions. Unfortunately they also see what their inaction does to the market and hence are even incentiviced to keep things going for a tad longer...

In my view, if we retrace back to 1074, that's not a fall at all, that's where hopium began (Oct 4th). I think we'll see S%P 1000 before seeing 1300

Belarus: I am staying in my short!

Miss Expectations's picture

It occurs to me that this is nothing but a game of freeze tag:

Freeze tag is a variation of the basic game of tag except that the chaser has to catch everyone in the game. Children all over the world play it. Freeze tag requires no balls or equipment, just a bunch of friends  and a place to run. Several variations have been made to the game through the years, but the basic premise remains the same.


Read more: How to Play Freeze Tag | eHow.com http://www.ehow.com/how_2058069_play-freeze-tag.html#ixzz1bcZefXpL