"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?