There is a reason why we mock the IIF's perpetual optimism that a deal will be done any. minute. now at every possible opportunity [4]. Especially when after all of last week, we kept hearing over and over from every source imaginable just how "guaranteed" a deal is before today's Euro Council meeting began. Well, surprise, surprise, the red carpet clownshow is on, and there is no deal. And it gets worse. According to Bloomberg, European leaders won’t finalize Greece’s second aid program today because talks with banks over debt reduction aren’t completed, German Chancellor Angela Merkel said. Leaders are also awaiting an assessment of Greece’s current needs and the status of its economic reforms, Merkel told reporters before a European Union summit in Brussels today. Said otherwise, that 150 pip surge in the EURUSD, which as was said was very transitory, has faded. Even more amusing, Stolper is once again out of the money on both his latest EURUSD call [5], and his Sunday long USD call [6]. Simply stunning.
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