We noted the particular shift in Europe's sentiment toward Greece back in January, observing that ever since the "favorable" uptake of the LTRO (all of which has since been recycled and parked at the ECB's deposit facility which was at €510 billion as of today), Europe has become convinced that letting Greece fail is not a bad idea (an idea which is so ludicrous, and so Lehman deja vuish it makes us shudder, and which CS' William Porter wrote his entire February 10 piece "The Flaw" on, an excerpt of which can be found here [9]). This culminated with the following observations by UBS [10]. Ever since then everything Europe has done has been in preparation of an "orderly" Greek default (odd - try as we might we fail to find that section in the MiniCode MiniRules) and all the posturing about Greece saving itself has been beyond a farce. Yet as has been beaten to death, the final outcome won't be certain until March 20 [11], at which point the market may finally grasp the new reality. In the meantime, here is Peter Tchir explaining how Germany just broke up with Greece... via a text message.
From Peter Tchir of TF Market Advisors
Is It Proper Etiquette To Break Up With An SMS?
I guess I shouldn't be thinking about break-ups on Valentines day - that hallmark of Hallmark holidays - but with the EU switching from a summit to a conference call they are either finally worried about the money spent on all these summits (doubtful) or are trying to figure out a way of saying no without having to face the person (likely).
Dear George, it's me not you but I hope we can still be friends, Angela
It is less likely to cause a scene than even telling Greece no more money over the phone, and has the added benefit that you could mass text it to a lot of the Greek leaders and not even need to change the name.
Either that or someone in the EU finally googled IIF and is too embarrassed to show their face after realizing they have had a bank lobby group negotiating PSI for the past 8 months.