Via Peter Tchir of Brean Capital [4],
Here are the 5 groups that currently feed the media with headlines:
The IMF – I am not sure when their role transcended helping weak countries to being a global market prognosticator but assume that as much as they chastise Greece, they will continue to try and get them money – it is pretty much the definition of the IMF
Greeks in the know (probably the smallest group)
EU in the know (next smallest group and mostly a few Germans and ECB employees)
EU making things up – a huge swath of politicians looking for any soundbite possible
Greeks making things up – some are honest mistakes as what they said was true 5 minutes before, and they weren’t told of the changes, but mostly people trying to get attention
The only information that matters is that small intersection of what the Greeks in the Know matches up with what the EU people in the Know say – those details are few and far between – at least publicly.
[5]
The huge crop of those making things up and just guessing make up the bulk of the headlines and are there to feed the voracious appetite of reporters, and the market moves (for example to a headline of the IMF is negotiating, in spite of no headline that had said they weren’t negotiating)
When something from the “in the know” crowd comes out, or changes, I will change my view, but until then I will filter out the noise.