Early hope began to fade as nothing appeared to be settled... and then The BBC unleahed the ultimate "Greece is rescued" quote from an EU Minister [6]. Bond risk is now collapsing (PORTUG -55bps!) as Bunds & TSYs are dumped, Greek stocks are up 9%, and all European Bourses are surging as even EURUSD is rallying (breaking its earlier correlation)...
Here is the full Eurogroup Statement...
The Eurogroup broadly welcomed a new version of the reform plan submitted by the Greek authorities this morning, before the Eurogroup meeting, and considered it to be a positive step in the process. The Eurogroup asked the institutions (the European Commission, the European Central Bank and the International Monetary Fund) to start analysing the new proposal and together with the Greek authorities work out a list of prior actions with a view to reaching a final agreement on the reform plan later this week.
The Eurogroup might hold another meeting this week.
Which helped to create this...
[7]
Some context for the move in peripheral bonds...
[8]
No news is good news then...
Except for Bunds & TSYs
[9]
Juncker also piled on with more lies...
.@JunckerEU [10] doorstep at the @EUCouncilPress [11] "My aim is a deal by the end of the week. We are working day and night for this." #Greece [12]
— Mina Andreeva (@Mina_Andreeva) June 22, 2015 [13]
