As reported in exhaustive detail earlier this morning, talks between Greece and creditors have once again fallen apart as the Greek delegation is unwilling to concede to the IMF's demands for pension cuts and a VAT hike:
- NO EUROGROUP AGREEMENT IN SIGHT ON GREECE: EU OFFICIAL
- EUROGROUP HAS BEEN 'INDEFINITELY SUSPENDED:' EU OFFICIAL
- EUROGROUP MAY RECONVENE ONCE GREECE PROPOSAL RECEIVED: OFFICIAL
I'm hearing #eurogroup [8] is now finished. #Greece [9]
— Peter Spiegel (@SpiegelPeter) June 25, 2015 [10]
Just remember, Greece doesn't matter...
The algos' reaction to the news was violent and swift:
Here's what the last 15 minutes looked like (note the volume at 9:38 dwarfs 9:30!) $ES_F [11] $DAX_F [12] pic.twitter.com/4BLneI8eBs [13]
— Eric Scott Hunsader (@nanexllc) June 25, 2015 [14]
Meanwhile things are rapidly imploding:
I hear Tsipras will go to the Greek people if he is given take-it-or-leave troika diktat. Worth noting ND & To Potami have been in town
— Bruno Waterfield (@BrunoBrussels) June 25, 2015 [15]
Which means that Tsipras, back to the wall, is again threatening with elections/referendum and maybe even resigning as rumored earlier, and outcome which is precisely the worst "Grexident" case outcome that so many have warned about and that Goldman, as we reported previously, has been plotting all along to give the ECB a greenlight for even more QE...
Officials arrive for the EU summit (live):
