Everyone was expeting today's "hope" headlines, and as usual, they were not disappointed, courtesy of Reuters and MNI:
- GREECE PROPOSES INTERIM SOLUTION TO COVER JULY BEFORE LONG-TERM DEAL - GREEK GOVERNMENT OFFICIAL
- TSIPRAS, MERKEL, HOLLANDE, JUNCKER DISCUSSED 'ROAD MAP' - OFFICIAL
- GREECE GOV WILL PRESENT COMMON GROUND' FOR VIABLE DEAL WED - OFFICIAL
- IRISH MINISTER SAYS GREECE MOVING TOWARD APPLYING FOR LARGE REQUEST FROM ISM
- IRISH MINISTER SAYS NO REQUEST FOR HAIRCUT ON GREEK DEBT AT EUROGROUP MEETING
Is anyone surprised?
There is, as always, a footnote: "The proposal of the Greek side is for a settlement until the end of the month ... in order to prepare the big, viable deal during this brief period," the official said. And more:
- GREECE OFFL: MUST FIND WAY TO PAY ECB JULY 20
- GREECE OFFL: DEAL PROVIDED THAT ECB MAINTAINS STABILITY
- GREECE OFFL: CANT GET DEAL IN 24 HRS BUT CAN SEND SIGNAL
The problem is that the ECB's immovable maturity is now due in less than 2 weeks, and if there is one thing the ECB has shown an unwillingness to do, it is to budge.
In any event, stocks promptly soared back into the green following Europe's close, the latest batch of "hope" and, of course, Goldman's bottom-ticking inflection point. [5]
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