Ridiculous Intraday EUR Rally Reverses As Luxembourg Finance Minister Says Greek Aid May Be Delayed Until July

All aboard the we'll make it up as we go along Titanic:

  • AGREEMENT ON NEW GREEK AID MAY BE DELAYED TO JULY, FRIEDEN SAYS
  • FRIEDEN SAYS CONDITIONS HAVE TO BE RESPECTED IN GREECE
  • FRIEDEN SAYS NEED TO ENSURE NO CONTAGION EFFECT
  • FRIEDEN SAYS SEVERAL GREEK OPTIONS STILL HAVE TO BE STUDIED
  • FRIEDEN SAYS GREEK DEFAULT WOULD HAVE GREAT CONSEQUENCES
  • FRIEDEN SAYS GREEK DEFAULT WOULD AFFECT `ALL OUR BANKS'
  • FRIEDEN SAYS PRIVATE SECTOR INVOLVEMENT FOR GREECE `LIKELY'

And below are the summary comments from European ministers following the just ended talks which have achieved, yet again, nothing:

LUXEMBOURG'S FINANCE MINISTER LUC FRIEDEN

ON FINDING A SOLUTION FOR GREECE:

"I am convinced, already for weeks, we will find a solution to the challenges we are facing."

 

"Each time we meet and we discuss, we are coming closer to common views. That's why we have these informal meetings. So it's not exceptional at an informal meeting not to have a decision. But the goal is clearly to have a solution by the end of this month."

 

"We are moving ahead. I am optimistic, even if I am not sure we will find a solution next week, but within the next two weeks, I believe a solution should be (reached)."

 

ON PRIVATE SECTOR INVOLVEMENT:

"We have to be very careful that this is not considered to be a credit event, to be very careful that this does not lead to a rating downgrade. And it's only under these strict limitations that we can move towards private sector involvement.

"So limited private sector involvement that does not have the risk of contagion to other countries is something that we are analysing both technically and politically."

 

GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE

ASKED ABOUT TALKS ON A GREEK FINANCING PLAN:

"There has been no result."

 

BELGIAN FINANCE MINISTER DIDIER REYNDERS

"We are going to continue the Eurogroup meeting on Sunday. We always said no decision would be taken tonight. We are making progress. We are going to arrive, I hope, with the capacity to organise financing, from next weekend."