And fully rejected: GERMAN NEWSPAPER ZEIT REPORT ABOUT CONCESSIONS MADE TO GREECE BY CREDITORS HAS NOTHING TO DO WITH REALITY, SUCH A PROPOSAL WOULD DEFINITELY NOT FLY - EU DIPLOMATS
Precisely in the timeframe we expected:
Over/under on latest official denial: 30 minutes?— zerohedge (@zerohedge) June 18, 2015
* * *
Believe it or not... *GREECE AID TO BE EXTENDED UNTIL YR-END W/O IMF: DIE ZEIT
The market does, for now, and it adds to today's already impressive massive short squeeze, stop run and Fed "green light" rally, and now a new all time high appears imminent.
Answer: under, 5 minutes to be exact https://t.co/TWLOTpC1L8— zerohedge (@zerohedge) June 18, 2015
- *MERKEL ASKED ABOUT REPORTS OF NEW OFFER TO GREECE
- *MERKEL SAYS ONLY KNOWS OF OFFER FROM GREEK CREDITORS
With Greek markets closed, GREK (the Greek ETF) is getting played...
In Greek debt dispute, a dramatic turn offing. The creditors of Greece want to preserve the threatened bankruptcy of the country at the last minute with an ultimate offer from bankruptcy.
According to information from TIME and TIME ONLINE is to be extended until the end of the current rescue program. In this program, ten billion euros are left, which should be actually used for the recapitalization of banks. This money will now be used to settle the Greek debt to the European Central Bank (ECB) and the International Monetary Fund (IMF) in the coming months.
The ECB participates in the financing, by will allow the Greek government to spend additional short-dated government bonds for two billion euros. These bonds would buy Greek banks and can deposit as security for fresh money from the ECB. So far, the central bank, however, had always resisted.
According to reports, both ECB Chairman Mario Draghi and the leaders of the major euro area countries are involved in the project. In return it is expected of Greece to implement agreed at a crisis meeting at the chancellery two weeks before reform requirements.
The IMF would no longer take part in the financing for the time being, because he no longer sees fulfilled the conditions for it - this is likely to come mainly in Germany with skepticism. Following the extension of a third aid program to be adopted. This would include a low- to mid-double-digit billions. The IMF will also participate to it only if the Europeans agree to a debt restructuring for Greece.
Following the official denial which should hit in a few minutes, we expect stocks to forget the retrace the gains as usual. That, or else Europe will be in a hell of a bind now that Italy and Spain line up demanding comparable if not better treatment.