Equity markets roared higher Thursday and Friday as they 'knew' a deal was imminent in Greece because Tsipras appeared to backpedal. However, after someone told Merkel the truth, and "everyone knows you can't believe" the Greeks, The Eurorgoup Meeting ends with zero agreement after 9 hours of rumor-mongering and escalating tensions. Local reporters noted the leaders could not even agree on what to disagree about as an increasing number of EU member states pushed for either a Grexit or considerably tougher sanctions austerity on the Greeks.
End of #Eurogroup session. To be continued tomorrow.— Alexander Stubb (@alexstubb) July 11, 2015
From the man himself...
- *DIJSSELBLOEM SAYS TALKS ARE STILL VERY DIFFICULT
- *DIJSSELBLOEM SAYS ISSUE OF GREEK TRUST VERY DIFFICULT
- *DIJSSELBLOEM: `WE DON'T HAVE A SOLUTION YET'
- *DIJSSELBLOEM SAYS `HUGE PROBLEMS' REMAIN IN GREEK TALKS
- *DIJSSELBLOEM: `FOR SURE IT WAS A DIFFICULT MEEETING'
Summing up the meeting perfectly...
Euro zone finance ministers were trying to draft a joint statement on Saturday listing further measures they want Greece to take in order to launch negotiations on a bailout Athens has requested, an EU source said.
The Greek government has put forward a set of reform plans to meet conditions for a three-year loan from euro zone partners but finance ministers said they did not go far enough and several sources said the other 18 euro zone states want Athens to offer additional actions and guarantees of implementation.
* * *
Don't worry though:
- *MOSCOVICI SAYS THERE'S `ALWAYS HOPE' AND TALKS RESUME SUNDAY
Do these look like faces of hope?
There is no press conference and the meeting will resume tomorrow at 11am... shortly before FX markets open.