Just when we thought Europe was fresh out of rumor ideas, they prove us wrong once again. From Reuters: "Greek Prime Minister George Papandreou will hold a conference call on Wednesday with French President Nicolas Sarkozy and German Chancellor Angela Merkel, Greek state television NET said on Tuesday. NET did not cite any sources and there was no immediate, official confirmation of the call." Judging by the market reaction, which is a big fat yawn, Europe will have to come up with something much better than this. And we are sure they will oblige: look for the rumor mill to work overtime spewing furious gibberish all day, until something finally sticks to the wall. The end goal is insight: must prevent the unwind of the Eurozone for just 3 more hours when the market closes. And in the meantime, making sure she shoots herself in the foot once again, Merkel said she’s "very optimistic" that Finland’s demands for special collateral as part of the Greek bailout package "will be met within the parameters of measures agreed by euro-area leaders." Funny, because this is 100% backtracking on the official German position as of a few short days ago which was that no collateral would be granted to anyone. Sigh.
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