I love this story which came out just 2hours ago.
From AFP: Germany 'dismisses Greek debt compromise plan' (http://www.google.com/hostednews/afp/article/ALeqM5hh6sw4CF1nPYouOGX-rOU6zcTdNA?docId=CNG.105975a399e42bed5c5d964daff21f4a.761 )
“A German compromise plan to resolve a dispute with the European Central Bank over the Greek rescue that was reported by Der Spiegel magazine is no longer on the table, a government source said Sunday………. But a German official, who spoke on condition of anonymity, said that while "several options" were being debated to involve private creditors in an Athens rescue, the reported proposal was "no longer on the agenda".
The source added that the initial plan had differed from the reported proposal in "key aspects".
German officials say they seek a plan with as few "unwanted side effects" as possible. ”.
So already the “Non-Default” event of last Friday and the perfect family reunion photo-op of Mom and Pop shaking hands has been washed down the drain. Anyway the Bond Market has already called the bluff and the brief EUR rally might come to an end sooner than expected.
I have a feeling, those who are looking for a rally on Monday, 20th June, might be in for some disappointment.
I love this cartoon and could not resist copying it here. Courtesy Philstockworld.com
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