By John Galt
July 11, 2011
From the U.K. Guardian 7/12 print edition:
Greece set to default on massive debt burden, European leaders concede
Uh, there are consequences to this. The insane idea is highlighted here:
They also abruptly shifted tack in the eurozone debt crisis by raising the possibility of using the eurozone’s bailout fund to buy back Greek debt on the markets, meaning sizeable losses for Greece’s private investors and reduced debt levels for Athens.
Following 12 hours of fraught negotiations in Brussels haunted by the risks of contagion in the eurozone spreading to Italy, now being targeted by the financial markets for the first time in the 18-month crisis, the 17 governments of the eurozone pointedly failed to rule out a sovereign debt default by Greece.
A statement that at the meeting the European Central Bank “confirmed its position that a credit event or selective default should be avoided”. There was no declaration of governments’ support for the ECB position. Both Jean-Claude Juncker of Luxembourg, president of the Eurogroup, and Olli Rehn, EU commissioner for monetary affairs, declined to offer one.
“That does not mean that the Eurogroup as such would do everything to provoke a credit event,” quipped Juncker.
Really Mr. Juncker?
The markets already disagree with you as the Euro is cratering against the Dollar, Swiss Franc, and the Yen tonight (ALL CHARTS FROM INO.COM):
EUR/USD SEPT 11
While that looks somewhat dire and is triggering a massive USD rally, against the Swiss Franc, new records are and will continue to be set no matter what the SNB does:
EUR/CHF SEPT 11
And the Yen is making its move once again:
EUR/JPY SEPT 11
[...] http://johngaltfla.com/wordpress/2011/07/11/total-euro-chaos-tonight/ This entry was posted on Thursday, July 14th, 2011 at 11:34 pm and is filed under Euro News, New World Order News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. [...]
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