Today there is another approach to find a deal between the greece govt and the creditors. Its all about that both parties find a deal they can agree with, if thats done its about how many creditors will agree, my opinion there is no deal before middle/end of next week, even thats optimistic.
However, there are a ton of hedgefunds who have bought greek dept for exraordinary gains, dont think theyre willing to loose here.
What i see here is uncertainty out of europe generating new downward potential for the euro, btw whats about portugal - way to quite there, on these piigs.
On the german handelsblatt a article today sayd european leaders are about to do a telephone conference later today with the greek govt as well as creditors with greek govt, so dont be surprised if euro goes nutz later today. After this meeting Athen ministerpresident Lucas Papademos and IFF-Chef Charles Dallara will meet.
Here a quote from today pfennig on the euro:
However, there are a ton of hedgefunds who have bought greek dept for exraordinary gains, dont think theyre willing to loose here.
What i see here is uncertainty out of europe generating new downward potential for the euro, btw whats about portugal - way to quite there, on these piigs.
On the german handelsblatt a article today sayd european leaders are about to do a telephone conference later today with the greek govt as well as creditors with greek govt, so dont be surprised if euro goes nutz later today. After this meeting Athen ministerpresident Lucas Papademos and IFF-Chef Charles Dallara will meet.
Here a quote from today pfennig on the euro:
QuoteDislikedSpeaking of well made plans of mice and men. What looked like a workable situation for Greece and private creditors, has taken a turn that has the euro vulnerable again this morning. It's not as if the situation is unworkable, it's just that they are struggling to come to an agreement, and since it's not as smooth as Jiffy, then the Chicken Littles come out of the crowds. But then, quite frankly, I have been surprised by the strength the euro has displayed this week. The euro has, always shown resiliency, but, as I've said a couple of times now...
QuoteDislikedBut then the struggles of Greece this week and their ability to work a deal with private creditors could throw these baby steps of stabilization into reverse in a heartbeat! So. once again with the well made plans of mice and men.
If I were a betting man, I would bet a Krispy Kreme to a dollar that the Greek things gets all buttoned up this weekend or early Monday ahead of next week's ECOFIN (Eurozone Finance Ministers) meeting.
Good luck
