The Really Useless Thread

"they will use their martial arts skills to defend the country"


Not sure that's going to work with these...

http://i566.photobucket.com/albums/s...a404/21826.jpg

dissent is the highest form of patriotism - thomas jefferson...

ask questions..

I cant hold my Sleepy eyes now...Sell Stop Below wedge - Find some Milk Money
Love ya Cutie Kill & Nice heart Fibbin

Deal looks like a done deal TA wise too is refusing to move down until the announcement...not sure about that 17 GMT haven't heard any rumors but we are in the zone I would say from now to the roll...

Let's see

sisse

(This story has been posted on The Wall Street Journal Online's Euro Crisis blog at http://blogs.wsj.com/eurocrisis/2012...out-deal-close)


After months of haggling and heartache, the euro zone is finally set to push ahead with a new, enhanced rescue deal for Greece on Monday that will avert--at least for the present--the threat of a potentially catastrophic default.

Finance ministers from the 17 euro-zone countries are meeting in Brussels now, looking to sign off on a deal worth at least EUR130 billion ($170.87 billion) that will slash Greece's debt burden and allow it to stay in the euro zone, albeit under a degree of external control and scrutiny never witnessed in Europe in modern times.

Over the last week, the Greek government has reportedly fallen into line with a number of demands from its creditors, finding an extra EUR325 million in budgetary cuts after slashing the national minimum wage by 22%, and many pensions by 12%.

But one crucial stumbling block still needs to be removed for a deal to be agreed: Greece's sharp economic contraction in the last two years has left it further than ever from being able to service its debts. The Troika's new debt-sustainability analysis sees Greece's debt still at 129% of gross domestic product by 2020, even after a EUR100 billion write-down of the debt currently in private hands.

That is above the 120% ratio seen in the previous draft of the rescue plan, and far above what most economists consider to be sustainable in the long term.


MONDAY'S HEADLINES
--Agenda: Greek Rescue Not The End of the Story

--Any Greek Boost for Euro Is Likely to Be Brief


11:35 a.m. What's Agreed and What's Yet to Be Agreed by Geoffrey Smith

Over the past week, the Greek government has reportedly fallen into line with a number of demands from its creditors, finding an extra EUR325 million in budget cuts after slashing the national minimum wage by 22% and many pensions by 12%.

Meanwhile, Germany also appeared to scrap an idea to withhold part of the bailout.

With a EUR14.5 billion debt maturity looming March 20 for Greece, officials worried that holding back part of the aid would send a negative signal to private investors and potentially discourage them from participating in a voluntary restructuring of Greek bonds.

The consequent risk of a disorderly default is one many officials said they are keen to avoid.

But Greece's sharp economic contraction in the past two years has left it further than ever from being able to service its debts.

The new debt-sustainability analysis by the Troika sees Greece's debt still at 129% of gross domestic product by 2020, even after a EUR100 billion write-down of the debt currently in private hands.

That is above the 120% ratio seen in the previous draft of the rescue plan, and far above what most economists consider to be sustainable in the long term.

The new plan also rests on the assumption that Greece's economy will grow strongly from 2014, as the reforms outlined in the rescue plan restore its competitiveness.


11:17 a.m. Juncker: Confident of a Deal by Geoffrey Smith

Jean-Claude Juncker, Luxembourg's prime minister and chairman of the Eurogroup, the body grouping the euro zone's 17 finance ministers, said he is optimistic that a deal would be reached Monday.

"I'd like to assume that we will come to a final and definitive agreement tonight," Juncker said on arriving at the European Union council building. "Greece has fulfilled all the prior commitments that we asked of it."

But he said a number of points still remain to be settled.

"It's still open as to how far the public sector can participate in the total solution," Juncker said, referring to recent talk of the need for the European Central Bank and national central banks to allow their holdings of Greek bonds to be written down.


10:49 a.m. Just 10% of the Way to Go... by Jonathan House

European finance ministers are in agreement on most of the issues relating to a new bailout package for Greece, Spain's finance minister said Monday.

"Just about 10% of the issues are outstanding," said Luis de Guindos on his way into a meeting with his colleagues on a new tranche of aid for Greece.


10:25 a.m. ECB Settles No Government Bond Buys For First Time Since August by Tom Fairless

The European Central Bank stayed out of government bond markets last week for the first time since August, amid an ongoing rally of peripheral euro-zone government debt in the wake of the ECB's first ever three-year loan operation.

The ECB said Monday it settled no government bond buys on the secondary market last week, after settling bond purchases worth just EUR59 million the previous week.

"After three weeks of negligible buying flows, the ECB stayed out of the secondary market last week," said Annalisa Piazza, a strategist at Newedge in London.

That shows the ECB "leaves limited room" to its bond purchases as "a major policy tool" and "remains on a wait-and-see mode ahead of" its second three-year refinancing operation, due Feb. 29, Piazza said.


9:42 a.m. Greek Finance Minister 'Optimistic' of a Deal by WSJ Staff

Greek FinMin: "Optimistic" On Eurogroup Approval Of Greek Loan.


9:39 a.m. Ireland to Raise Promissory Note Issue by Ainsley Thomson

Ireland won't ask the Eurogroup to consider easing the terms of its debt payments at Monday's meeting of finance ministers, but will raise the issue on the sidelines, Minister of State Brian Hayes said Monday.

Arriving at a key meeting of the 17 euro-zone states, Hayes echoed his colleagues in expressing confidence that they would be able to reach a definitive agreement on a new, enhanced EUR130 rescue program for Greece that will slash its debt burden by about EUR100 billion.

"Hopefully we can get this issue over the line today," Hayes said.

However, he warned that the program may struggle unless it can restore growth in Greece in short order. People familiar with the latest projections of Greece's creditors say the rescue plan expects Greece's economy to continue contracting next year and start growing again in 2014.

"I think ultimately it requires a growth strategy within Greece," Hayes said. "The ongoing austerity is very difficult for the Greek people--we understand that ourselves in our own country."


9:17 a.m. EU Letter by 12 Government Heads Outlines Growth Plan by Riva Froymovich

Twelve European Union heads of government sent a joint letter Monday to officials in Brussels that outlines a regional growth plan, which focuses on reforming rules without any financial commitments.

The leaders say Europe is facing a crisis of growth, and while efforts to put national finances on a sustainable path are essential, action is also needed to modernize the bloc's economies.

The letter comes ahead of a meeting of EU finance ministers Monday and Tuesday, as well as a summit of all EU country heads March 1-2.

"With bold and effective action and strong political will we can recover Europe's dynamism and put our economies back on the path to economic recovery," says the letter.

The letter was signed by the prime ministers of the U.K., Netherlands, Italy, Estonia, Latvia, Finland, Ireland, Czech Republic, Slovakia, Spain, Sweden and Poland.

The leaders' program involves strengthening the EU's single marketplace by reducing regulatory burdens. It pushes for simplifying Internet licenses and cross-border online payments.

The letter also says the EU should deliver on its commitment for an efficient internal energy market by 2014. It proposes the creation of an effective EU-wide venture capital regime that allows venture capital funds to operate on a pan-European basis.


-For continuously updated news from The Wall Street Journal, see WSJ.com at http://wsj.com.


(END) Dow Jones Newswires

fxl-
A member of the Italian press is reporting that the meeting is moving slowly. It could be hours before we hear anything.

naah.. another looser with EUR short position ....

je je je ....maybe as the Italian call it is a "much" need "pausa caffè" (coffee break) ....who knows with these guys. At least they are the most technocrat and less political of the bunch in the meeting...

sisse

italians love their coffee..

I need one myself as this is very boring waiting. Thin air across the board. Markets around the world closed (CME closing in 45 minutes) so pretty much only some FF members trading before the news...

sisse

lol, true that, having a tea myself..

does it mean, we can move/manipulate the markets now? guys... let's rock.

...yeap mate now is the time....if you wait another 15 minutes you will have the whole market for your own...

For real. any final tweet regarding the meeting will make this thing "explode" on air...

sisse

hey fxm, welcome aboard the good ship RUT bro...

it's frekking hot as hell over there. how the heck they gonna survive with ninja mask and all that crap? better to be butt naked.

figuring buy the dip, but how far will it dip? already had one entry s/o b/e...

telling you... they got better chance with butt naked women.

some of those iranian women are even hotter...

exactly my point.