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Friday, February 03, 2012

On Again Off Again - The Greek Farce Continues

As another week of rumour and counter rumour about an "imminent" deal on the Greek haircut comes to a close, the usual rumourmongers from the EU and Greece are proactively spinning that the "deal" is almost done.

However, a much rumoured meeting of EU finance ministers (in which the deal is to be discussed) appears to be in "on again/off again" mode.

The EU recognises that the meeting (allegedly next Monday) cannot take place until the "deal" is signed off. Therefore, displaying a lack of confidence in the hype over an "imminent" signing, the EU has said it expects finance ministers to meet when there is clarity on the Greek PSI debt swap (it will not confirm a date for the meeting).

This time next week we will still be awaiting the "imminent" signing of the "deal"!

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