The EU Clowns & The Greek Circus

“Greece Is Re-Re-Saved” – Caption Contest 11/27/2012 07:54

Europe’s Latest Can-Kicking Euphoria Fading Quick 11/27/2012 – 07:18:

It wouldn’t be Europe if the insolvent continent did not announce, to much pomp and circumstance, another final rescue for a broke country which was nothing but a short-termist can kicking exercise. It also wouldn’t be Europe if the leaders did not do much if any math when coming up with said “rescue”, and it certainly wouldn’t be Europe if the initial EURphoria following such an announcement was not promptly faded. Sure enough, all three have now occurred with the EURUSD soaring to over 1.3000 in the moments after last night’s soon to be obsolete announcement, only to see a gradual and consistent sell off over the next several hours, dropping to a week low of just under 1.2940 as details emerged that… there were not details. To wit, as Market News reported:

  • EU COMMISSION: FUNDING FOR GREECE DEBT BUYBACK NOT WORKED OUT YET

In other words, the use of funds for the third Greek bailout has been more than detailed. The only tiny outstanding issue – the source of funds.

But don’t worry: Europe’s magic money tree is second to none when it comes to fruiting “confidence”, “hope” and other such European synonyms to BS.

Greece Kicks The Can For The Third Time – SocGen’s Take: “More Will Be Needed” 11/27/2012 – 03:32

Mark Grant On Greece: “There Is No Deal Here” 11/26/2012 – 20:45

We Have A New New New Greek Deal – Full Details And Live Webcast 11/26/2012 – 19:46

False Alarm: No Deal Yet – This Is After All The Circus Known As Europe – Live Webcast 11/26/2012 – 17:48

Greece Is Saved, Again, As Eurozone And IMF Reach Deal On Greek Debt/GDP of 124% By 2020 11/26/2012 – 17:13

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