In spite of all the headlines and chatter the real winner in the latest of 19 EU summits was none other than German Chancellor Angela Merkel. First lets take a look at numerous headlines that got the story wrong.
Merkel Big Loser
London (AFP) - European stock markets surged Monday on hope that Greece was closer to ending a five-month standoff with its EU-IMF creditors over a deal to save the country from default and a possible euro exit.
Greece’s central bank issued its starkest warning yet about the possible consequences of failure to reach an agreement on aid, as one of the final opportunities to break the deadlock looked likely to be a short affair.
London (AFP) - Europe's main stock markets fell on Thursday ahead of crunch European Union talks over Greece, as hopes faded of a deal between Athens and its creditors over bailout repayments, dealers said.
The bickering over a half percentage point reduction on the discount rate continued over the weekend as Greek Bondholders Draw Line in the Sand
Private owners of Greek debt have made their “maximum” offer for the losses they are willing to accept, the bondholders’ lead negotiator has said, implying that any further demands could kill off a “voluntary” deal and trigger a default.
France has encouraged Spain to apply for aid as soon as possible. In Germany, Wolfgang Schäuble wants anything but a timely application.
Note that unless a country requests a bailout, and agrees to terms set by the IMF (something Spain does not want to do), the entire OMT plan of Draghi is useless.
Finally, at the latest EU finance meeting on Saturday, battles between eurozone and non-eurozone countries erupted over the banking union.