German Finance Minister says "Big Bazooka" Not Ready, Would Not Stem Crisis, Even IF it Was; Plans Too “Intricate and Complex” for Investors to Understand.

The latest Greek deal is unraveling in multiple places already. The EMU wants to hold it together but can't. Cracks are wide, deep, and widening. Greek Party Leader Might Seek to Renegotiate Terms Social unrest harms hopes of Greek reform

Europe's "big bazooka" bail-out fund is not ready and won't stem the debt crisis that on Tuesday pounded Italy and the European Central Bank (ECB), admitted Wolfgang Schauble, Germany's finance minister.

European officials have had enough of the technocrat leadership in Greece. EU officials have given a week for Antonis Samaras, the leader of New Democracy party, and member of the coalition to sign a document saying he will support the European Union debt plan. He says he will. The EU wants a Signature. Does a Signature Even Matter?

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.

European officials have had enough of the technocrat leadership in Greece. They have given a week for Antonis Samaras, the leader of New Democracy party, and member of the coalition to sign a document saying he will support the European Union debt plan. He says he will support the plan (with modifications). The EU wants a signature now, with no changes. Does a Signature Even Matter?

BRUSSELS/BERLIN – Germany signaled on Wednesday it was ready to back plans for the European Central Bank to be made the chief supervisor of banks, raising the prospect of a breakthrough on the European Union’s most ambitious financial reform. Finance Minister Wolfgang Schaeuble told the German cabinet he was “optimistic” about a deal ahead of a meeting of EU finance ministers in Brussels on Wednesday, a German official said, speaking on condition of anonymity.

(BRUSSELS) — Greece‘s international creditors failed to agree Monday on how to get the country’s bailout program back on track and put off again the release of the next batch loans that Athens is using to pay its day-to-day bills. However, European finance ministers meeting in Brussels did decide to give Greece two more years until 2016 to reform its economy — one of the conditions of its bailout package. But they could not agree on how to pay for the extension or when the country’s debts would reach a manageable level.