Greece's politicians on Monday lurched towards a ninth day of talks to try and form a government that could handle the country's acute financial crisis, stave off default and ensure Greece stays in the euro.
Those looking for a bit of humor in the European debacle can find it in statements from Jean-Claude Juncker, head of the eurozone finance ministers.
Juncker says "I don’t envisage, not even for one second, Greece leaving the euro area. This is nonsense. This is propaganda. We have to respect Greek democracy."
Bear in mind this statement comes from the same man who said "When it becomes serious, you have to lie."
ATHENS — Greek bank stocks fell by more than 22% on Wednesday as the Athens market suffered a third day of turmoil following the election of a government led by leftist anti-austerity Prime Minister Alexis Tsipras.
Fears that Greek banks, facing increased deposit outflows, could be shut out of European Central Bank liquidity assistance if their assets were no longer accepted as collateral led to a rout as investors dumped financial stocks. Bank shares have fallen by a total of 40% since Sunday’s vote.
Whether or not Greece stays in the Eurozone and for how long is still debatable, but Greek CDS contracts are set to trigger next month after Greek parliament retroactively inserts collective action clauses (CACs) forcing all debt-holders to participate in the next deal.
Bear in mind that forced restructuring is the trigger, not the insertion of the CAC language itself.
The Financial Times reports Greece sets date for €200bn debt swap
Angela Merkel just upst the narrative in a major way. After 24 hours or so of "well Greece is fixed" chatter about compromises - that wer later rebuked by Greece's Varoufakis, no lesser uberlord of Europe than Angela Merkel just dropped the following tapebomb:
After a landslide win that beat analyst expectations, Greece's radical left-wing party Syriza will be looking for coalition partners to form a government this morning. They've got 149 of 300 seats already, beating the centre-right New Democracy by eight percentage points, more than was suggested by polls last week.