AUTOREFRESH 
Rehn: EU will review Greek situation again in May
By Jamie Coleman || March 16, 2010 at 12:10 GMT
|| 8 comments || Add comment
The EU is kicking the can down the road, saying the Greek situation will be reviewed in mid-May. Proposals on tighter economic cooperation will be made in mid-April. Greece does not need financial assistance today, he says.
Greece has made a pretty convincing case that despite austerity it cannot service its debt at rates 300 bp higher than the European benchmark. The EU seems not to care…
EUR/USD is sick of the whole EU/Greek situation and trades at 1.3715. Sellers are eyed toward 1.3730.
All I can think of is that, at the outset, they were told they had to prove themselves by mid-May?
Mid-March, as I recall…There was a sense of urgency as they have lots of debt coming due in April.May…
A rescue package commited by all members is firmly in place. The newsflow in that direction is overwhelming. The name of the game is obfuscation. It is pretty emberassing having to bail out a member state. Looking at the US and UK, Europe is in good company though. After all we are all sitting in the same boat in dealing with a 0-default tolerance environment. Interest rates have come downb already and spreads have come in, and they will continue to do so.
There was also a mention of mid-May, re their next lot of data.
Everybody’s at it though, busy busy busy, looking busy and doing nothing.
This Greek situation has shown just how much financial markets especially FX have changed…back in the good ol days of green screens n metre high arrays of squawk boxes the market would have crucified the Euro on such inability by the EU to get its act together….
Taken me ages to find it, rubbish memory, but I remembered Gerry’s headline
http://www.forexlive.com/85221/all/eu-finance-ministers-set-deadline-of-may-15-2010-for-greece-to-take-urgent-measures-statement
Utter complete Garbage how gullable the human race is no wonder the Worlds in such state! Same as the youth of today no consequence, so fill your boots do whatever you want!!!!!
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