Here we go again. Party pooping once more and a reminder that all is not sealed by any means yet
- can't yet comment on content of Greek proposals
- only if Greek govt shows it is ready to take serious reforms can govt go to Bundestag to seek approval for negotiation
Fin min spokesman, aka Mr Happy's whipping boy, Jaeger says they can only talk about bridge finance for Greece if they have an overall solution
- debt restructuring that involves reduction in present value of debt would count as a classic haircut
- debt haircut is not legally possible in the currency union
- re-packaging od Greek proposals from end-June would not suffice
- IMF view of Greek debt sustainability important
EURUSD 1.1160 again from 1.1181 on the reality-check tones
