As the single currency was preparing itself for another EU summit of disappointment, it seems that a rabbit may yet be pulled out of a hat.� Few details are available on what was hammered out between France and Germany yesterday, but we should find out more today.� Germany has said no further bail-out of Greece can occur without private sector bond-holders taking some of the pain, but up to now France had been standing firm, alongside the ECB, in insisting that Greece could not be allowed to default.�
Even ahead of the meeting, there was talk of a eurozone bank tax, designed to raise up to EUR 50bn, which in turn would be used to fund a buy-back of Greek debt.� There are a lot of details still to be thrashed out, not least the stance of the ECB which was reportedly present at yesterday?s meetings.� The euro is a touch firmer on the news, but it remains to be seen if there is any life in the rabbit and even if there is, if it can run.� Markets have experienced one too many false dawns when it comes to EU summits to jump the gun.
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