Thursday, August 25, 2011

Greek bond yields soar, default looms, Minister resigns!

According to the FT Euro Zone "working group" experts are to meet tomorrow to try to save the second Greek bailout, another report here.

Were there any such experts within the Euro Group, surely we would not now be at this point. One proposal aired by the FT is that Finland, having expertise in education, might be granted a ten year contract by the Greeks on their schools, not exactly an island or classical heritage is it?

Non-cash collateral is apparently to be the name of the game tomorrow, maybe the Germans will throw in the table upon which Schauble assured everybody, the Finnish Collateral Deal no longer sat!

More sanely, news comes in that Greece has today activated the ELA (Emergency Liquidity Assistance) programme as may be read in this link to "Flash Crash in Germany Means More Turmoil Ahead" linked here.



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