First Germany, Now ECB Rejects “Latest Greek Bailout Plan”

Tuesday, February 3, 2015
By Paul Martin

by Tyler Durden

So much for the Greek “conciliatory proposal” story in which Greece was said to “drop” its debt writedown request, driven by yesterday’s FT article, and the catalyst for Monday’s late day market surge.

As reported earlier today, first it was Germany’s turn when it “threw up all over Varoufakis proposal, calling Greek plan “Half-Baked.” And now, somewhat poetically, is the FT’s turn to yank the other stool from underneath those who saw yesterday’s development as even remotely meaningful as opposed to merely attempts by Greece’s restructuring advisor Lazard to thrown anything at the wall and see what sticks, following a report that “the European Central Bank is resisting a key element of the Greek government’s new rescue plan, potentially leaving Athens with no source of outside funding when its international bailout expires at the end of the month.”

Which, incidentally, is what we meant when, commenting on the revised Greek proposal which is yet another “haircut” in all but name, we said yesterday that it is “something which the ECB will never agree with.”

The Rest…HERE

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