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Tuesday, June 30, 2015

In Big Boost To "No" Vote, Schauble Hints Greece Can Default And Stay In Euro

In Big Boost To "No" Vote, Schauble Hints Greece Can Default And Stay In Euro

Tyler Durden's picture



 
In what appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:
  • SCHAEUBLE SAID TO SAY GREECE MAY BE ABLE TO TAP EU SUPPORT FUND
  • SCHAEUBLE SAID TO SEE GREECE STAYING IN EURO EVEN IF 'NO' VOTE
More from Bloomberg:
German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin that Greece would stay in the euro for the time being if Greek voters reject austerity in a referendum scheduled this week, according to three people present.

Schaeuble also said the European Central Bank would do what’s needed to protect the euro if Greeks voted against the bailout terms in the July 5 referendum, according to the people, all of whom participated in the closed-door meeting on Tuesday. They asked not to be identified, citing the private nature of the discussion.

The German Finance Ministry declined to comment.
Which incidentally, is good news for Tsirpas as it spurs the probability of a consequence-less "no" vote on Sunday enabling the increased negotiating position that The Greek government had hoped for. Of course, with month-end looming and a market that just gave up all 2015 gains, stocks and EUR are rallying on this and bonds are selling off, if only until the next rumor, and then the next, until we finally get clarity at 5pm Eastern when the news of whether Greece defaulted to the IMF or not hits, and is therefore officially out of its bailout program.



So now EUR is rallying because an EU with Greece is a stronger EU?
Charts: Bloomberg
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