UH OH: European Leaders Disagree On The Next Step For Greece

merkel, sarkozy

Photo: AP

Leading the day… This FT report on Greece, and the disagreements among European leaders about what to do about it.The topic on the table is the Greek bailout already agreed to earlier this year.

Greece already needs more money than the forecast of only a few months ago, and some members of the Euro-zone want to change the terms of the bailout.

Specifically, Germans want more bank haircuts, etc. Doves in France and at the ECB, meanwhile, want a bigger bailout, and have a desire to avoid any move that would spark further contagion.

In all, says the FT, 7 of the 17 countries in the Eurozone are arguing for a bigger hit to bondholders, so it’s not just one or two fringe holdouts.

What else is new?

For now, markets aren’t worried too much about this. US markets are now nicely higher. That’s possibly due to an imminent EU/Troika announcement that’s expected to be positive.

Of course, this is all par for the course for a market that’s now solely driven by the whims of political leaders.

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