The Greek drama continues.
But these two headlines that crossed the Bloomberg terminal this morning, flagged for us by Steve Feiss at Government Perspectives, summarize why the Greek situation is just too much to keep up with.
- (3) Greece Seeks to Delay June IMF Payment by 6 Months, Bild Says: 706am
- (3) Greek Govt Official Denies Reports Seeking to Delay IMF Payment 709am
And so Greece is reportedly going to do one thing, and then instantly denies that report. Three minutes later!
As for what is definitely happening, on Thursday there is a meeting of Eurogroup finance ministers that has been circled as the day when Greece and its creditors need to agree on a proposal for how Greece it will pay them back.
Also looming is the €1.5 billion June 30 payment to the IMF, which is a bundling of payments Greece was expected to make throughout the month. There’s also a €3.5 billion ECB payment on July 20.
And a report on Tuesday indicated that Greece could put “capital controls” in place this weekend — which would limit the ability for people to take money out of Greek banks and move it somewhere else — if no deal is reached at the Eurogroup meeting.
So, a lot of moving parts, and it isn’t even like this is a full list of things coming up. (Bloomberg has that here.)
But a report that Greece will do one thing followed by a denial of that report 3 minutes later is, in our humble opinion, too much to keep up with.
And this is why most people just feel like they have no idea what is going on: when consecutive headlines cancel each other out, the net result (right?!) is that nothing is going on.