At The Last Moment Greece Seems To Have Canceled Its Own Deadline For Austerity Negotiations

Graffiti Greece

Photo: Milos Bicanski / Getty

Greece was expected to report by noon (5 EST) whether its political parties have agreed to accept austerity proposals, according to a deadline set by Prime Minister Lucas Papademos.Less than an hour before the deadline, however, a Greek official told Reuters that there is no deadline today.

Via FT’s Chris Adams:

  • All notion of a deadline vanishes: Greek official says no deadline on Monday for political leaders to respond to bail-out terms (!) – RTRS
  • Greek govt official says only deadline is for Greek govt, EU/IMF inspectors, political leaders to reach a deal before Eurogroup meeting -RTR
  • Which all means, as we knew, that EZ ministers will meet if/when a deal is reached, which will be the moment when a deadline is reached. QED

See here who gets clobbered if Greece defaults >
Meanwhile European markets are mostly lower,  lead by the Cac 40 down over 1%.

Dow futures are down 64 points and S&P 500 futures have dropped 8 points.

Asian markets had a better day  catching up to a strong rally in the US on Friday, with the Nikkei up 1.1 per cent to a three-month high.

It is a risk off day, tweets WSJ’s Richard Barley, with bunds taking back all of Friday’s sell-off and the yield on the US 10-year declining 7 basis points to 1.86 per cent.

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