Whether a firm “deal” is announced or not, there is definitely a lot of action in Europe this weekend to prevent another week like last week — riots, inaction, and loss of confidence.Tonight EU Monetary Affairs Commissioner Olli Rehn flies to Athens for emergency talks, according to Bloomberg.
If an announcement is imminent, it sounds as though German purchases of Greek debt will be part of the plan. Still, however, any plan would also require massive spending cuts in Greece, and the ability to actually make that medicine go down with the public.
On Thursday evening we predicted some kind of big announcement this week intended to scalp the Euro shorts. We could be very close.