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Markets continue to move lower, and part of that may be the deepening realisation that in less than 24 hours, the mood in Greece has gone from “relief, we have a deal” to “Nobody trusts each other, and the deal is a lie.”The word last night was that European finance minister basically called the Greek deal a con.
Then there’s this emotional statement from Greek FinMin Venizelos, translated by FT Alphaville, on the Eurogroup rejection.
It includes this emotional paragraph:
This is a time of difficult decisions. We have to choose between difficult decisions and decisions even more difficult. We unfortunately have to choose between sacrifice and even greater sacrifices in incomparably more dearly. We have to choose between humiliation suffered by a country, one nation and proud history and even greater humiliation that would have to suffer if the illusion that we keep our pride and our dignity, lead to solutions that are much larger social, economic and institutional cost. Cost for each citizen, for every family, every business. He spent longer the era of demagoguery, ease and hallucinations. Now we must make decisions.
In the Telegraph — and yes, the Telegraph is extremely eurosceptic — Jeremy Warner concludes that the rest of Europe MUST be trying to push Greece out at this point: How else to explain the endless turning of the screws.
There is only one way of interpreting the set of fresh demands tabled by eurozone finance ministers last night in return for agreeing a new €130bn bailout for Greece – that they are now quite deliberately trying to push Greece out of the euro. All pretense at European solidarity has been abandoned, to be replaced by the vengeance of Shylock.
Again, that’s the Telegraph.
And now there are reports in Greek that one of the right-wing leaders may walk out of the Greek coalition government soon. And it sounds like a majority party PASOK MP has resigned.
And there are 48 hours of fresh austerity protests planned.
So yes, we’re not surprised the market is down over 0.5% today.
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