Posted by Karl Denninger
May 3 (Bloomberg) — Euro-region ministers agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency’s 11-year history from spreading through the rest of the bloc.
The people who negotiated did not actually have authority:
BERLIN — Germany will examine closely an agreement between Greece, the European Union and the IMF on a bailout for debt-stricken Athens before deciding whether to contribute, Economy Minister Rainer Bruederle said on Sunday.
Sorry, but there’s no deal yet.
There might be one, but as of today, there isn’t one.
Despite what you’re being told by every pump monkey in the media.
This now has to be voted upon by both cabinets and Parliaments in several nations, Germany included.
Some will have to sell more debt to fund this – and they’re already over-levered.
Oh, and this does nothing about Spain and Portugal, which are next – while the cash pile that can be assembled for these sorts of things is already being raided.
Don’t put on the party hats yet folks. There are dozens of moving parts here and they ALL must lock into position where the needle points to “YES”.