No Deal Today - Don't Believe The Hype

Despite last week's hype from various "sources" within the EU, and the delusional IIF, (akin to the self congratulatory bullshit spouted by third world dictatorships) that a deal on the Greek haircut is imminent, reality has, once again, hit the fan.

The Euro Council meeting is under way, yet the much hyped "deal" is nowhere to be seen.

No surprises there then!

On top of this Angela Merkel has said that the second bailout tranche will not be finalised today, because the troika has not yet finished its assessment of the Greek economy.

Bloomberg her:

We won t have a thorough discussion of Greece because thetroika is in Greece and we don t have a result of the talks withthe banks.