More News out of Europe

So far it's not shaping up well and what smelled like amateur hour Sunday is now being confirmed.

• EU Official Says Bank Heads Won’t Be at Summit Table Tonight
  
• EU leaders may frame agenda for more bank talks on bondholder losses in 2nd bailout
  pkg for Greece.                     
  
• Says IIF doesn’t entirely represent private bank

• Says Greek debt swap would take several weeks

How can bondholder haircuts, one of the centerpieces of the "Save Europe Summit" be decided if the banks refuse to come to the table today?

We have been led to believe that the IIF represented the banking interests in these bondholder negotiations. This second headline sounds a lot like some banks (who knows how many) may have been represented by the IIF until talk of bond holder haircuts (and they are a large section of the bond holders) started drifting higher then 21% to 50% and now announced today 65% or more. It sounds like the banks are saying, "We will not do this voluntarily, let a Credit Event be triggered!"

The last point sounds like they are just buying time on the previous point.

What have the Finance Ministers been doing over the last 2 years? It seems like nothing has been considered until Sunday night.