On the Mar-Kozy Meeting

Lets face it, we've seen the play before, the meeting, the grand ideas and then an EU summit where they put as much lipstick as they can on the pig as nothing gets implemented, I think the market probably knew what to expect in most regards from this meeting except one, Greece and the next tranche of aid, which last week was said to be put on hold until March a day after the new Greek "Pap" sad if they don't get the money soon (sounded like he meant this month) that they would not be able to meet their debt obligations coming due around the same time-March.

So far the only interesting news that has come out of the meeting is a reinforcement of what was sad last week regarding the tranche,

It was leaders’ intention that no country leave the euro, Merkel said.

But she also warned that rapid progress must be made on finalizing a second rescue plan for Greece and called for the rapid implementation of a debt writedown for holders of Greek government debt.

Failure to finalize such a package would make it impossible to release Greece’s next round of aid in coming months, Merkel said, while also emphasizing that haircuts for Greek bondholders remain an “exceptional” case that won’t be repeated elsewhere in the euro zone.