It is Friday the 13th, it may very well be remembered as the day France lost their triple A rating, but perhaps even more disturbing is what is or isn't going on in Greece.
Again, from Reuters:
Greek bond swap negotiators less optimistic on deal
Jan 13 (Reuters) - Greek debt swap negotiators were less optimistic on Friday about reaching an agreement to avert a disorderly default after the latest round of talks with creditor banks, warning failure to reach a deal would be disastrous forGreece and Europe.
"Yesterday we were cautious and confident. Today we are less optimistic," said a source close to the Greek task force team in charge of negotiations.
"It is important to remind all parties that the consequences of failure would be catastrophic for Greece and the Greek people, Europe and Europeans," the source said on condition of anonymity.
Charles Dallara, who held meetings in Athens on Thursday and Friday on behalf of the Institute of International Finance representing creditors, left without agreement on a deal that would effectively see banks voluntarily give up a lot of their promised returns.
As a reminder of what is at stake, Greece's next bailout tranche, the one they need before March and if they don't get it, disorderly default may follow. This wouldn't just be bad for Greece, but it would spiderweb like a pebble hitting a windshield and wreak havoc throughout the entire Euro-zone and well beyond.
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