Greece is knocking the Euro and ES down, next the EU-C&D trades coming...

The latest and what I find to be the most interesting is not the headline news that  the political party LAOS, part of the Greek ruling coalition failed to agree to the Troika terms at a meeting that ended at 1 a.m. in Greece, this part was kind of expected. As mentioned, the market moving on a Troika draft document is meaningless unless the Greek coalition agrees to it, which thus far they have not. What I found interesting was talk from  the Dutch Prime Minister that it is easier and cheaper to let Greece leave the union then it was in 2010, adding that a Greek departure (code for default) would not be a disaster.

Between that being they are still AAa rated and Germany going back to vote on measures that seemed to already be approved, it is looking more likely that Greece will default.

Lets face facts, even with time and planning, the EU hasn't been able to put together any credible programs and when under a deadline such as the G20 summit deadline to "fix the mess", their plans are even worse.

So in probably less then a week, negotiations that have gone nowhere over a period of months, need to be concluded favorably including the Greek debt restructuring, figuring out how or if the ECB will take part in said restructuring, finding the extra $15 billion dollars Greece needs that is not part of the $130 bn tranche, getting Germany, the Netherlands, Luxembourg and Finland all on the same page, establishing some kind of Greek bailout oversight that the Greeks will accept, possibly having to insert retroactive collective action clauses to force bond holders to take a 50-70% write down, and on and on and all of this needs to be wrapped up last week.

I have illustrated over and over again how in the EU, one hand never knows what the other is doing, with Greece you can magnify that by 1000%.

The chances of this all coming together would be the greatest achievement the EU has ever made and it is one of the most complicated , lets face it, their track record isn't very good.

With conditions as they are and seeing another day of the Cats and Dogs rallying (there's a little rotation noticeable), I'll be giving you several candidates as it seems to be the season of the C&D trades, the implications of these C&D trades popping right now are something else altogether.