Miss a Little Time and You Miss a Lot

Market events are moving so quickly, a few hours can be a major change.

So earlier today we heard directly from Mario Draghi, the HEAD OF THE ECB! Draghi said he talked to the Greek PM and a deal had been struck, this is not some off beat news rag, but the head of the ECB!

However, not to be left out, the FT also reported early today,


"An official in the prime minister’s office says: “There’s an agreement, Mr Papademos has met with Mr Samaras and it’s done. There will be a statement shortly."


This report would mean that the Greek coalition government has actually agreed to a deal, which is about as far fetched as anything.


In Draghi's press conference he said,  "GREEK PARTY LEADERS HAVE REACHED AGREEMENT"


The initial report was Draghi had spoken directly to Papdemos.


Then form the Greek Prime Minister's office, a statement was released this morning,

"The agreement with the troika has been completed

Prime Minister’s Press Office
Thursday, February 9, 2012

The government’s discussions with the troika were concluded successfully this morning on the issue which had remained open for further elaboration. The political leaders have agreed on the result of these discussions.

Thus there is general agreement on the content of the new program, in view also of this evening’s Eurogroup meeting. This program accompanies the new loan agreement to finance Greece with 130 billion euro."

Pretty darn official so far! Remember at this point, Germany still has to vote on the bailout package Friday.

Then from the IMF-again, not a local news rag....

IMF SAYS IT'S NOT FORCING AUSTERITY ON GREECE AS TALKS CONTINUE

IMF SAYS 'PRIOR ACTIONS' LIKELY TO BE REQUIRED BEFORE FUND OK OF NEW GREEK LOAN PROGRAM

and...

 Greek Deal Lacks Detailed Paperwork For Decision

As I said yesterday and many times, in the EU and Troika, "one hand doesn't know what the other is doing."

Then from Bloomberg:

"Greek Deputy Labor and Social Security Minister Yiannis Koutsoukos resigned his cabinet position to protest austerity measures agreed to by Greek political leaders"

Then the new wild card, Germany, is reported as saying the following in the AP:

 From the German Finance Minister, keep in mind, this AFTER Draghi said the deal was done as did the Greek PM's office directly...

 Greek deal on spending cuts appears to not yet fulfill bailout conditions

What comes next? We'll find out shortly, but what a CIRCUS the EU is!