Jesse's Café Américain

Unidentified Source: Greece Will Stay in Eurozone on 'Bailout Extension' - Updated

Unidentified Source

An 'unidentified source' says that Greece has agreed to stay in an EU bailout program, according to CNBC.

I think the initial surge in the futures market on these headlines crossing the wires have backed off, no doubt on the complete lack of substantive detail provided by CNBC's Michelle Caruso-Cabrera who broke the story, which was picked up by Bloomberg TV.

Sound like an extension in time to allow for discussions to continue until next Monday, and an agreement not to leave the Eurozone-- yet.

UPDATE: GREEK GOVT OFFICIAL SAYS NO AGREEMENT IN EUROGROUP, GREECE WILL NOT ACCEPT AN EXTENSION OF CURRENT BAILOUT

Well, that wash and rinse didn't take long.

EU, Greece come to agreement in principle, meetings to continue: Source

Michelle Caruso-Cabrera

Greece has reached an agreement, in principle, with the European Union to stay in an EU bailout program, a source familiar with the matter told CNBC Wednesday.

The discussions will continue through Monday, according to the source.

Futures added to gains, while Treasury bond yields climbed following the report. The euro rose against the dollar.

Meanwhile, a Eurogroup source told Reuters that there is no agreement yet with Greece, but there may be a deal to explore the possibility of extending the current bailout program.

Gold Daily and Silver Weekly Charts - Misplaced Trust, Over-Confidence on Steroids

"We run carelessly to the precipice, after we have put up a façade to prevent ourselves from seeing it.”

Blaise Pascal

Gold and silver were hit by selling in NY this morning.

Hey, why not? Things are just what we say they are, especially when they have an increasingly tenuous connection to reality.

There was intraday commentary about 'Debt Is Just Money That We Owe Ourselves Here.'

This is beginning to feel a whole lot like 2006, where a few were just about crawling out of their skins with the nonsensicalness of what they were hearing, and the looming disaster which they saw coming.

No one really listened. I remember vividly making noise on economic chatboards, with participants saying things like 'what does he want' and 'what is he saying?' After all, Greenspan had assured us that housing was invincible and incapable of being in a bubble, and Bernanke had things well in hand, with theory triumphing over all.

And then as it is now, the herd was just blithely rolling along, following Wall Street into the next unforeseeable financial crisis.

We are there again. And like then, they know it. But they think they can manage it to their benefit, so why would they care?

And given the chance, they will do it again. It is the pleasant cycle of financialisation and accumulation. We are diverted by bread and circuses, the media's sturm und drang that anesthetizes thought.