Financial markets have been held hostage by the Eurozone’s inability to do anything about the hopelessly insolvent Greece. The Greeks should have been kicked out of the Eurozone the instant it was learned (years ago) that it lied about its solvency, which was the only way it could gain membership. Greece hired Goldman Sachs to create the illusion of prosperity despite the horrible reality – none of which bothered Goldman Sachs because there were fees to be made.

Yes, booting bankrupt Greece would have been better than this. Another man died in riots today, as the Greek parliament voted for more bank bailouts at the expense of the commoners.

So as this weekend grows near, the Europeans promised that they will have a GRAND PLAN about the Nth bailout of Greece and the details of what to do going forward. Moreover, the early lies about this so-called grand plan led to a massive rally on Fraud Street, despite being refuted almost immediately. Fraud Street chose to keep the gains and wait for the super-duper-totally-awesome grand plan.

Will the leaked statement add to the gains or destroy them? Let’s read the details of the grand plan…


But all you really need to read is my reaction: Are you kidding me? This is it? This is the “grand plan” that will put Humpty Dumpty back together again? What a joke – typical of lifelong politicians!


Euro summit statement: the leaked draft

1. There will be regular Euro Summit meetings bringing together the Heads of State or government (HoSG) of the euro area and the President of the Commission. These meetings will take place at least twice a year, at key moments of the annual economic governance circle. The President of the European Council will ensure the preparation of the Euro Summit, in close cooperation with the President of the Commission, on the basis of the work of the Eurogroup.

2. The President of the Euro Summit will be designated by the HoSG of the euro area at the same time the European Council elects its President and for the same term of office. Pending the next such election, the present President of the European Council will chair the Euro Summit meetings.

3. The President of the Euro summit will keep the non-euro area Member States closely informed of the preparation and outcome of the Summits. The President will also inform the European Parliament of the outcome of the Euro Summits.
4. As is presently the case, the Eurogroup will ensure ever closer coordination of the economic policies and promoting financial stability.

5. The President of the Eurogroup is elected in line with Protocol n°14 annexed to the Treaties. A decision on whether he/she should be elected among Members of the Eurogroup or be a full-time President based in Brussels will be taken at the time of the expiry of the mandate of the current incumbent.

6. The President of the Euro Summit will be consulted on the Eurogroup work plan and may invite the President of the Eurogroup to convene a meeting of the Eurogroup, notably to prepare Euro Summits or to follow up on its orientations. The President of the Euro summit will meet regularly, at least once a month, with the President of the Commission, the President of the Eurogroup and the President of the ECB. The Presidents of the supervisory agencies and the EFSF/ESM chair may be invited on an ad hoc basis. These meetings will be used to establish clear lines of responsibility and reporting between the Euro Summit, the Eurogroup and the preparatory bodies.

7. Work at the preparatory level will continue to be carried out by the Eurogroup Working Group(EWG), drawing on input mainly provided by the Commission. The EWG also prepares Eurogroup meetings. It should benefit from a more permanent sub-group consisting of alternates/officials representative of the Finance Ministers, meeting more frequently, working under the authority of the President of the EWG.

8. The EWG will be chaired by a full-time Brussels-based President. He/she should preferably also chair the Economic and Financial Committee.

9. The existing administrative structures (i.e. the Council General Secretariat and the EFC Secretariat) will be strengthened and co-operate in a well coordinated way to provide adequate support to the Euro summit President and the President of the Eurogroup, under the guidance of the President of the EFC/EWG. External expertise will be drawn upon as appropriate, on an ad hoc basis.

10. Clear rules and mechanisms will be set up to improve communication and ensure more consistent messages. The President of the Euro Summit and the President of the Eurogroup have a special responsibility in this respect.
Is this real or is The Telegraph pulling our leg? This is not a plan; it won’t solve a damn thing. But it does set the stage for what politicians do best: hold meetings. It is a plan to convene a bunch of FUTRE meetings and elect a president or chairman…to hold more meetings! I think my bolded type points that out well.

Trade well and follow the trend, not the so-called “experts.”

Best Trade To You,

Larry Levin
Founder & President of Secrets of Traders