The Dow was up on Tuesday afternoon:
And apparently the pick-me-up had something to do with flashes like these out of Reuters:
RTRS-BILATERAL AID FOR GREECE AND MEASURES AGREED AT EUROPEAN LEVEL ARE BEING CONSIDERED-GERMAN NEWSPAPER
RTRS-GERMAN FIN MINISTER TO INFORM SENIOR GERMAN CONSERVATIVES ON GREECE AID DETAILS ON WEDS-GERMAN PAPER
Except that in the meantime:
BERLIN, Feb 9 (Reuters) – Reports that the euro zone has made a decision to help debt-stricken Greece were unfounded, a spokesman for the German government said on Tuesday.
“Government spokesman Ulrich Wilhelm rejects as unfounded reports citing coalition sources saying a decision for aid for Greece has in effect been made,” a government official quoted him as saying. Reuters had earlier reported a senior German ruling coalition source as saying euro zone countries had decided in principle to help Greece.
The article in question from the FT DeutschLand (as run through a Google Translator because time is of the essence and we only had Japanese, Polish, Russian and French capabilities to hand) read:
Germany provides assistance in the damp Greeks view. Finance Minister Schäuble is pushing a bailout plan. The capital market responded enthusiastically: The euro climbed above 1.38, the risk premiums
Which leaves us at FT Alphaville a touch confused but wondering nevertheless, what if any would the structure of a German bailout look like? Convertibles, warrants. Would the Parthenon be eligible as collateral?
Related links:
How do you say vicious circle in Greek? – FT Alphaville
Nowotny talks contagion, exit strategies and all things peripheral with FT Alpha – FT Alphaville