Just like we said: there is no EU-Greek deal yet!

BBC:

The head of the eurozone countries has downgraded a eurozone finance ministers meeting on Wednesday, saying Greece has not yet given the necessary assurances about its austerity plan. 

Ministers, who had demanded Greece find an extra 325m euros of savings, had been set to meet in Brussels. 

But Eurogroup President Jean-Claude Juncker said the talks would be replaced by a conference call. 

He said technical work with Greece was still needed "in a number of areas".

THE GREEK AUSTERITY PLAN IS STILL NOT BIG ENOUGH FOR THE EU.

ALL THAT REALLY HAPPENED OVER THE WEEKEND WAS KABUKI INTENDED TO BUY SOME TIME... FOR THE EURO-ZONE COUNTRIES AND INVESTORS TO MAKE THE DEFAULT OF GREECE (OR SPAIN OR PORTUGAL OR ITALY) AND THE ULTIMATE COLLAPSE OF THE EURO SOFTER.

AND THIS SO-CALLED "DOWNGRADED" MEETING IS INTENDED TO GIVE THE GREEKS MORE TIME.

STAY TUNED...

Update: 

The meeting of eurozone finance ministers that was meant to approve the bailout that Greece needs to avoid defaulting on its debts was called off last night. 

The Athens government had failed to provide enough detail on its new austerity measures, said the president of the eurogroup, Jean-Claude Juncker, despite the Greek parliament's vote for €3.3bn of further cuts on Sunday. 

Mr Juncker said: "I did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the programme." A meeting has been scheduled for next week. 

China left Europe's top officials empty-handed yesterday as it refused to pledge more funds to help resolve the eurozone sovereign debt crisis. Speaking at a joint China-EU summit in Beijing, Premier Wen Jiabao promised to co-operate with Europe to improve the situation, but failed to make a specific commitment to invest further in the various pan-European bailout funds.

There is no deal and the euro is far from out of the woods.


STAY TUNED!


UPDATE #2 - 9:31PM: (JUST LIKE WE SAID):

In a sign of the doubts about the new program, Luxembourg Finance Minister Luc Frieden said in Washington on Monday that the next round of international support for Greece may be the last.

“We should do our best to keep the euro zone with all its members, but the key lies with Greece,” Frieden said in an address at the Atlantic Council. If the strict conditions of the next international loans are not met, “they exclude themselves from the euro zone. . . . That might to some extent let Greece have a new start.”

THAT WOULD CAUSE SHORT-TERM CHAOS BUT IN THE LONG-TERM WOULD BE BETTER FOR GREECE.


AND IF IT WOULD BE THE BEGINNING OF THE END OF THE EURO, THEN IT WOULD BE GOOD FOR ALL EUROPE, TOO!