Monday, June 01, 2015

Financial Times: Greek Discussion Ends, Not "Take it or leave it" Deal

by Bill McBride on 6/01/2015 07:48:00 PM

Tuesday:
• All day: Light vehicle sales for May. The consensus is for light vehicle sales to increase to 17.0 million SAAR in May from 16.5 million in April (Seasonally Adjusted Annual Rate).

• At 10:00 AM, Manufacturers' Shipments, Inventories and Orders (Factory Orders) for April. The consensus is a 0.1% decrease in orders

From the Financial Times: Greek bailout monitors hold emergency summit

Officials insisted that if a compromise is reached in Berlin, it will not be used as a “take it or leave it” ultimatum for Athens, but rather an outline to be presented to Alexis Tsipras, the Greek prime minister, for a “quick reaction.”
excerpt with permission
The talks apparently ended at 11:30 PM Berlin time. The details will be sent to Tsipras for his response. If there is a compromise, it sounds like the ESM (Eurozone's bailout fund) will take the hit, not the IMF or ECB.

The article also mentions a possible solution to cover debt payments over the summer.