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Stocks Slide As Europe Talks Back Its Greek 'Bailout Extension' Trial Balloon

Having achieved only modest gains in risk assets from the 'rumored' six-month-extension trial balloon for Greece, it appears European leaders are standing in line to refute the fact that they "folded" and talk back the non-bailout bailout. First, Italy's FinMin Padoan denying he has seen any plan; then the European Commission stating unequivocally that "there is no formal proposal," and finally none other than Jeroen Dijsselbloem bleets that "discussions with Greece have yet to start." But apart from that, everything is fixed...

Italy's FinMinPadoan denies...

  • *ITALY'S PADOAN SAYS HASN'T SEEN ANY PLAN YET FOR GREECE
  • *PADOAN: DISCUSSED LONG-TERM STRATEGY ON GREECE WITH VAROUFAKIS
  • *ITALY'S PADOAN SAYS WE'RE ALL WAITING FOR TOMORROW ON GREECE
  • *ITALY'S PADOAN SAYS GREECE IS ON RIGHT PATH

Then the European Commission pops the trial balloon...

  • EUROPEAN COMMISSION SAYS THERE IS NO FORMAL PROPOSAL FOR GREECE BUT TALKS ARE INTENSIVE

Then Diesel-Bomb chimes in...

  • *DIJSSELBLOEM SAYS DISCUSSIONS WITH GREECE STILL HAS TO START
  • *GREECE MUST BECOME FINANCIALLY INDEPENDENT SOON: DIJSSELBLOEM
  • *DIJSSELBLOEM WILLING TO COOPERATE WITH GREEK GOVT

*  *  *

Markets appear to be realizing..