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Eurogroup Gives Greece A 10 Day Ultimatum

Europe has an unpleasant habit of dropping tape bombs at the most inopportune of times, like at 3pm or later a Friday. And while on Wednesday it was the ECB yanking repoable Greek collateral for local banks, today it was first S&P, which downgraded Greece 5 months after upgrading it, and moments ago it was none other than the Cyprus bail-in man himself, the Eurogroup's Dijsselbloem, aka Diesel "Blueprint" BOOM,  who just have Greece a 10 day ultimatum to fall into place or risk a terminal bank run and capital controls (both hinted at earlier by the post-DOJ settlement political "rating agency')

  • GREECE MUST APPLY FOR BAILOUT EXTENSION ON FEB 16 AT THE LATEST TO KEEP EURO ZONE FINANCIAL BACKING -EUROGROUP CHAIRMAN DIJSSELBLOEM

This means that Greece now has 10 days, or until the Monday after next to decide whether it will stay in the Eurozone or Grexit.

Suddenly next week's emergency Eurogroup meeting on Wednesday is looking quite fascinating. We hope the caterers have bulletproof jackets.

And with that we give you... EUROPE!