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If the markets doubt the credibility of the Greek programme, further steps will have to be taken. The Euro zone will only intervene once that has been done

That says the credibility of Greece to the Euro Group is entirely dependent on the credibility to the market.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 03:03:41 PM EST
[ Parent ]
we'll let the markets react - if they calm down, no need to do anything, if they don't then we'll step in. In other words, Europe will help Greece only after it has suffered some humiliation but will not let it down. You can take it as a warning to markets that they won't manage to break Greece even if they try.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Fri Feb 12th, 2010 at 03:09:47 PM EST
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Nah, they're hanging Greece out to dry.

Either interpretation is consistent with Juncker's words. It's like Obama, he's a Rorschach test.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 03:12:33 PM EST
[ Parent ]
Juncker/Obama, what an obvious comparison...

Look, I went to the trouble of presenting this interview because I thought it gave us a more specific picture than anything Merkel, Sarko, or Van Rompuy came out with. Take it as information, not something to go bananas on.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Feb 12th, 2010 at 03:16:49 PM EST
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Thanks for the information. It makes me go bananas to read such marketista nonsense coming from the president of the Euro group. It confirms my worst expectations about the ideological situation at the top of the EU economic policy apparatus.

I simply cannot believe these people would abdicate their economic judgement to the market.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 03:23:26 PM EST
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afew:
even if his line here makes me jump too

Read?

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Feb 12th, 2010 at 03:12:57 PM EST
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What does Juncker's career have to do with anything?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 03:15:26 PM EST
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<sigh>

Good evening.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Feb 12th, 2010 at 03:17:29 PM EST
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(h/t Jerome)

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 03:26:47 PM EST
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