Eurozone reaches deal on $170 billion bailout for Greece

BRUSSELS (Reuters) - Euro zone finance ministers approved on Tuesday a second bailout for debt-laden Greece that will resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy...

ca.reuters.com...

Woo hoo we're saved! The world has been saved again. Yeah!!

EURUSD Soars On Reuters Report That Greek Deal Is Reached... Which Is Same Deal As July 2011

Yeah, we had the same response as our readers when we saw that freak move in the EURUSD. Apparently, despite the fact that absolutely nothing has been resolved, Reuters just ran a headline that "Euro zone reaches deal on second Greek bailout package." And that is all it took for the EURUSD headline scanning algos to surge by 60 100 pips. That there nothing substantial in it, or that this is merely a rephrasing of the actual Bailout 2 announcement from before, is irrelevant. Here is what the actual Reuters report said.

Watching some CNBC this evening here in Aus, while most of you guys were in la la sleep land. Anyway some of the commentary, including critics of the Greek bailout, were saying that it solves the problem only temporarily. Well yeah, duh. And that we will be sitting here again in the future talking about the same problems. Okay, duh. But it won't be for at least 12 months, 2 year or more? Huh? I really have a sneaking intuitive suspicion that Greece's problems are gonna hit headlines again way sooner than 12 months, and certainly two years. And this is assuming that there is some kind of private investor (forced) voluntary agreement, whatever that may mean, on the 53 per cent or so haircuts involved.

As much as the greek citizens have no wish for further debt, may they treat this windfall as 'aid'. And may the politicians use those funds wisely, to help the suffering greek citizens with those funds instead of paying off to the elites.

Only then can our fellow human, the greek people, rise again as one with humanity, motivated and productive to help increase the GDP, along with other more caring economic measures instead of austerity,