Greece talks too much, they worry us to death, they talk too much about defaulting on their debt. You just talk, you talk too much. You talk about things that you don't know, you make promises then have to eat crow. You just talk, you talk too much. You talk about making Europe your cash machine. You then want to make no concessions; you can make me scream. You just talk; you talk too much!
The Greek debt payment deadline of June 30 is being anticipated by crude oil traders as they also wait for the results of talks with Iran. Greek debt talks continue as the standoff not only brought down global stock markets but held back oil from what was arguably a very bullish Energy Information Administration (EIA) inventory report.
Yet, why talk about supply or demand when a little pip squeak country seems to be holding the global economy hostage. Greece is saying. "give us want we want or we are going to walk." Yet, it is the European Union that seems to be offering an ultimatum to Greece this morning. The FT is reporting that "Greece is down to its final hours for negotiations over its soon-to-expire bailout, with creditors giving Greek prime minister, Alexis Tsipras until 11 a.m. Brussels time to come up with a workable economic reform plan to release €7.2bn in desperately needed rescue aid.
According to two senior Eurozone officials, if Mr. Tsipras fails to reach an agreement — which people briefed on the talks say was likely after fruitless all-night talks — the creditors' offer will be presented to Eurozone finance ministers for a "take it or leave it" choice by Athens. If they leave it, will that be the end of Greece in the Eurozone! But not really, because it will cause more turmoil in the markets.
If it were not for this Greek freak show then there would be more focus on the Iranian nuclear talks. While talks continue both sides still seem to be far apart on a final deal and it may be impossible for them to get a deal before the June 30 deadline. Even if they do perhaps, the flood of oil that folks were fearing may not be as big a deal as some had feared, Sanction may be taking its toll.