Chillin' out till it needs to be funded
The leaked details of the new 30 year bond were probably too good to be true as the leading debt negotiators from the IIF, Charles Dallara and Jean Lemierre (BNP) left town without an agreement, to continue discussions by phone. The troika concurrently met the Greek ministers to discuss labor and health reforms also contingent to release of the Eur120 bln in time as the first payment falls due on March 20.
Athens wanted an agreement by Monday for announcement at the Foreing ministers’ meeting and a full agreement by Jan 31. The negotiator left with “longstanding appointments outside Greece” according to AFP
US Treasuries yields started rising ahead of the $100 bln in auctions from 24th, while Friday ended with hopes for a deal below the 400 bps battle lines