Eurogroup Scrambles With Greek "Solution" Late In The Day

Following their brief interruption for calculations, the Eurogrouop is back hard at work and a few absolutely meaningless and ridiculous headlines are being spewed: *ECB SAID POISED TO RE-ACCEPT GREEK GOVT BONDS AS COLLATERAL (IF AID TRANCHE APPROVED) *ECB SAID TO REOPEN ISSUE OF PORTFOLIO PROFITS ON GREEK BONDS *ECB SAID TO ALSO LOOK AT OPTIONS OF BOND ROLLOVER, BUYBACK The market, for reasons we note below, completely ignored this idiocy as anything of relevance as they continue to try to find a way to enable the Greeks to appear to pay their next principal via pure accounting shenanigans as opposed to the transfer of any real money. We wait with baited breath for how they are going to wriggle out of this one and remind readers of the buyback 'boondoggle' Q&A from the weekend, as it is the write-down that is what the market is focused on.   First - the ECB has EUR10-15bn of...