Trader Talk

Greece and the Land of Obscure Websites

Jorg Greuel | Getty Images

Like yesterday (Tuesday), the market drifted lower after opening to the downside. Typically, stocks will stabilize a little after 10am ET on a down day, but the market action is choppy, again.

One issue: Will the Troika (EU/IMF/ECB) make a scheduled 5.2 billion euro payment to Greece tomorrow? There are conflicting reports out about this, though it has already been scheduled to be paid. Eurozone officials have reportedly scheduled a conference call to discuss.

We are back in the land of obscure websites. Some traders are also pointing to a blog maintained by the English-language site Athensnews, which put up the following post a little after 10am ET:

"5.10pm A shocking and possibly groundbreaking turn of events. According to Net television, Pasok head Evangelos Venizelos has agreed to sign a letter related to the memorandum with Syriza chief Alexis Tsipras. What that letter will say is as yet unknown, but Net are standing by their sources. The temperature in the coalition room just spiked up."

The implication is that PASOK (the Socialists) may have agreed to form a coalition government with Syriza (the Leftist coalition that garnered the second-highest number of votes). It's likely that the terms of such an agreement would be for PASOK to renounce the bailout that was provided by the Troika.

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