The EU Hail Mary

The EU's Hail Mary (wrt "solving" the Euro crisis) has been leaked by the Telegraph.

Key elements:

1 More money will be thrown at Greece.

2 "We call on the IMF to contribute to the financing of the new Greek programme in line with current practices." The IMF are far from guaranteed to support this.

3 Lower interest rates and extended maturities means default.

4 "We call for a comprehensive strategy for growth and investment in Greece." Fat chance of this happening!

5 "All euro area Member States will adhere strictly to the agreed fiscal targets, improve competitiveness and address macro-economic imbalances. Deficits in all countries except those under a programme will be brought below 3% by 2013 at the latest." Fat chance of this happening!

This Hail Mary response will not impress the markets.

Friday will be an "interesting" day!