Countdown to the next bailout begins

Time to reset the clocks. The foot-dragging that will ultimately end in Greece reneging on their promises has only just begun:

 (MarketWatch) -- Greece's parliament early Monday ratified the austerity measures demanded last week by Eurozone finance ministers in return for fresh financial aid, according to reports. Violence broke out in Greece ahead of the vote on the bill which contains 3.3 billion euros ($4.35 billion) in wage, pension and job cuts this year, according to a Reuters report. 

The non-committal move in EURUSD (40 pips so far) represents investor fatigue and a general lack of faith in any commitment that comes out of Athens. Expect the Portuguese and Irish finance ministers to formally approach the EU this week for some sweet restructuring.


A key quote from the parliamentary fiasco was from the opposition leader who asked to:  "stay alive" and to fight after elections "to negotiate and change the policy that has been imposed on us" [DJ]. 


Athens will continue to burn tonight.