News from Within the Hour

It's crunch time. There are a number of reporters around the globe live blogging/tweeting the Greek situation. Here's one from the British newspaper The Telegraph.

Just after 11 am (our time) this morning, the Germans told the Greeks to forget about an extension.

Ed Conway of SkyNews has the official German statement.

The Greek letter [their proposal] is not clear at all, but opens immense room for interpretation. ... It includes no clear commitment to successfully conclude the current programme. It is totally unclear how the Greek government wants to pay its bills over the coming weeks ...

In a rather pointed comment, the Germans called the Greek proposal a Trojan Horse — meaning that it appears to be one thing (like a proposal about how to fix the problem) when in fact it's another (an excuse to continue doing more of the same). So their recommending:

... It makes no sense to start drafting a Eurogroup statement on Friday. 

Following this, about 10 minutes ago, it was reported that the ECB is going to start telling Greek banks that they have to mark to market the value of the Greek governments treasury bills that they are holding. Bank run here we come ...