As we widely expected the Eurogoup finance ministers did little to calm the market and did not provide much new details to ease the jitters over Greek default that triggered a massive wave of selling and risk aversion across the board.

The euro area finance ministers postponed a critical decision on the next tranche of aid to Greece till after October and likely could wait until November to get the next 8 billion euro installment as the Troika report will not be ready until November 13.

the likelihood of a delayed decision till November as we expected was clear in comments from the Eurogroup chairman Jean-Claude Juncker as he welcomed the additional measures taken in Greece and added saying about the bailout loans The Troika report will not be ready until the November 13 which is a tentative data for next Eurogroup meeting, I have canceled the October meeting.