Remember we talked about the Deus Ex Machina moves that made remaining short through the weekend a nutty risk (see: Come On, Dude)?  Well it appears as though the Euro Ministers are working on exactly that – a kitchen-sink measure involving trillions of dollars and all kinds of twists and turns…

From the Telegraph:

German and French authorities have begun work on a three-pronged strategy behind the scenes amid escalating fears that the eurozone’s sovereign debt crisis is spiralling out of control.

Their aim is to build a “firebreak” around Greece, Portugal and Ireland to prevent the crisis spreading to Italy and Spain, countries considered “too big to bail”…

First, Europe’s banks would have to be recapitalised with many tens of billions of euros to reassure markets that a Greek or Portuguese default would not precipitate a systemic financial crisis. The recapitalisation plan would go much further than the €2.5bn (£2.2bn) required by regulators following the European bank stress tests in July and crucially would include the under-pressure French lenders.

Remember, this is not about whether or not the policy will help, it is all about the market’s response to it.

We’ll see what shapes up headed into Sunday night and the Asian open of trading…


Multi-trillion grand plan to save the eurozone is being prepared (Telegraph)




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