Do not be mistaken by the market recovering from the lows of the day, for there is severe damage being done in surreptitious ways.
Leading the pack is the euro, which has seen itself cut down, and doesn’t appear anywhere near support yet.
The debt of Italy, Spain and Greece is selling off hard. Spanish yields in particular ramping back above 5% carry a heavy hand against this market.
Those idiots helming the EU made a monumental miscalculation when they stole the Cyprus accounts. At that moment, they gave themselves no room to maneuver; balancing the entire euro project on a wobbly pinnacle. If debt of the PIIGS continues to sell off, the result will be calamitous.
Dijsselbloem will be taken at his word, and the ensuing bank run will force depression across the currency bloc.
Stay vigilant here. There will be no second chances given if the wrong developments materialize.
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Agree. A pretty good rug pull is possible here. Maybe not into end of month window dressing. But soon.