Italy manged to sell most of what they needed, but were crushed by high interest coupons.

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Really ?

China is very likely to contribute to the eurozone’s bail-out fund but the scope of its involvement will depend on European leaders satisfying some key conditions, two senior advisers to the Chinese government have told the Financial Times.

Any Chinese support would depend on contributions from other countries and Beijing must be given strong guarantees on the safety of its investment, according to Li Daokui, an academic member of China’s central bank monetary policy committee, and Yu Yongding, a former member of that committee.

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Austerity does not work

No idea….

“The deal that allowed Greece to renegotiate its debt will not lead to a credit event on the scale of the Lehman Brothers failure that triggered the US financial crisis, the lead negotiator in the talks told CNBC.

Charles Dallara, head of the Institute of International Finance, said the Greek debt deal is “voluntary” and agreed to after a “marathon session” with European leaders that lasted well into the night. He said it is unlikely to cause a major problem in the market forcredit default swaps  , which are triggered in the case of debt defaults.”

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It is being theorized that now the focus will be on Western Europe leaving Eastern Europe without ample liquidity.

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Sarkozy plans to make some phone calls which he hopes will lead to more caviar and champagne on the jet set life style of international power brokers….

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1.4 trillion euros.

Cash on hand will be leveraged 4 to 5 times.

Banks to get 30 bill euros in funding.

Italy pledges to cut debt gdp ratio to 113% by 2013.

50% haircut on Greek debt, EXCLUDING ECB holdings- LOL

MERKEL: ECB NOT INVOLVED WITH EFSF LEVERAGE OPTIONS.

No confirmation yet.

The new ECB prez tries to instill hope that the ECB will not fail…

Let’s rally on the same news again and again!

Dirt nap please

Reports are coming out of Europe that a 50% haircut will have to be taken by bond holders…..

Seems like if the markets are in serious pain then Europeans do not act; oh wait i meant they do not speak of acting firmly.

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[youtube://http://www.youtube.com/watch?v=Q6iBXubcOWc&feature=player_embedded#! 450 300]

Needs a dirt nap

50% chance of downside risk

[youtube://http://www.youtube.com/watch?v=Ggl-cS4sSiw 450 300]