At the end of the 14th Summit we got....
EU Sets 50% Greek Writedown, $1.4T in Crisis Fight
The main aim of the charade last week reduced bond yields in debt markets thereby allowing the bankrupt and indebted to borrow more but on the cheap. More on that at the end, but first lots of links.
Initial European Reactions
This was the week that European democracy died (this was a few days before Greem PM, The G Pap woke up and said ένθετο αυτό στον πρωκτό σας but its a good primer as to why he did it)
ένθετο αυτό στον πρωκτό σας ("stick it in your *rse")
The modern leaders of the birthplace of democracy, finally realise WTF democracy actually means.
Greece announces a euro referendum – hark what discord follows
EU Shocked and Furious at Greek Referendum Plan (German publication too)
Revenge of the Sovereign Nation
Greece Replaces Top Brass in Army, Navy, Air Force in Surprise Move; Is Papandreou Preparing for a Military Coup or Afraid of One?(Hmmm)
EU Deal Unravels from Many Sides; Italy, France Bond Spreads Hit Record High vs. Germany; Bund Yield Drops Most on Record; All Out Bond Crisis
Europe Undeniably in Recession; Germany Manufacturing PMI Contracts for First Time in Two Years, New Orders Collapse
The bailout from the summit is finished.
Asian Stocks Drop as Europe Stops Greek Aid on Vote, Fed Cuts U.S. Outlook
Brilliant Moves by Papandreou; EMU Mentions Eurozone Exit Possibility First Time Ever; Who the Hell is Merkozy to Dictate Terms of a Greek Referendum?
Dutch Government Calls Timeout on Euro Bailout Deal
The Greeks leaving the Euro is a gimme, the Italians leaving will be the surprise. Financial contagion is "in the mail".
Berlusconi's Bunga Bunga parties coming to an end?
Italy's crisis deepens on eurozone slump, bail-out doubts
Portugal, the 'P' in PIIGS
Europe's rescue euphoria threatened as Portugal enters 'Grecian vortex'
“We Europeans showed tonight that we reached the right conclusions.”Angela Merkel
Italian government buys 19 Maserati supercars despite austerity cuts
And. those borrowing costs which the summit was meant to ease?
Greek 1 year bond yield over 220%
Italian 10 year bond yield over 6%