Andy, I have been cautious because I did not believe that they would organise themselves into a solution. However, if they throw caution to the wind and print print print then I am wrong and we are off and away..... for another six months until we do the hole thing over again. In other words, if this is a bull trap it is going to be a long duration trap.... may even wear Martis down.
Really it all depends on what they say. If you'd asked me yesterday I would have said they will stuff it. I still haven't looked at the volumes on the US last night but if they were large then I'd say the printers are warming up in the EU.
I think the German tax payer is waking up to the fact that this is not about bailing out Greeks but bailout stupid bankers.... who currently hold their life savings and used them to lend Greece money.
In terms of Carbon credits, European businesses have been playing this market for the fool that it is. They are not covering their carbon dioxide production with sufficient credits and/or (depends on the company) bought so many at the start that they have a surplus. I wouldn't see it as a valid economic indicator.
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