Agree Nik, the flood of liquidity has averted a credit freeze, now for the EU treaty change and the ECB / IMF bazooka!
From an IGM News Feed last night. I like the idea of a "Bazooka Week".
[GERMANY SURELY RELENTING/BENDING] Surely not a coincidence, but will also appease conspiracy theorists that today was bazooka day, or from today lasting until Dec 9 is bazooka-week. Per Reuters, the German Fin Min says that EU fin mins have got together for national guarantees for banks (we rumoured in this earlier). But even more relenting, is that Germany is prepared to give more resources to the IMF, also through bilateral loans, so that the IMF can do the ECB's job. A Uber U-turn for want of a better phrase? Berlin is also prepared to talk about SDRs to widen the IMF's potential activity'. The Fin Min also reckons that the EU has the instruments to cope with primary financing needs well beyond Q1 2012 - this probably .
SSC Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
