Merely hours before US markets open again after a 3 day holiday weekend, Germany has caved and agreed to a new bailout to prevent an imminent collapse.
The WSJ tonight reports:
"Germany is considering dropping its push for an early rescheduling of Greek bonds in order to facilitate a new package of aid loans for Greece, according to people familiar with the matter. Berlin's concession that it must lend Greece more money, even without burden-sharing by bondholders in the short term, would help Europe overcome its impasse over Greece's funding needs before the indebted country runs out of cash in mid-July."
EUR/USD goes parabolic on the news surging from 1.4270 to nearly 1.44 as traders rush back into the Euro as it becomes apparent the EU will not collapse today.
Angela Merkel is now about as likely to be re-elected by the German populace as Jim Tressel is to coach the Buckeyes ever again.
Click here for entire report:
