What a week so far…from the emergency gathering on Sunday night by Jim Cramer, Maria Bartiromo and others due to the downward spiral of US futures markets going in to Monday morning to an emergency meeting being called by the G7 concerning the growing concerns over the Eurozone.
Investors and media were disappointed when it was announced that there would be no announcement from the G7 ministers and governors concerning the policy response.
However there were updates throughout the day as to what may or may not happen, the first one shutting market access for Spain at the current borrowing costs and calls for European institutions to move for a bank recapitalization plan, but claims that a bail out for the Spanish government is not needed.
A concerning comment that came out of the article linked below
“The warning from Madrid is reminiscent of similar alarms over prohibitive borrowing costs sounded by Greece, Portugal and Ireland before entering into bailout talks with such international lenders as the European Union and the International Monetary Fund.”
A must read if you have any desire about being up to speed on what is going through the minds of the European leaders at this point.
It is also suspected that the ECB will take no action after their meeting tomorrow, rather, according to the “lil birdies”, hold the politicians of the regions feet to the fire, forcing a decision.
Another must read for the current Eurocrisis