From Peter Tchir of TF Market Advisors
ESM Termsheet - Page 1, footnote 2....
Talk about launching ESM early and in conjunction with EFSF has helped the market rally.
On Page 1, the ESM will have an effective lending capacity of 500 billion (footnote 2) During the transition from EFSF to ESM, the combined lending capacity will not exceed this amount.
Somone better ask Finland and Slovakia whether they are prepared to fund both?
Are stocks as strong as they are because Algo's are good are reading headlines, but suck at finding termsheets and reading them?