Here Come The Eurozone Summit Headfake Headlines

Tyler Durden's picture

It begins:

  • EURO ZONE PLANS TO LEVERAGE EFSF BAILOUT FUND "SEVERAL FOLD", FINANCE MINISTERS TO DECIDE DETAILS IN NOVEMBER -- DRAFT EURO ZONE SUMMIT STATEMENT
  • DRAFT EURO ZONE STATEMENT MAKES NO MENTION AT THIS STAGE OF ITALY'S REQUIRED BUDGET STEPS
  • NO AMOUNTS SET FOR BANK RECAPITALIZATIONS

In other news, there will be absolutely nothing actionable following today's "ground-breaking" summit. There will also be nothing at all after the Cannes statement. Or any time after. Why? Simple - there is nothing that Europe can propose in a universe in which 2+2=4 that resolves its problems.

Any jumps in the EURUSD will be brief and fast-lived.