Last Night's Critical Phrase "No Extra Bailout Funds"
There was just one relevant phrase uttered in all of last night's bluster, and ironically it came from Italy's own Mario Monti who said that there are "no plans for boosting bailout funds." This really is all that matters. Why? The Bridgewater chart that we presented before once again explains it all.
We have at best kicked the can down the road for a few days.