Time for European headlines. Because we haven't had any in about 3 minutes or so. Courtesy of Bloomberg, here is Angela Merkel doing her best channeling of Hank Paulson.
- MERKEL SPEAKS AT TRICHET FAREWELL IN FRANKFURT
- MERKEL SAYS EURO IS STABLE, HAS PROVED ITSELF IN TURBULENT TIME
- MERKEL SAYS IF THE EURO FAILS, EUROPE FAILS
- MERKEL SAYS EUROPE STANDS BEFORE SIGNIFICANT CHALLENGES
- MERKEL SAYS EUROPE MUST BE READY TO USE UNCONVENTIONAL TOOLS
- MERKEL SAYS 'WE SHALL NOT ALLOW' EURO TO FAIL
- MERKEL SAYS NEXT EU SUMMIT IS `NOT THE END POINT' FOR CRISIS
And most importantly...
- MERKEL SAYS NO 'MAGIC WAND' TO SOLVE EURO DEBT CRISIS
- MERKEL SAYS PAST ERRORS WILL NOT BE SOLVED IN ONE STROKE
True, many, many strokes will be needed. But what about the market which has already priced in not only the Magic Wand but the Quidditch match victory over Slitherin. What now?