No We Cannes't: Here Is Why The EURUSD Is Plunging

Tyler Durden's picture

Because while the prospect of democracy returning to Greece may have been killed (for now), the world is discovering that not only will nothing else be accomplished at the "No We Cannes't" meeting, but the world will now be fully focused on Italy which unlike Greece, is not quite so easily fixable. Europe's propose solution: make Italy an IMF protectorate. We give this plan exactly 24 hours before massive failure, and before attention returns to the top news of the week: the EFSF is a complete dud, and Europe will never be able to fund the €1 trillion bailout fund.

  • BERLUSCONI SAYS ITALY AGREES TO EU MONITORING
  • BERLUSCONI SAYS IMF TO CARRY OUT `CERTIFICATION' EVERY 3 MONTHS
  • BERLUSCONI SAYS ITALIAN DEBT HELD MOSTLY HELD BY ITALIANS - like Mario Draghi
  • BERLUSCONI SAYS ITALY HAS NEVER HAD TROUBLE SERVICING DEBT

And in other headlines, confirming just how impossible any form of organized decision-making is in Europe, how ironic it is to think that Obama will ever say no to his banker masters, or just how happy China will be to bail Europe out after it is about to be snubbed all over again, here they are...

  • U.S. SAYS MOST IMPORTANT FOR EU TO GIVE CRISIS PLAN MORE FORCE
  • U.S. OFFICIAL SAYS NOT MUCH DISCUSSION OF SPAIN AT G20
  • ITALY INVITES IMF PERIODIC ASSESSMENTS, U.S. OFFICIAL SAYS
  • IMF TO HAVE INTENSIVE PROCESS IN ASSESSING ITALY, U.S. SAYS

  • UIS. OFFICIAL SAYS IMPORTANT FOR CHINA TO TAKE THAT INITIATIVE
  • US OFFICIAL SAYS G20 TO HAVE STRONG LANGUAGE ON CHINA FX POLICY

  • US VERY COMMITTED TO MAKING BANKS STRONGER, OFFICIAL SAYS
  • G-20 AGREEMENT COMPLEMENT TO EUROPEAN PLAN, U.S. OFFICIAL SAYS
  • U.S. HAS BIG STAKE IN EUROPE CRISIS PLAN'S SUCCESS: OFFICIAL