Update: Conference over. Mentions of Deposit Guarantees? Zero. Is the market run by idiot algos? Yes, next question.
Wondering if Germany did indeed cede to demands for an international deposit guarantee system (of the Eurosystem's $11 trillion in deposits), or if it was all merely a bad dream concocted by several rumormongers who took advantage of stupid algo-matics to ramp stocks 1.5% on absolutely nothing? Then watch the below live press conference from the European Council, starring Gollum, which will make everything clear, and once again confirm why the Einhorn representation [3]of Europe's only strategy is still alive and well.
[4]
And the official post-conference statement proving beyond a shadow of a doubt, that the EMU and EU are the two most disorganized, chaotic, and utterly worthless organizations ever conceived.