UPDATE: The Bundesbank, as usual, ready to pur some 'reality-based' cold-water on the situation:
- *BUNDESBANK SAYS IT'S CRITICAL OF ECB COLLATERAL DECISION
- *BUNDESBANK SAYS IT WON'T ACCEPT COLLATERAL IT DOESN'T HAVE TO
They came, they spoke, they spiked EURUSD; but now just over 90 minutes later the full force and furor of the 3 horse-men (and 1 woman) of the Euro-zone have tried and failed to get any market belief in their constant tirade of the same facts and denials. No matter what Monti, Hollande, and Rajoy say, Merkel's reply summarizes to: "No Free Lunch" and while markets exhibit their 'spasmodic' response function to any comment from Europe, sooner now (rather than later) we revert to pre-bullshit levels. As a reminder, the half-life of the Spanish Bailout was 7 hours as we noted here which must make this total reversion particularly worrying for the 'elite'.