Euro Offered a Comprehensive Bailout Program with Too Many Holes

The early anticipated European Union summit on the spreading sovereign bond and broader credit crisis yielded a more conclusive program to stabilize the region than most had expected. Yet, if that was the case; why did the euro lose all momentum after the policy efforts were confirmed and fully laid out? It would be a tidy explanation to related it to a ‘buy the rumor and sell the news’ (or more appropriately, stall) scenario; but wouldn’t give us much guidance for where the market’s are heading Friday and into next week.

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