Germany Humiliates Itself By Conceding To A Second Greek Bailout, EUR Predictably Jumps Briefly 

Submitted by Tyler Durden on 05/30/2011 20:17 -0400

Like clockwork, hours before the US market reopens, we get another Greece bailout. Since last week's Chinese white knight "rescue" of Portugal helped the EUR for about 18 hours, it is now time to get the biggest guns possible out: the WSJ reports that Germany, contrary to populist demand which has indicated that another German bailout of Greece would mean the end of Angela Merkel, has decided to allow Greek bailout round two to proceed. Per the WSJ: "Germany is considering dropping its push for an early rescheduling of Greek bonds in order to facilitate a new package of aid loans for Greece, according to people familiar with the matter.Berlin's concession that it must lend Greece more money, even without burden-sharing by bondholders in the short term, would help Europe overcome its impasse over Greece's funding needs before the indebted country runs out of cash in mid-July." The end result: the EURUSD surged by 70 pips from the closing print of 1.4270 to a high of 1.4350, although the half life of even that innuendo appears to have peaked and the pair is now on the way down, as it does absolutely nothing, except to destroy any credibility Merkel may have had, to resolve the impasse which is that, well, Greece is bankrupt.

Futures Surge On Greek Bailout Report 

Submitted by Tyler Durden on 05/30/2011 20:43 -0400

Following the previously reported news that Germany is sacrificing its political leadership to bailout its banks, futures are currently ripping. As the chart below indicates, ES is surging right now, even as the broader risk basket is left far behind, since the markt realizes the "Brian Sack" pod at Citadel will be double taxpayers doubletime. 

 

 

 

 

Qaddafi's Army Suffers Mass Exodus

 

USPS warns of default on retiree benefits.

 

 

 

US Consumers in Spending Retreat



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