I Germany it has passed cabinet bundled with its proposed budget cuts. Will be interesting to see how it fares in the Bundestag… The Germans have such an up-front approach. Imagine presenting the bail-out together with the resulting budget cuts.

Good also that you seek to enlighten us on what, where is next phase, which leads me to:

The EU prop-up fund + ECB purchase of sovereign debt have baffled the markets for a moment in an "is it true?"-pose.

I wonder if it is true. To become true, it must be pushed through, in 27 capitals. I doubt that the finance ministers meeting for the Greek bail-out on Sunday had the power of attorney in their pockets for committing their countries to yet another and much bigger one.

I guess the details are being hammered out now in Bruxelles before the members will know exactly what they have signed up to. Bruxelles may want to stall on that one, and not move before markets again demand one more dose of posturing.

It was hard enough the first time with the Greek money.

Details presented from Bruxelles: In-fighting in capitals and among capitals may occur and throw more jitters onto those sensitive beings, formerly masters of the universe, now unfortunate victims of adverse circumstanc, in short the banks, and then we're off again….