Since further confirmation of top to the market's counter-trend rally off March '09 bottom is determined to arrive in its own good time, let's turn to Treasury Secretary Geithner's hastily arranged trip to the land of the Euro scrip. Apparently, "It is important that European leaders continue to make clear that they will do whatever is necessary to make sure that the affected countries and their banks have the financing they need to enable [bailout] programs to succeed." Apparently, the "what's in it for me?" needs further negotiating, thus the "surprise" over Mr. Geithner's visit.
All facetiousness aside, there's probably greater urgency simply to manage political posturing, with this month's euro-zone push for "a comprehensive deal" venturing "an expansion of the region’s temporary and permanent bailout facilities alongside a series of economic reforms aimed at integrating governance among the 17 nations using the single currency." Fantasy dies hard.
Yet being that, admittedly, "measures ... won’t make a significant impact on the region’s near-term struggles to pay its debts and create a more balanced economy within the euro zone," that is why "many expect officials will rather simply buy time with a temporary deal to boost the firepower of the current emergency bailout package."
Buying time ... for no good end: go figure!
As such, then, does the world more plainly see the writing on the wall, much as I have all along through a prism of observation revealing that, actions underlying the stock market's behavior since March '09 bottom are indicative of a current not buying into the durability of the fix to what otherwise apparently is deemed a hopelessly insolvent arrangement by a consensus of vested interests...
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