Ok…Euro is spiking and and markets have turned into green.  I don’t hear the magic “bailout” word.  It’s great that they’re taking steps but time is of the essence.

Update: European Commission President Herman van Rompuy said that the mechanism will involve the European Central Bank and that there will be the possibility of direct recapitalization for European banks. Financial assistance will be provided by the European Financial Stability Facility until the European Stability Mechanism becomes available, he said at a press conference early Friday. — Marketwatch 

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“possibility of direct recapitalization”?   Nevertheless the Euro has spiked on the news.  It will be important to see if it continues to rally or if investors give a thumbs down.