[Acrylic-bob]

I don't think we need to worry too much about the french dwarf. After Dave's walkout on Thursday night, he knows that his chances of re-election went the same way. Did anyone read what his challenger for the presidential election said? Effectively that the accord or pact or treaty or whatever it was that they cobbled together will all have to be renegotiated after the election - more along the lines of what London had been suggesting all along.

Also in Germany there is the feeling that Der Fuhrerin has also gone too too far. Apparently there was the expectation that London would be more of a steadying influence - a failure of the F&CO, I'm not sure that wee Willy Hague is really cut out for the Foreign Office. the Bundesbank is also complaining that the 200 billion euros for the ECB to give to the IMF is Illegal anyway.

Meanwhile the Italian Bond Yield has been rising all day, the Euro is down, and it seems that the Americans are determined to make London the scapegoat for the coming market crash. It's all about hypothecation and how London made it possible for American banks to get away with so much of it.