As I write, the gang of 17 are still at dinner. Encouraging noises have been coming out of Brussels which caused the DOW to power upward in late trading but except for the authorization Frau Merkel received from the Bundestag to negotiate the doubling of the bail-out facility, not much more is known.
Silvio was supposed to have delivered a "letter of intent" in response to the German/French demands as to Italy's future economic program but little is known of its content. We are all guessing right now including yours truly. Rather than do any more of the same, I, along with all other rational pundits, are going to wait until something firm comes out of this gathering before commenting further. In any case, you know my views and my time line and I'm sticking to them until I hear something to make me alter them. More tomorrow.
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