Yesterday evening, after the markets had closed, news broke that Euro leaders had agreed to a Greek bailout!
Too bad we’ve already seen that headline 5000 times already, making it one of those jokes that only gets funny after it’s been told over and over again.
So what’s the agreement?
Well… nobody knows just yet. Turns out, according to Bloomberg, the details will be announced on Sunday. So all they’ve done is agree to agree on something.
And this quote from French President Nicolas Sarkozy is priceless:
“When the markets re-open Monday, we will have in place a mechanism to defend the euro… If you don’t think that’s significant, you haven’t been to many EU summits.”
In other words: We don’t usually accomplish very much at these things.