Stocks rebound off lows as Dutch Finance Minister backtracks on "Cyprus is a template for Europe" comment.
Well, that didn't take long! I noted in my prior note that I would not be surprised to see some "clarification" from Dutch Finance Minister Jeroen Dijsselbloem about his comment that Cyprus would serve as a "template" for the rest of Europe.
That clarification took less than three hours. Here is the new statement from an aide: "Macro-economic adjustment programmes are tailor-made to the situation of the country concerned and no models or templates are used."
It's a template, it's not a template, it's a template, it's not a template....
Regardless: the damage is done.
And this morning I noted that April 4 would be the next big date for Europe, when the European Central Bank (ECB) will meet and would no doubt try to soothe nerves over Cyprus.
They didn't even wait that long. The ECB is also out with comments that they will not object to a Cypriot request for aid.