You can lay an intraday chart of the Dow Industrials over the euro/dollar, and they match.
The Dominique Strauss-Kahn* blowup is not derailing the debt talks, obviously. Euro-zone finance ministers are meeting in Brussels to finalize terms for Portugal's $110 billion bailout (expected Tuesday). Greece is being discussed at the meeting but don't expect much: this is the same game of Kick the Can that has been played for a year and a half.
* head of the International Monetary Fund.
The game: hold off any restructuring until the banks are healthy enough to handle them.
The worry: vague concerns that a restructuring could be a Lehman-type event that would blow up some key European banks.
Here's the problem: Greece will likely be unable to get access to the capital markets.
That means default (restructuring), or another big bailout package. As an alternative, some are arguing that banks could simply roll over the maturing debt, thus maintaining their current levels of exposure.
It's unlikely any decision will be made on this until the IMF issues its quarterly report on the Greek budgetary process (mess), which is supposed to come out next month.
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