Europe: getting more real about its problems.
European officials seem to be getting a greater sense of urgency; this is good news. Two data points:
1) euro zone chief finance minister Jean-Claude Juncker and the European leadership are now openly acknowledging that they will be renegotiating the outdated agreement to restructure Greece's debt, though he insisted on calling it "technical revisions."
Holders of debt will almost certainly be taking greater haircuts.
2) stocks rallied off their lows, with some citing an FT article that eurozone finance ministers were discussing joint action to recapitalize their banks.
But is that worth a 350-point rally in the Dow, in one hour? No, but it's a sign of how absurdly oversold the markets are.
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