News has just broken that the Eurozone has agreed to "Financial Support" of Spain.
This breaking news report is yet one more indication that there is simply nothing that will fail in the Eurozone.
The report states:
"Spain will ask, and European finance ministers will agree, to offer up financial aid for the country's struggling banks.
Spanish and eurozone officials announced their intentions after a three-hour emergency conference call on Saturday. If they make good on it, Spain will be the fourth - and largest - member of the 17-nation eurozone to receive outside help as Europe's debt crisis marches on."
Nothing could be more clear. As far as I am concerned this dance will continue until the can is kicked so far down the road that it will no longer be visible to our markets or economy.
Germany might not like it, but the reality is that the global impact of a domino effect of failed countries would be an unrecoverable disaster and there is simply no-one who wants that to occur. Not even Germany, no matter how much they whine and complain.
The report further notes:
Spanish Economy Minister Luis de Guindos said the aid would go to the banking sector only, with no austerity conditions attached.
"This has nothing to do at all with an absolute bailout," he said "It is financial support aimed and given to the Spanish bailout fund and the Spanish bailout fund will inject this capital to those Spanish institutions that require it as stated by the International Monetary Fund."
Perfect, not a bailout folks! No need to call it anymore than it is. Just financial support! Okay, so I am being sarcastic. Call it whatever you want, but in my opinion there will be NO country to fail in Europe, NO country to leave the Euro, and we are probably headed for a big time rally come Monday morning here in the States.
Are you ready for a rally?
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.