David Fry's  Instablog

Feathers were ruffled in the eurozone as Turbo Tim tried to tell the Europeans just what to do to clean up their mess. The response from Belgian Finance Minister Didier Reynders, "We can always discuss with our American colleagues. I'd like to hear how the United States will reduce its deficits and its debts."  This is offended pride speaking but also grounded in fact.

Nevertheless, most institutional investors at least must feel relieved that measures are being taken to stop the bleeding in the euro zone. This is strange since Greek payments have been postponed until October. (A rather fun live blog of events is here from The Guardian.) A permanent fix is another matter all together so we'll be revisiting this issue again, and again, and again.