• Most take rating agency views skeptically
  • Rating agencies didn’t forsee subprime (miaow)
  • Markets behaving irrationally
  • Merkel plan looks rational
  • Believes 17 euro zone members will OK automatic sanctions
  • Should try to get 27 member treaty change
  • Treaty changes should be finalized by March at latest

Dow Jones reporting.

EUR/USD sits at 1.3385, showing little net change from a North American close Monday around 1.3390.