Perhaps that’s a modest overstatement but that is the general mood this morning.
European banks are leaning toward rolling over about 70% of their Greek bond holdings over the next three years, Sarkozy said earlier today while China’s Wen said his country will continue to buy European debt.
Credit default swaps continue to widen in Euroland as do bond yields, so the Credit crisis is not exactly over, however. It will take affirmative votes in the Greek parliament for the relief rally to have legs. We should know this week how the chips will fall…
