Can any utterance of European leaders be taken at face value?

Short answer: No.

The EFSF will be EUR 2 trillion. No, it wont, we eventually find out.

The EFSF will be EUR 1 trillion. Ni, it won’t, we eventually find out.

The EU countries will contribute EUR 200 bln to the IMF withing 10-days. No, it won’t, we eventually find out.

That’s one reason why short-covering rallies after each successive EU “break-through” are shallower. Because they’re full of it.