Markets spot a leak in the European bandaid

The short-lived market effect of Europe's latest rescue shows the end game is approaching. But the longer Europe fiddles with ineffective measures, the worse the ultimate losses will be.

Last night’s early surge on Wall Street – followed by a sickening fall as the shorters moved in – represents a significant and dangerous change in world markets.

In the past, after a European bailout package there has been a period of calm in markets where equities rallied and there was a rise in the euro.

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