The Never-Ending Eurofiasco

``Ah, yes, "the details". One of the details that's been clarified is the fact that the credit markets are not "on board", in fact, credit spreads have shrugged off the happy talk and continue to widen. '' -- We agree with Whitney that the Eurocrats are still falling far short in their "resource committments" (read:printing) to achieve a sustainable bailout... but we disagree that reducing leverage at the banks is a bad idea. Ultimately, this has to be done. If the Eurozone opts to print to "offset the pain", so be it, but leaving the banks highly leveraged will just breed the conditions for further crises down the road.