A reader steers me towards this energetic and well informed stream of consciousness account of the Eurozone deal, over at Midwest Musings:

And speaking of insurance, one has to wonder what this does to the very active CDS market of very unhappy memory–AIG–as this supposed deal with the banks is being catogorized as a "non-credit event," it being "voluntary" in nature, and not a default which would trigger payment under the CDSs.  

I suppose if a gun is held to your head and you give all your money to the guy with the gun that could be considered a "voluntary" act:  I kinda look at it as theft but that’s just me…

If anyone believes this 103 Billion Euro crap they aught to have their head examined, but there was language that the liquidity of the system would be protected in some undisclosed manner (read, ECB prints as much money as needed) so that isn’t a bad thing.  Mind you, there isn’t a lot out there, IMHO, to be raised for any Euro bank so all of this may be moot.  Look for partial nationalizations, mergers and issuance of funny money from the governments if they are to fulfill this nonsensical requirement…

…Anyone know how one says, "Waddayou nuts?" in Portugese?

Remember the wail of rage against greedy bankers who had put the whole of the world’s finances at risk because they set up ingenious schemes based upon layer after layer of ill-understood risks?

Aren’t EU leaders doing the same now on an even vaster scale – but with public money?