I think most of the scurrying about that we are seeing in Europe this weekend is all window dressing. It is highly unlikely, in my view, that the European Union as manifested through either the European Commission or the European Central Bank will stand behind ALL of its members, and that's what I think the market wants to hear. Greece is not good enough.The European leaders will do the best they can, but their best is not good enough for what the situation demands.
Consider the situation in the UK and the huge risks to the global market that it faces even without the uncertainty of the election results. This article sums up the UK situaiton all very nicely. And this one is a real cheery piece as well.
Between now and Monday morning, two critical things will happen. One is that we will see if John BURNS, one of the New York Times' very best correspondents, is right in his reporting here and we will know how badly the MERKEL government is hurt by the state election in Germany tomorrow.