Germany, the lender of last resort in the euro zone seems resigned to that fate but its wisely wants to avoid institutionalizing that fact. Looks like it would rather come to the table at the last minute under duress rather than leave the vault open for its neighbors to come and help themselves when ever they see fit. Hard to blame them but at the same time, it helps perpetuate the crisis as we stumble from bailout to bailout….

EUR/USD has given back big chunks of Friday’s gains with many of the freshest shorts squeezed out. Look for another choppy week this week with selling on rallies now the dominate theme.