Are these a series of summits attempting to solve the imbalances of the Eurozone, or a series of Monty Python sketches?
Every time we get to the brink of disaster in Europe, the Euros will outline some vague steps, which they believe the markets want to hear. Next, we discover that they did tell the markets what they wanted to hear as evidenced by a brief rally. Last, reality sets in where market participants realize that vague steps with no concrete measures for financial and economic reforms are not going to help.
Each time this sequence occurs, the markets’ initial rally becomes weaker and weaker. One day, they will not respond at all. When? Will it be the next time or sometime in 2016? No one really knows.