Spain et al hoping for the memory hole remedy to their ills.
So Spain is ratcheting up the level of austerity in exchange for a wider deadline and looser targets to get their budget woes back in order. We heard someone suggest today that the extension amounted to fiscal stimulus (more or less). Not sure what that means exactly, but we have a hard time buying it. At the absolute best, it amounts to market sentiment stimulus.
Except it's not going to work.
Market Vitals | 12 July 2012 ~ [http://blackswantrading.squarespace.com/storage/market-vitals/071212_mv_spain_SP.pdf