Jefferies' David Zervos is out with his take on last night's European bank bailout.
Remember, the gist is that the European bailout mechanisms will be able to recapitalize banks directly with little need for government oversight.
His title says it all: Germany Loses, Spoos Win (Spoos being slang for S&P futures).
The key closing line from the Summit, he says is:
"We welcome that the ECB has agreed to serve as an agent to EFSF/ESM in conducting market operations in an effective and efficient manner.
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