Greetings!, According to MarketWatch, the Board of Directors of the euro zone rescue fund said in a statement on Wednesday that it will hold back on dispersing the €1 billion of aid to Greece that was supposed to be part of the overall €5.2 billion bailout package. There are certainly cracks beginning to widen within the current austerity measures in the E.U. Concerns continue to surface about Greece's ability to honor its financial obligations, and in fact have escalated since the elections held this past weekend in Europe. Gold continues to react to the E.U. sovereign debt crisis as a risk off financial instrument. As the political leadership in Greece scrambles to form a new government they cling to the cornerstone of their platform, the scrapping of austerity measures completely. Spain, with its 25% unemployment rate, is also of critical concern to traders. Spanish bonds traded above a critical 6% level in today's action, with at least one major Spanish bank in trouble. About the only markets reacting in a bullish manner to this news are the U.S. dollar and U.S. treasuries. What the European Union will look like a year from now is anybody's guess, but it is my hunch - along with many other analysts - that it certainly will not look like it currently does. As always, wishing you good trading, Executive Producer | 
