First things as usual are European.The Eurozone financial package was greeted with enthusiasm but the effects of the Champagne wore off and all the market was left with was bubbles in the air. We are not certain how large the “bailout” is, but it seems to consist of €440 billion of loan guarantees for governments that run into severe difficulties. There’s a €60 billion balance of payments facility and the IMF has agreed to add an additional €250 billion.