Europe's grand rescue plan hits snag in bank talks (AP)

A marathon nannycrat session ended with no deal as the IMF played hardball insisting Greece reduce debt to 120% of GDP by 2020. Not to worry, Jean-Claude "Lie When It's Serious" Juncker says progress was made.

The head of Austria's central bank, Ewald Nowotny, and German finance minister Wolfgang Schaeuble have both made statements over this weekend that affect bailout options for Spain. In particular, Nowotny says Spain must seek help before ECB buys bonds. Spain would have to apply for a rescue package before qualifying for inclusion in the European Central Bank's plan to buy debt of struggling euro zone members, ECB policymaker Ewald Nowotny said.

By Research Recap: The support package for Greece benefits all euro area sovereigns by containing the contagion risk that would likely have followed a disorderly payment default on existing Greek debt, says Moody’s Investors Service in a new Special Comment published today.

Cypriot President Nicos Anastasiades is meeting party leaders to hammer out a Plan B after a one-off tax on savings failed to get the support of any MPs. Germany says banks in Cyprus may never reopen if a bailout is not agreed, reports The BBC. Cyprus’s finance minister is in Moscow to seek help from Russia, which holds multi-billion dollar investments.

It's crystal clear Hollande's disastrous socialist policies are not working for France. The solution should be obvious, scrap the policies. Instead, Hollande wants a grand harmonization with the rest of Europe following the lead of France into the gutter.