EU “special” meeting, while Germany is getting more pissed off by the day

For all those short gammas collecting theta over the weekend, there are some scheduled meetings to follow over the weekend. EU leaders to meet and primarily discuss the problems facing Spain and Italy. With all developments moving extremely fast, we won’t be surprised if the German Mark is reinstated asap, while the PIIGS start exiting the Euro Project. Bloomberg reports,

Euro-region central bank governors will hold emergency talks tomorrow aimed at stopping Spain and Italy from becoming the next victims of the sovereign debt crisis and limiting the market fallout from the first U.S. rating downgrade in history.

The central bank heads will hold a conference call at 6 p.m. Paris time, said a euro-area central bank official who declined to be identified because the talks are confidential. The talks come asStandard & Poor’s downgrade of the U.S. risks further derailing efforts to stop the debt crisis from engulfing the euro-area’s third and fourth-largest economies.

“Europe is in an incredibly dangerous situation,” Nick Kounis, head of macroeconomic research at ABN Amro in Amsterdam, said in an interview by telephone today. “The risk is that the U.S. downgrade is just going to unsettle everyone even more. It’s a unique situation in that we are essentially in the heart of a European sovereign debt crisis, which has reached its meltdown phase.”

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