It's now 7 days to fiscal sanity, or is it the alternative? It is do or die with an October 23rd deadline. A deal to save Europe which has to be done in seven days and France and Germany have to do the heavy lifting. The G-20 told the EU that they have one week to come up with a comprehensive plan that includes the details on how much of a haircut Greek bondholders will have to take and a plan to recapitalize all of the debt ridden European banks. It seems that all are agreed and Europe will be saved yet again.
Yet not so fast. Perhaps that 7 day deadline is not as hard and fast as the markets at first believed. Dow Jones said that German Finance Minister Schauble said the upcoming EU summit will not present an ultimate solution for the crisis. What?
The bottom line is that oil is living and dying with the twists and turns in this European nightmare. If Europe fails to come up with a viable plan then the word sinks back into crisis mode and the demand for oil will plummet.
Iranian revelations are also disturbing. Fears that perhaps this could escalate to some type of military conflict could keep some upward pressure on the Brent WTI spread.
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