March 9, 2010 11:01 ET: Greek PM Papandreou's trip to Washington did not stop credit agencies from issuing cautious notes over Greek banks. Greece's austerity package was mainly designed to win some time and fend off the credit rating agencies. But if the aim of the austerity package is to serve as a bargaining tool towards France and Germany and a potential qualifier for IMF assitance, then we could see more noise/criticsim/counterstatements about European solidarity instead of concrete aid. Papandreou's also didnt prevent the ECB from slamming the idea of a European Monetary Fund, which is based on bailouts and rescue package--against the practices of the Bundesbank model. And during this cacophony of formal speeches and declarations, the Federal Reserve gives more details about its exit strategy, via reverse repos. This explains the defensive stance of the euro below $1.36 and the loonie's retreat bak to 1.03.