These days markets don't know what to think. Neither, it seems, do policymakers. Equities rallied earlier in the week on renewed hopes that European policymakers were making progress on ending their debt crisis. Yet as swift as markets were to embrace optimism, they abandoned it just as quickly. Markets tanked Wednesday on fears that Germany would fail to ratify the terms of the second Greek bailout. Those fears were ultimately laid to rest as the measure passed the Bundestag yesterday. The German vote may have bought Europe more time, but the end game hasn't changed. Greece will need to default. Mired in recession ... (full story)