"The market has begun to discount any meaningful announcement coming from today's meeting -- that should be helpful for the markets as the bar is set pretty low." With this statement, Joseph Tanious, the market strategist at J.P. Morgan Funds in New York, spoke about the latest developments in the EU bailout plan. Talk of the town is that the euro zone is aiming to leverage its 440 billion euro bailout fund "several fold," but details are not expected until November, according to a draft statement obtained by Reuters. Today European leaders agreed to force banks to raise more capital by June next year, to protect against losses from any Greek debt restructuring and to try to contain the region's financial crisis.
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