European Debt Crisis Becoming Surreal

Things seem to be reaching an inflection point in the ongoing European debt crisis. Zero Hedge earlier today linked to this purported page from a trader's diary:

Dear Diary:

• 7.00 – 8.00 Mkt rallies on Chinese Buying Italian Bonds – But they weren't!
• 8.00 – 9.00 Mkt Crashes as Greek Electricity/Tax Office Strikes & therefore default looms.
• 9.00 – 11.00 Mkt moves sideways to down as BNP in WSJ says that nobody will lend them $’s and nobody likes them. – But then they deny it!
• 11.30 – 12.30 Mkt rallies like crazy because Sarko; Merkel to make an announcement – except nobody knows what that the annoucment is for.
• 12.40 – 12.50 Mkt Crashes because they’re not going to make announcement
• 12.56 Figure out how to explain to a child that ‘yes dear, there’s a lot of clever people who think very hard; make very bright decisions in the stock market business!

Since then even more rumours have begun circulating namely that Brazil will join the bailout party! The UK's telegraph is running a live thread on the debt crisis so we can all stay up-to-date on the latest rumours and retractions which seem to be coming fast and furious.