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Why We're Rallying...

Written By Brian Hicks

Posted October 26, 2011

Just why is Wall Street so screwed up these days?

Thank the press.

They’re so quick to get the news — so they can boast just how fast they are — that they manage to screw up.

According to Zero Hedge, Reuters noted, “China to take part in eurozone bailout fund.”

China and other emerging powers have agreed to help eurozone countries facing a debt crisis by taking part in a bailout fund, the China Daily said Wednesday, citing a source close to EU decision makers.

The state-owned English language newspaper said leading emerging economies would help to finance the rescue fund through the International Monetary Fund, which would boost their voting rights in the Washington-based lender.

The agreement may be written into the final document at a second emergency summit of European leaders, due to begin later Wednesday, the unidentified source told the newspaper.

Great news, right?

Too bad it was later refuted by the same source, as Reuters reported: There’s “nothing concrete on investing in EFSF vehicle.”

China has backed efforts to tackle the euro zone’s debt crisis but there is currently nothing concrete concerning support for a special purpose investment vehicle (SPIV) of the euro zone’s bailout fund, a Chinese diplomat said on Wednesday.
“China always supported the EU’s effort to deal with the crisis and has done its bit,” said the diplomat, who is based in Brussels. “China will continue to do so but, with regard to the special purpose vehicle, there is nothing concrete and detailed.”

Dear Reuters, hire people with the ability to do proper research.