Agreement bogus, says Kostohryz.

Mr 'K' read the text of the agreement and he says there is much less in it than touted by the Media.

This is a Summary of his comments in Seeking Alpha:

1. There are no credible details of HOW the Agreement will be implemented;
2. The European Stability Mechanism (ESM) is designed to dole out E500B for recapitalizing banks and buy bonds.
3. The banks will need E200B and the leftover is peanuts, considering that Italy alone needs to roll over some E2.5T.
4. There appears to be no way as yet to fund the ESM, since printing by the ECB is explicity excluded in the agreement;
5. Neither Italy, nor Spain can meet the financial conditions specified in the Agreement.

Mr 'K' predicts that as a consequence, the bear markets will resume.