Europe is getting “interesting” in the Chinese sense of the word. The market to watch will be European Bonds – French OATs may just be the first to wobble. As the crisis unfolds (and it will) there may be opportunities to arbitrage the actions of the ECB to stem any crisis – watch this space.

Mario Draghi saved Europe in 2012. Yesterday he unveiled a new plan long on words and familiar ideas. Europe is aware it is approaching economic crisis – but prescribes the same old solution of Closer Union. It’s time for Europe to so something radical or become irrelevant.

Plus – UK win stage 1 of the America’s Cup.

Watch the bond markets! In bonds there is truth. The current political ructions across Europe highlight the fragility of Europe’s cobbled together bond markets. If they break, the outlook for markets will be… interesting (and not in a good way.)

In bonds there is truth: Apple’s Jumbo $5.5 bln corporate bond deal hints of a firmer market to come. A clear divide between US Recovery and European Slowdown is increasingly apparent – a weaker Euro will further add to European problems.

Not an insightful Porridge this morning, but let me tell you a story about lessons learnt on holiday and what’s likely to dominate the news flow in August ahead of the September market!

What is going on in Europe? The political and economic options are limited, the outcomes predictable, and none of them are good. But don’t worry - Europe can always blame the UK and AstraZeneca.