"There is some uncertainty about whether the activation of the support mechanism will eliminate all contagion risk. One problem is that other fiscally stressed countries will be contributing to the funding, although the amounts are very small . . ."
Slovakia must be digging having to pay 300 million euros for Greece. WTF.
Well, having the IMF as an alternative would be like having slovakia with sauerkraut and turnips. Yech!. Sovereign euro states don't have the luxury of their own currency to help them out the poo when times are rough so need help. Maybe this will focus the ECB to look at the euro structure and mechanisms to assist member countries which is a weakness in the system. Once this is in place you can go long $/Eu. Something good always follows a bad patch.