He said markets are so oversold that any glimmer of hope from Europe will rally the markets and that is what happened on Friday. EU summit provided a cosmetic fix and do not provide any fix to long term fundarmental problems EU is suffering. It forces German savers to bailout the spenders in Spain,
portugal and Greece who are living beyond their means.
He also said Putting all the banks in the union does not change the fact that all those banks are sick. He said Germany should exit Euro even if it will be a costly move.
Here is the video: