Before the summiteers set foot in the U.S. capital, the White House colluded with NATO Secretary-General Javier Solana to take some steam out of an issue filled with political and diplomatic, not to mention military, perils.

CNN: IT'S FLIGHT OR FIGHT

Italy's reform effort quickly ran out of steam the moment the ECB made its offer of cheap, long-term loans to banks, while Spain offered only a half-baked reform of its banks.

WSJ: France Is Biggest Obstacle to Solution

The strength in stocks and the bullish economic readings sucked some of the steam out of bonds, with the yield on the 10-year U.S. Treasury note sailing higher up near 3.16%, up from 2.85% less than one week ago.

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