Stacy Summary:  I’m having some serious flashback action here to the Bear Stearns and Lehman Bros weekend ‘rescues.’  And, from whom exactly are Europe’s central authorities borrowing the money . . . ?

• EU Prepares Euro Fund to Fight ‘Wolfpack,’ Halt Debt Crisis (Bloomberg)

“In the night, when the markets are opening, we cannot afford a disappointment,” said Finance Minister Anders Borg of Sweden, one of 11 EU nations not in the euro. “We now see herd behavior in the markets that are really pack behavior, wolfpack behavior.”

European officials declined to disclose the size of the stabilization fund, to be made up of money borrowed by the EU’s central authorities with guarantees by national governments. The meeting started just after 3 p.m. and a press conference was scheduled for 6 p.m. Some officials said talks could last longer.

UPDATE:

• Merkel suffers ‘bruising defeat’ in regional elections (according to exit polls)

• Schauble ‘conscious’ after allergic reaction