“Greece Backs Bailout,” blasts The Wall Street Journal this morning. “Global Equities Rise after Greek Vote,” celebrates the Financial Times. Indeed, stocks were up this morning. They have been falling since the stockmarkets opened, though. And it is hard to tell which way they will go by the end of the day, let alone tomorrow or next week. In short, Greek voters endorsed nothing in particular, let alone the European Union’s bailout. It is no time for celebration, let alone by the best financial newspapers on the planet.

Addendum (June 19, 2012)

“Greek Relief Wanes,” moaned The Wall Street Journal by early afternoon. “Post-Greek Vote Rally Fades,” lamented the Financial Times. Indeed, stockmarkets remained most jittery after the shortlived relief rally. But this turn of events was predictable from the outset, whence my surly complaint yesterday morning. The financial newspapers are also prone to jittery behavior, I guess. The way stockmarkets are going, many journalists may be out of their jobs sooner or later. Which is why they may be rooting for a rally a bit too passionately. To wit, even the best financial newspapers on the planet deserve a dash of compassion in dire times.