A funny thing happened on the way to 145 $/Euro. As the currency continued to rise in the days since the rate hike, the buzz of restructuring in the periphery has increased. The slight of hand is cute but market participants know the lady doesn't really get sawed in half. What we see is an FX line in the sand that stressed nations will threaten rescheduling when approached. Greece is a poor example because 2013 support distorts the process. Bottom line, EU countries in bond market distress are pushing back against the rising fiat. I can't seem to get the image of Cleavon Little in Blazing Saddles holding himself hostage and threatening to shoot (generational un-pc dialog excluded).