Markets can’t decide what today’s news from Greece means

This morning markets were down on news that the troika of the International Monetary Fund, the European Commission, and the European Central Bank had rejected 3 billion euros of proposed cuts to Greek spending on the grounds that they were too vague. And then markets rallied on publication of an article saying that German chancellor Angela Merkel had changed her mind on Greece and now wants to do everything she can to avoid a Greek exit from the euro.