According to Bloomberg, the ECB has been officially called into action to save the day following a day of unprecedented risk losses and when the Dollar went all "Volkswagen" as the BBDXY hit a record high, and is currently holding an emergency meeting just moments after France's finance minister urged the central bank to intervene quickly and massively.

The imminent emergency announcement comes shortly after reports that the EU is preparing a rescue fund, or as Bloomberg's Andrew Cinko in-house permabull puts it, "the dam may be breaking on truly pulling out all the stops in order to stem the bleeding."

It sure is Andrew, but woe to the bulls if Bazooka #2 also turns out to be a water pistol, because there won't be a third attempt.