Thursday, 25 March 2010

Emergency EU meeting today

France and Spain have today convened a 'What shall we do about Greece meeting' for all EU member heads of government including our Gord. Yesterday the Eurozone group had a meeting to discuss the same topic where the German policy position was to 'wait until the corpse is cold' before doing anything. A Dr Frankenstein approach from Dr Frau Merkel who does not wish to become embroiled with the German Constitutional Court or antagonise her allies in the Bundestag who do not want to see their hard earned Euros handed over to these deceitful idle Greeks. Game, set and match to the Dr Frau is how Frankfurter Allgemaine, the German business paper described it.

The EUcrats are full of helpful suggestions to get round EU rules but unfortunately its the Germans who have the money! Meanwhile out in the markets the Euro continues to fall to a 10 month low against the US devil's dollar and Portugal, the country that put the P in PIGS, has suffered a Fitch credit downgrade to AA-. An idiotic board member of the ECB said recourse to the IMF would take Europe down a perilous path. Presumably he means it would lead to financial probity! Perilous indeed for the Eurocrat producers of Euro fudge.

Mr Constancio, another brilliant mind at the ECB said loans for Greece would not amount to a rescue in EU speak. Credit is not a bail out he then added. So what is it if not a bail out? The German commercial bankers are appalled but that's what happens when you put a load of dodgy mid Europeans in charge of the ECB.

Fear not Eurocrats we are sending you Gord, the man who saved the world single handed. Just make sure there is a vacant empty telephone box for him to change in and a clean pair of underpants. But can he save the EU from the IMF? I think not. The ass kickers will soon ride into town chewing gum and walking tall and boy there are lot of bums for them to kick!

Click for Eric's podcast

No comments: