Saturday, 7 July 2012

Time for another summit to save the Euro

As per usual the latest EU save the Euro plan is falling apart. Spanish 10 year bond rates rose to 7% and Italians to 6% on fears the true Finns and the master race could torpedo the latest whizzo plan in Brussels next week. The Finish finance nminister is quoted as saying the Finns would not keep the Euro at any cost ie cost to them.

The Greeks cannot collect their taxes needed to meet their bail out conditions because it has had to sack its tax collectors! You could not make it up.

As per usual the Brits Libor cock up provides an easy target and welcome distraction for Signor Draghi at the ECB. We would have done better than that he opines and in my view he is probably right.  The old boy, right sort of chap public school culture is costing this  country dear just as it did throughout our history.

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