Wednesday, August 1, 2012

closer scrutiny will reveal not just the mess but the dishonesty.

"Greece is planning to sell 6Billion Euro of treasury bills to cover its financing needs". This is on top of the 200billion + Euros advanced by the EU/IMF/discounted bond holders. The time must have arrived when someone asks the obvious question. What are they doing with the money? There is a follow up question just as mystifying. Who apart from the ECB is daft enough to buy Greek treasury the bills?
Italy - "In an interview today with Finnish daily Helsingin Sanomat, Mr Monti said that Italy might European rescue funds and the ECB to buy its sovereign debt. He told the paper:
"The basic idea is that Italy does not seem to need special aid right now, especially not to save its economy [but we may need some breathing space so] We're thinking of a possible intervention in various combinations involving the EFSF, the ESM and the ECB. "Is Monti using the same sort of euphemisms as Spain and its "bridging loans"? i.e. when is a bailout not a bailout? Bit of a strange time for a tour of Eurozone countries/leaders as well?
Germany wants decisive moves to political integration in return for further help not more and more verbiage about reforms that magically evaporate as soon as the noose is relaxed. After all, if Spain is so willing to make all these dramatic cuts why would they fear asking for a formal bailout with CONDITIONALITY...They are doing it anyway???The reason is, as we know, twofold:
1. they do not even intend to deliver on this verbiage, as they know the regions are out of control.
2. they are hiding an awful lot of bad stuff and fear closer scrutiny will reveal not just the mess but the dishonesty.

1 comment:

Anonymous said...

don't get it!

A constant stream of EuroZone officials and Politicians say that they "will save the Euro" or "will do everything to save the Euro" and as usual, the "Markets" fall for it.

Have the "Markets" learned nothing since this all began?

The same self proclaimed saviours have been saying the same things since this all started and not a single once have they demonstrated the ability to actually carry out that which is not in their power!

Only the Germans can really save the Euro and Mrs. Merkel has reached the end of the line of patience with her electorate. The German public will expel her from office next year if she goes any further with their "taxes" so she is also in a bind and not able to save the Euro. Unless...... they can string this whole crisis out until after the German elections next September....