Well, I've been wrong so many times in the last two years in
forecasting the imminent breakdown of the Eurozone that I hesitate to
say it again. This year is new, however, in that the Eurozone is not
just one of the three major economic entities which may break down,
but the one that Asia and America are now totally focussed on as
being the weakest link.
The Eurozone finance ministers are meeting again this morning,
despite the "solution" of ten days ago and the sceptical reaction to
it. There's absolutely nothing they can do short of: (a) the
over-ruling of 17 different Treasuries by one budget-setting body in
Brussels; or (b) a massive bout of money printing by the European
Central Bank. The first is politically impossible, or else
preliminary steps would have been taken long before now. The second
would breach the rules of the Eurozone's foundation and would cause
the immediate eruption of Germany, Finland, Netherlands and Austria.
I can only think that the finance ministers of the 17, and certainly
those of the Big Four (Germany, France, Italy and Spain) will be
meeting in more or less permanent session from now onwards until the
real world finally imposes its own solution.
Keith
Keith Hudson, Saltford, England http://allisstatus.wordpress.com
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