http://thenextrecession.wordpress.com/2012/06/29/euro-summit-not-as-long-as-i-live/
Under huge pressure from Italy, Spain and France, German Chancellor
Merkel capitulated. Spain and Italy got the right to ask for money from the
European funding mechanisms, the EFSF and the upcoming ESM, to
recapitalise their banks and support their government bonds without having to
enter a dreaded Troika programme of austerity that has already been imposed on
Greece, Portugal and Ireland.
All this deal does is to give more taxpayer’s money to failing banks in
Spain and reduce somewhat the cost of servicing public sector debt.
The ultimate question of whether the Eurozone can move towards a proper
fiscal and monetary union or will break up under the pressure of debt
and depression remains open.
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