Monday, June 25, 2012

More Bailouts in Euro-zone

Cyprus to hold crisis talks as bailout looms - Telegraph
Political leaders would meet on Tuesday afternoon, a press release from the presidency said, shortly after ratings agency Fitch cut the island's sovereign debt to non-investment grade.
And let's not forget the 800 pound gorilla in the room.... Spain.

Spain formally asks for 62 billion euros of bank aid - Jun. 25, 2012 Spain is not a small country - not on its own, and certainly not considered among the European Union countries. Bailing them out will be no small task.

The London Telegraph has a more direct take on European finances. The euro should now be put to the sword - Telegraph The imagery is due to the fact that the current EU Summit - there have been 18 since Greece became an issue - is in Rome.
Since Greece went into meltdown, triggering a crisis of confidence in the euro, there have been 18 EU summits. The format is wearyingly familiar: after 36 hours of unproductive haggling, a communiqué is issued, promising a united effort to boost growth, promote jobs and curb “speculators”.
Celebrations ensue for a day or 2 (most recent "celebration" lasted about 11 hours) before the markets realize nothing has changed.

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