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Saturday, 30 June 2012

'Clunk rattttle' goes the Euro-can

So, at a critical meeting of the EU's joint 'Head of State' billed as perhaps the most important in its history, the caucus has agreed the following;

1. A Eurozone banking supervisor based on the ECB to come into action in about two years

2. Once in place, funds can be lent directly to ailing banks. Except the Germans will still have the final say on any pay-outs. 

3. A banking union to be developed for the 17 (says Cameron) or the 27 (says a Commission person) during some indeterminate period

Meanwhile, in the real world Greece is still headed for the exit this Summer and Spanish and Italian 10-year bonds are set to creep back to 7% next week - a position Mr Rajoy has described as 'unsustainable' in the short term, never mind the next two years. 


BrianSJ said...

That advert. The 2 blokes with Merkel. Are they Draghi and Monti?

Elby the Beserk said...

Keep on kicking that can down the road. The only problem is, there are not that many miles left on the road, and where it ends is an enormous cliff.

Peter Whale said...

Ever tried kicking a flat can?