The Draghi bond plan can certainly put off the day of reckoning. It can lower borrowing costs across the board and cushion the slump. But it cannot in itself stop the slow asphyxiation of these societies. We are moving from the financial phase of this crisis to the full-blown political phase. It really is playing out like the 1930s.Beware, Dear Spain indeed.
Wednesday, 26 September 2012
Cuidado, Querida España
As a postscript, I strongly recommend this well-hidden piece from the Telegraph site by Ambrose Evans-Pritchard