Whilst we are distracted by the omnishambles of Cameron's government, a Chancellor incapable of managing the economy, Barclay's £9m payout to a man who may yet find himself serving 20 years in a US Federal Penitentiary and the irritation of the Olympics, the July Euro Crisis is bubbling away across the Channel. Germany's unwillingness to take a rating agency downgrading hit for the Olive Oil belt, France's uncertainty whether she belongs to the prudent Northerners or the reckless Southerners, Spain's regions contemplating life outside the Euro and Italy, with 10 year bond yields at 6.45% facing Spain's 7.38%, wondering if she will be next also underlines a growing 'spread' of opinion between Brussels and the Euro nations. Barroso's current visit to Greece is far more than a routine sign-off of the next tranche of aid. And as Der Spiegel reports, German Economics Minister Philipp Rosler's comment that "for me, a Greek exit has long since lost its horrors" has earned him a sound rebuke from Brussels but not from within Germany.
Although Brussels-watching has assumed all the obscurity of Kremlin-watching at the height of the cold war, one senses cracks and splits appearing in Eurozone solidarity with Brussels struggling to hold it all together. The Summer will certainly be make-or-break time.