So now that the Greek problem has been “solved” (Ha, ha, ha!), we have to find somebody else to blame. Having, swept the Greek mess under the carpet, now it’s time to play the blame game on Spain. Monti is alleged to have blamed the Spaniards and their mishandling of their economics (ha, ha again!) for the rise in Italian borrowing costs to dangerous levels.

In their turn, the Spanish blame the Europeans for not providing enough support, to which the Germans (and possibly the French too) responded by saying how much they admire the tenacity of the Spanish government and its efforts to apply austerity! A good solid pat on the back which is really no help at all!

Mind you, Greece is only temporarily out of the picture. But will no doubt come back with a vengeance after the general elections are held when whatever government emerges finds itself saddled with an impossible program which will only lead to greater recession and greater unemployment (we are already on the 22% mark and rising) if it is carried out.

But not only is no attempt being made to solve the real, underlying structural problem of the Euro, but no one (of those making the decisions) even sees it! They are in full and absolute denial (as Professor Yani Varoufakis has gone blue in the face repeating.

The problem is not the structure of the Euro! No! The problem is Greece’s deficit! (Now there’s a laugh if you take it as a percentage of the European economy as a whole.) Or now, it is Spain’s deficit! Later it will be Italy’s, or even, yes of course, Holland’s deficit. Which tut, tut is too high!

By the time the real problem slaps Germany in the face (and it will) it will probably be too late to do anything about it because Europe will already have collapsed into a heap of rubble under the weight of “austerity overload” (to use Charles Dallara’s own expression).

George Soros has said that the European crisis has entered a “more lethal phase” . This article from today’s Guardian ends with the following:

Soros stated that “.. ‘The rules of the Eurozone need radical revision’, and suggested that all countries need to be able to finance their existing debts at the same rate. He acknowledged that the Bundesbank would not accept his ideas but concluded ‘The future of Europe is a political issue. It is beyond the competence of the Bundesbank to decide.‘”