Mumble, mumble hours of chatter and of course all the delighted smiles of those participating in their usual chummy, who gives a shit about the people? manner. Our own Greek new Minister of Finances looked particularly happy, all smiles and a feeling of being among friends. In his case I do not think it was the joy of the privilege of actually being there, as it was with the previous nonentities, Papaconstantinou and Venizelos. He is of a far better quality then they. Nevertheless I do fear he is under the illusion that the Euro can be saved and all we have to do is implement the plan!
The plan which by current estimates is leading to a further 7% recession for this year (for the fifth year running) and explosive unemployment of 24%. So I hope he will forgive me if I do not share his enthusiasm nor the belief that all we have to do is sell off more of the family silver, at rick bottom give away prices, oh, and slash wages even more. And while we are at it raise taxes! Particularly on the destitute and unemployed. This is fun!
As for the broader Euro picture, well… hardly optimistic. Spain will be given the loan to support its banks though in an awful fudge. At this stage it is the Spanish state that will borrow and then, perhaps later, this might be transferred onto the banks as their liability. Perhaps. Oh, but little Wolfie Schauble insists even then the state will remain liable.
Fun and games, kick the beggar games (Monty Python) fudge away, talk, talk, talk but say nothing at all that might actually mean something. In the mean time the French Economy is beginning to show the pinch of the growing recession in Euroland, Italy is teetering uncomfortably on a spiky high interest rate, Greece is dead but hasn’t quite realised it yet, but The Frau continues to have her way in a disastrous policy that is obviously NOT WORKING!
Have a good day every one.