Great news out today, Europe is saved after all. The unelected President of the European Commission has decreed that all is well in Europe - here are some top quotes:
"We don't anticipate a recession in Europe.
"The latest forecast by the European Commission shows there will be growth, modest growth it is true."
"We are doing all it takes, from tackling the underlying budget problems, to strengthening the governance of the eurozone, from tighter financial regulation to improving our overall preparedness."
What is more disturbing for the Eurozone members is that Jean Claude Trichet, President of the ECB, has also said over the weekend that the ECB cannot replace Governments and so may soon have to end it bond buying programme. Spanish and Italian yields on their debts have increased above 5% for the first time since the EC began illegally (according to Germany's President) buying their bonds last month.
Worse still is that the new IMF head, Christine Lagarde was the one who caused the above statement to be made when she openly questioned the need to recapitalise European banks due to the ongoing crisis and likely need for credit writedowns.