Blimey, even by their own poor standards, the Eurocrats have been at work today, undoing every positive with a negative. As a result, Italian yields have not moved and the markets are heading south again. Bravo indeed.
fit to declare that the ECB is not the lender of last resort for the Euro. Which begs the question, who is?
Unfortunately for the Euro-member countries that is not a question that should be regularly asked aloud. Rather in the mind of constantly asking ones neighbour as to whereabouts of his spouse for whom you know has eloped with someone else.
With no lender of last resort the world's 2nd largest currency has ever decreasing credibility. All this on the day when Super Mario was appointed in Italy to save the Country from the hands of its politicians.
For all the the plentiful problems with the Euro a new one must be chalked up; communication. If senior representatives of the nations within it cannot but help undermine each other's attempts at fixing any problems during a major crisis then indeed the 'project' is doomed.