Friday 29 June 2012

Forza Italia?

Firstly an unlikely, yet impressive, victory over Germany in the Euro 2012 Semi-Final followed up with the Euro meetings. And an amazing second victory for Monti and his colleagues  in terms of getting a second Germany cave in. 

Of course, it still needs to be ratified in Germany -  bit its a big victory, Using the ESM to buy bank debt driect means that in effect Germany is recapitalising the Southern European states. 

Long-term this may still not save the Euro given its structural issues - but this is a big step for Germany as it changes the terms of the game.

A better day at last, except if your German perhaps...


Timbo614 said...

Euro bourses go bonkers... how long will it last this time? or is it a case of "this time it's different"?

Anonymous said...

Will the trains now also run on time?

Jim said...

The Germans are screwed now. Every time there's a crisis (someone in the Med runs out of money) there will be a decision for Germany to make 'Bail them out or refuse, and destroy the Euro'. Because the markets will now assume Germany will always pay. If they blink once, the game's over. And the other nations have tasted blood and know what it takes. Just all gang up and use brinkmanship to force the Germans into a corner.

This could go on for some time now - and the end result will be a bankrupt Germany as well as the PIGS, unless the German public finally grow a pair after 70 years of hair shirt mentality, and tell their politicians 'No Mas!!'

hatfield girl said...

Ansa is reporting that the Bundestag has approved both the ESM and the fiscal compact with over two thirds majorities.

[(ANSA) - BERLINO, 29 GIU - Il Parlamento tedesco in seduta plenaria ha approvato il fiscal compact e l'Esm, entrambi con una maggioranza di due terzi, come voleva la cancelliera Angela Merkel.]

Dick the Prick said...

Good on the Germans. I'm not sure votes are important but if someone volunteers! It's a window into Merkel's relationahip with her Guv'nor - Mervyn has only swansong to make out of shite banking.

He should take the advice of the Catholic and shut the fuck up, stop printing cash and just out stare bullshit politicians. He stood up to Brown, surely to fuck he can Osbourn to pucker up?

If Germans wanna sugarcoat Euro, well, good luck to 'em.