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Originally Posted by Osem
Yeah right! Does anyone really believe that tosh?...
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Nope. Not even they believe it. But they know that matters are out of their hands - the financial markets will call time on the Euro just as soon as they please. The last card the Eurocrats have left to play is the monumental lie that they have 'fixed' everything (or in the case of Spain, 'look, it was never that serious in the first place!'). They have the slimmest of hopes that the markets will believe them, there won't be a run on Spanish banks and that nobody will put 2+2 together and realise that now Spain is a beneficiary of the EFSF rather than one of its creditors, there ain't enough Euros left in all the treasuries in the EZ to pay out when Italy goes mammaries skywards.
Precisely as many commentators have been predicting since late last year, we have gone from Greece to Spain and we can now do nothing but sit back and wait for Italy to fall.
---------- Post added at 19:16 ---------- Previous post was at 18:19 ----------
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Italy must guarantee 22pc of the bail-out funds, even though it cannot raise money itself at a sustainable rate. You could hardly design a surer way to pull Italy into the fire.
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http://www.telegraph.co.uk/finance/c...Bundebank.html