Saturday, 25 February 2012

About time

To all, apart from europhile zealots, it is apparent that Greece should leave the eurozone.  At  last, a member of the German cabinet has broken the Merkel induced trance that the euro cannot lose members.  Mind you, the German finance minister has been very close at times to breaking rank.

The bailout terms agreed last Tuesday are not going to work.  Until the eurozone nations are prepared to put more resources into the contagion firewall the IMF, USA, China etc are not going to offer support.

The reality is that until Germany agrees to eurobonds, powers for the ECB to act as a central bank and asset transfers between nations, the eurozone is not going to work.
Brazil sticks its oar in.

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