The completely delusional universe of EU Leaders

The bumbling explanation of the EU leadership's views on the Portugal crisis, as offered by the blathering dimwit Robert Peston, the BBC's Business Correspondent, on their Radio Four Today prgramme this morning at 0713, is a classic of its gendre and will be linked here for your listening amusment when the audio link is up. Listen now!

Meantime, having agreed a future package which will come into effect in 2013, blithely assuming that the entire structure is not actually collapsing around their ears and eyes, while hearing and seeing nothing, agreement on present arrangements was deferred until June to satisfy the Finns and leave them to elect a Government that will accept no further financial obligations, and the Germans to continue their support for Chancellor Merkel's party for the rest of this month's local elections. Fat chance!

According to potty Peston the ECB will have to handle the bankruptcy of Portugal in negotiations with a non-existing government during the next two months. Commission President Barroso meanwhile can see through the fog, smoke mist and double speak to stoutly declare the following, as reported by EU Observer, linked here:

European Commission President Jose Manuel Barroso, himself a former centre-right leader in the debt-ridden southern state, insisted the country would push ahead with plans to get its budget on track.

"He [Socrates] made it clear that ... whatever will be the next government, all the commitments in terms of the fiscal targets will be respected," Barroso told journalists.

"We expressed confidence in the capacity of Portugal to overcome the current situation and also its capacity to find the funding it may need in the months to come."

So that's all right then! But one question does remain, who will eventually pay off all the bad debts the ECB is accruing?