Monday, June 20, 2011

Europe at the Crossroads!

Contrary to the complacent news reports on BBC Radio Four this morning, the only way to describe the outcome of the European Finance Minister's meeting in Luxembourg, which continued into the early hours of the morning today, is complete deadlock!

The BBC decided, with absolutely no basis whatsoever that I can discover, that if the shuffled Greek Government wins a vote of confidence, the next tranche of funds due under the first bail out will be paid by the EU.

In fact, as reported by Bloomberg TV and other sources, the Greeks must commit to yet more austerity and a rapid divestiture of Government assets, effectively a seizing of much of their nationalised industries, one of the aspects causing many of the protests across the country.

Italian banks are coming under pressure this morning in the markets, highlighting the ridiculousness of the EU position, for Italy, if the Greeks accept all the harsh terms still on the table, will be one of the supposed "White Knights" riding to rescue the Greeks!

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