Monday, July 11, 2011

Italy describes crisis EU meeting as "routine" but Italy may be discussed!

The ususal air of unreality hangs in the air across the Euro zone this morning. EurActiv, usually pretty close to the EU centralists managing co-ordinating the crisis, has its headline "Euro zone holds emergency talks as crisis stalks Italy" which opens as follows:

European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for today (11 July), reflecting concern that the crisis could spread to Italy, the region's third-largest economy.

....two official sources told Reuters that the situation in Italy would be discussed. The talks were organised after a sharp sell-off in Italian assets on Friday, which has increased fears that Italy, with the highest sovereign debt ratio relative to its economy in the euro zone after Greece, could be next to suffer in the crisis. A second international bailout of Greece will also be discussed, the sources said.

On the front page of the online Corriere della Sea, from Milan, however, the official "routine meeting" line from Von Rompuy, who yesterday summoned his fellow non-elected leeches, including two of the worst culprits for the mess, the Jean-Claudes - Juncker and Trichet, to the previously unscheduled meeting.

In Tokyo the Euro only weakened slightly against the dollar and yen. This blog will cover events during the course of the day, as usual!

Update 07:40 am GMT, at least one bit of the MSM has picked up on this morning's biggest story, The Daily Mail, linked here.

Labels: ,


Blogger James Higham said...

We can only keep our eye on this one.

3:53 PM  

Post a Comment

<< Home