Thursday, August 04, 2011

Barosso declares it as an EU wide crisis!

Deutsche Welle, reports on the contents of the Barosso letter, raised in questions to Trichet at the ECB this afternoon, read here, a quote:

"It is clear that we are no longer managing a crisis just in the euro-area periphery,"

Jean-Claude Trichet, himself, in his responses repeatedly made clear the absolute obvious fact that the extended capabilities for the EFSF could not be left hanging in the air until national parliaments returned from their vacations, by repeatedly stating the 21st July agreement must be implemented fully and innediately!

Most worryingly, he seemed unprepared for one obvious burning question, that if Italy's borrowing costs approach the level thay will receive from Greece under Greek Bailout 2.0, will the Italian contribution, mentioned as €13 billion by the questioner, still be forthcoming?

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