Tuesday, September 06, 2011

Greece 1 year yields 85% - 2 years 53.2%

That is the situation with a country in the Eurozone this evening.

Can anybody believe that this can continue to be sustainable.

Italy, after a General Strike today, is heading down the same path as Greece!

Britain has a Prime Minister who stated today in Parliament, from here:

16.32 Mr Cameron says MPs should not underestimate the commitment of eurozone members to the single currency. They will do whatever it takes to fix it, he says.

16.30 Mr Cameron predicts that there will be a mixture of moves in Europe rather than a "logical move forward".  

"I suspect that what we will see is a mixture of moves. So far we have seen bilateral moves from Germany and France...that will sometimes see eurozone leaders surrendering sovereignty."

16.25 "The point I am making is that when there is a treaty change you have an opportunity to put forward what is in your country's interest," Mr Cameron says. "I've done that before and I intend to do that in the future."

"One of the great success of the EU has been the single market which has opened up a market for our businesses. We want to extend these markets into energy."

16.21 Mr Cameron adds: "I start from a proposition what is in Britain's national interest? A disorderly breakdown of the eurozone would be detrimental to the British economy and the eurozone.

Also in Parliament, the immature and pathetic milksop in charge of Britain's finances , was reported by the Wall Street Journal, linked here, as stating the following:

Addressing the House of Commons,  George Osborne appealed to the currency bloc to follow the "remorseless" logic that monetary union must lead to greater fiscal union.

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