Friday, January 27, 2012

IMF's Lagarde says policy over EU CRISIS is her business not ours

Bloomberg have just concluded an extraordinary interview with the featherweight head of the IMF Christine Lagarde. It is now (11:15 GMT) available on their website here:

VIDEO Removed due to constant replay on this blog!

A feel of the depth and nature of the problems could be gained earlier when Spanish unemployment for the fourth quarter of last year came in at 22.9% with youth unemployment now touching half of the nation's under 25 year olds.

The utter pointlessness of the Fiscal Compact, which is the main emphasis of EU leaders for their coming summit next Monday, can be seen when recalling that Spain is one of the few member states who in the past has adhered to the old Growth and Stability pact limits for deficits and spending, which will become the new norm (with similar weak constraints) in the new fiscal compact.

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