Wednesday, February 22, 2012

Olli's €750 Billion Firewall - perhaps come a Harvest Moon?

Even after the non-event of last Monday/Tuesday night, Commissioner Olli Rehn, has been amazingly specific on a new BIGGER EU firewall, he has been quoted as saying - "It should be possible to combine the firepower of the ESM and the remaining amount of the EFSF in order to have a substantially stronger financial firewall than we have at the moment. If you calculate you can see the ESM is 500bn euros and the EFSF remainder is 250bn euros."

Olli seems to believe a transfer union has been agreed, "Oh dear Another Fine Mess, Olli!" How much of that will Spain and Italy be liable for one wonders, and poor old France?????

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