Wednesday, November 21, 2012

Maxed out Eurozone members meet into the night

Like a family of bankrupt spendthrifts the finance ministers of the Eurozone countries met into the night to fight over how they might start to pay off the massive debts and bailout obligations they have run-up over recent years.

The IMF in effectively blocking further advances by insisting Greek debt falls to 120% of GDP by 2020 means actual money transfers rather than vague promises will now have to be made.

Best not mentioned for the moment are the extra huge commitments run up by the ECB that future generations are almost certainly going to refuse to meet!

I will report again on this meeting on this blog when and if any real news emerges during the day

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