Euro Area

[Furunculus]

quite extraordinary, i wonder how long their tolerance for euro-imposed uncompetitveness will survive?

oh look, more fun and games on useless and decietful deadlines:

http://www.telegraph.co.uk/finance/c...e-dithers.html

ooh, and another on the folly of trying to dodge Germany's immutable Basic Law:

http://www.telegraph.co.uk/finance/f...eferendum.html

"The sovereignty of the German state is inviolate and anchored in perpetuity by basic law. It may not be abandoned by the legislature (even with its powers to amend the constitution)," he said.

"There is little leeway left for giving up core powers to the EU. If one wants to go beyond this limit – which might be politically legitimate and desirable – then Germany must give itself a new constitution. A referendum would be necessary. This cannot be done without the people,"

"Germany has a great affinity for the rule of law. People expect the political class to obey the rules."

"Our judgment makes clear that the Bundestag cannot abdicate its fiscal responsibilities to other actors. And no permanent mechanism may be created that entails taking over the liabilities of other states,"