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,"

[Husar]

We could also buy the PIIGS countries like we bought East Germany in 1990, then raise a special solidarity tax in the "old countries" to build them up again...

Whether we get out of the Euro or not, I think the constant bailouts look a lot like a waste of money, they hope Greece will recover but Greece keeps spiralling down regardless.
Time to accept reality and let them default, and our banks, too. That way there won't be much need for new legislation as people should be more careful next time all by themselves.
Someone would pay for it anyway, but once the bailouts inevitably fail, we pay for that and the bailouts, so...

[Fragony]

We could also buy the PIIGS countries like we bought East Germany in 1990, then raise a special solidarity tax in the "old countries" to build them up again...

Whether we get out of the Euro or not, I think the constant bailouts look a lot like a waste of money, they hope Greece will recover but Greece keeps spiralling down regardless.
Time to accept reality and let them default, and our banks, too. That way there won't be much need for new legislation as people should be more careful next time all by themselves.
Someone would pay for it anyway, but once the bailouts inevitably fail, we pay for that and the bailouts, so...

That eastblock workhorse Merkel just agreed to raise the fund though. Money the AAA-countries have to borrow themselves.

[Furunculus]

will china come to the rescue:

http://blogs.telegraph.co.uk/finance...opes-feathers/

"no"

[Fragony]

will china come to the rescue:

http://blogs.telegraph.co.uk/finance...opes-feathers/

"no"

In many ways I welcome this incertainty

[Adrian II]

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 old Torygraph again, eh?

Well, the Bundestag yesterday voted in favour of the new Euro bail-out fund. And I wouldn't be surprised if the Constitutional Court followed the lead from Berlin - as it usually does.

AII

[Furunculus]

lol, the bundestag did exactly what the the karlsruhr did in saying; "this far and no further".

notably, all the bundestag have done is ratify the greece 2.0 bailout where the efsf was boosted to 440b, and the not the italy/spain crisis which has now created a desire to expand it to 2.0t.

always behind the curve, always dithering through lack of A mandate from A people.