Telegraph: Reports that the cost for Italy and Spain to borrow on the money markets has almost reached default levels. As the article notes the markets are spooked by the fact that Germany wont confirm the agreed bailout plan in till after the Parliamentary recess, also that Greece does not have an automatic banker in Germany. Lets gets to the point folks, Italy and Spain are just within a inch of going over the cliff, if you don’t deal with the major issue of the debt within these countries then your playing games that will lead to disaster. The EU has to gulp and take over these debts, these means ALL the countries getting their wallet out, even the UK. Also the PIG countries have to get out of the Euro and return to their natural currency, these would mean major default folks, this would cost the EU, as the EU would have bailout these countries in the long term, the very long term folks. Otherwise folks we are heading for another Great Depression 11, while EU fiddles with its PR.
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