Sunday, October 23, 2011

EU Talks - Eurozone Crisis

BBC News: Reports that Coalition PM David Cameron has joined other EU leaders to discuss the Eurozone Crisis. Thus far a deal on the banking bailout, this will not include the UK. Thus folks here we are again, the MASTER PLAN has been out there for weeks, a banking bailout of between 1-3 billion, a trillion stability fund and a managed default of Greece. Let see the check list, 1. Banks Yes, 2. Stability Fund NO, 3. Greek Default, Yes/No, Yes everyone with a brain cell sees that Greece has to default, but France does not want to see a 50% to 60% write off of Geek debts, this would hit French banks hard and what ever the French Government states it would need a Euro bailout to help, there is a Presidential Election in France in 2012, a France going cap in hand to the Germans would not go down well with the French electorate. Thus Greece just might find that it is sold down the river, the sacrifice needed to get a deal, in other words Greece will have to have more austerity just to keep the French President in power, that is the cost folks of real politic.

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