The New York Times: Reports that Banks are creating back up plans should States leave the Euro. Well folks that is a bright idea, lets face it folks Greece has to be the top contender for the chop, followed by Italy and Spain. The Euro contagion is biting at Germany and France, the bond yields are ticking up, also as stated in previous post Germany could only sell 60% of its bonds last week, if Germany is staring to have problems how long before Italy and Spain are frozen out of the market. The tough eye watering cuts needed to save the Euro will not be taken easily by the populations of the Euro, they might want to stay in the Euro but not at the level of austerity it will take, sooner or later, and sooner in this blog view a major politician will say NO to the Euro. This blog is waiting folks.
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