♠ Posted by Emmanuel in Credit Crisis,Europe
at 11/28/2011 12:50:00 PM
This assertion may brand Wolfgang Munchau a genius or a laughingstock for life on the level of Francis "End of History" Fukuyama or the Dow Jones 36,000 jokesters, but for what it's worth, the German commentator is definitely going all-in:I have yet to be convinced that the European Council is capable of reaching such a substantive agreement given its past record. Of course, it will agree on something and sell it as a comprehensive package. It always does. But the half-life of these fake packages has been getting shorter. After the last summit, the financial markets’ enthusiasm over the ludicrous idea of a leveraged EFSF evaporated after less than 48 hours.Mark your calendars for December 7 and look for that old R.E.M. greatest hits CD if your Internet connection isn't fast enough for streaming video.
Italy’s disastrous bond auction on Friday tells us time is running out. The eurozone has 10 days at most.
