Sunday, 19 June 2011

The Euro Is Dead - Obituary

From Keep Talking Greece:
German weekly magazine DER SPIEGEL dedicates the front page of its Monday edition with a sophisticated funeral arrangement. The coffin is covered with the Greek flag, the picture of the deceased shows the relatives’ deep mourning through a black ribbon. The Title reads: “Sudden and Expected -Obituary for a common currency”
And "Greece rescue is waste of money":
Europe risks wasting more money for nothing if it keeps pumping billions into the ailing Greek economy, the head of Pimco, the world's largest bond fund, said in an interview published today.

'After a year, every indicator has unfortunately worsened, despite the incredible quantity of financial assistance,' Mohammed El-Erian told Italy's Corriere della Sera newspaper. 'All of this has terrible human consequences and it's associated with a transfer of liabilities from private creditors to European taxpayers. Why? Very little is being done to deal with the excess of public debt, and the conditions for higher growth are not being put in place,' he said.

'Further on, if this approach is kept up, more money will be wasted to save private creditors and the risk of a disorderly restructuring of the debt will be greater.
It seems also that the EU is currently struggling to agree to a Greek rescue package before the financial markets open tomorrow, with a press conference due this evening cancelled:

"There will be no agreement today," said Juncker on arriving for two days of crunch talks to release funds to keep Athens from default in the summer, while mulling the shape of a second bailout for Athens in just over a year.

"We have a meeting tonight, we have a meeting tomorrow, so probably we will not have a press conference tonight as the discussion will continue tomorrow morning," he said.

Or as Boris Johnson would say: "it's all over chaps"

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