Just my luck, on the day the Eurozone entered a new and more dangerous phase - yields on Italian Bonds smashing through the psychologically important 7% figure yesterday - I found myself on family business which meant I had no internet access.
Not so much as hit the buffers, the Eurozone has instead crashed right through them, as Italy enters bailout territory. One problem, it's too big to bailout. To illustrate the seriousness of this new phase, an orderly breakup of the Euro is now being seriously discussed, in effect jettisoning the peripheral countries and France and Germany going for a smaller Eurozone. But, given the glacial speed of EU decisions, events look set to overtake them - contagion is already reaching Spain and France today. It looks set to be another bloodbath.
One thing's for sure, we are witnessing European history in the making.
Err TBF, were we not told that the EU was history in the making - and therefore are we not viewing the unmaking of history?
ReplyDeleteJust asking, like........
It's not so much about making history but reliving it, Germany is the aggressor, all that stands between Germany and the rest of Europe is France, Britain - on the sidelines is waiting to pick up the pieces and restore sanity.
ReplyDeleteI'll take up arms when and if I'm called to the fray.
@WfW, well that's what they said, but I pay no attention - history is always written by the victors, therefore we are witnessing history in the making.
ReplyDelete@Anon Disagree, it's Germany that is preventing full blown EU integration via its Parliament and Constitutional Court. The history of the EU was always dominated by the French mainly to control the Germans and Germany industry.
The only reason Germany is coming to the fore now is it holds the cheque book and quite rightly wants some say in how its money is spent.