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Europe’s Deal



Last Friday, the EU announced a deal made at 4:30 am that day and sent the markets higher across the world. In it was, we are told, the beginnings of the healing process and salvation for EU banks, governments & taxpayers. If only that were true. The forces at work were the socialists who control most EU governments (PIIGS) and the center-left or center right politicians who operate Germany, Finland & The Netherlands, AKA the solvent governments. The PIIGS want the Solvents to pay for their bail-outs & unfunded promises, the Solvents want to preserve the Euro but all three have said no to guaranteeing ECB bonds or increasing the €500 Billion limit on ESM funding which is far short of Spain’s needs let alone Italy. It was widely believed that Frau Merkel had conceded to something new in the Friday agreement. She did not however say yes to covering PIIGS overspending or to guaranteeing any other country’s debt. The Finns & Dutch on Monday said they would block the euro-zone's permanent bailout fund from buying PIIGS bonds in secondary markets. The printing and spending will no doubt continue until the lenders run in fear but for the first time in history the world is at risk instead of individual countries in isolated circumstances. We have long suspected that the Solvents would split off and form their own union. As the time for a final showdown approaches, these recent events only act to firm our opinion.



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