Enough Greek electoral folly - now back to Spain and Italy
Standard & Poor’s says the Spanish property crash is only halfway, yet the damage to the banking system so far has already forced the state to seek a €100bn (£80.4bn) bail-out.
Spanish banks must roll over €545bn in debts, yet they are running out of collateral to borrow from the ECB. The banks can no longer prop up the state, and the state can no longer prop up the banks, and global investors will fund neither.
Ambrose Evan-Pritchard from the Telegraph this evening, linked here.
This blog predicted Greece would be a sideshow come the second election this year in Greece, with Spain and Italy at the forefront of concerns. I never would have guessed, however, that as the crunch moment arrived, the leaders of Germany, France and Britain would all be high-tailing it across the Atlantic to a beach resort in Mexico, for more wining, dining and pointless fantasy-world chat resolving nothing – (known in politer circles as the G20)
Why not inflate it up to the G100, like they did with our money for zero gain. G5, G7, G20 heck the precedent is set, the more countries the better the dinner conversation and the less chance of doing anything useful.
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