This of course is completely misleading. What the writer means is, “France is reluctant to use FRENCH taxpayers’ money to rebuild its banks’ buffers.”
As such of couse, it is a brilliant coup. Don’t you so admire the great French leader’s efforts to ensure that HIS country doesn’t have to pay for its own banks’ stupidity, but that the cost falls on everyone else? WOnderfully sopcialist (Is Sarko a socialist?) “spreading-of-the-pain”
Well done Sarko – true “European” thinking. You must be proud.
So, Merkel & Sarko have once again saved the world, except that we won’t know exactly how for some considerable time. The only question is, how great – on part performance – is the deadly duo’s “trust” factor? Will the markets immediately start “reinvesting” in all these failing countries’ economies knowing that Germany will after all pay up or will they roll about on the floor laughing at yet another failed Franco-German stitch up fiasco?
What’s your guess?