Bit of a maze all this. However, only one of the following can save Italy, and no doubt the euro:
A) the IMF
B) The ECB printing money
D) One or more of the Arabs, Chinese, Russians or BRICS
E) Italy suddenly transforming itself almost overnight into Germany mark II.
A) saving rich areas is not in the IMF’s remit, and even if French Lagarde wanted to the rest of the world wouldn’t let her.
B) Draghi has said this is not in the ECB’s remit and in any case Germany won’t tolerate it. Dragi has already gone too far in lowering interest rates when inflation is looking worrying. Like the Bank of England, the ECB’s job is to keep inflation down, which is in the interest of the plebs – though of course they don’t count at all.
C) Germany has repeatedly pooh-hooed the idea of the “big bazooka”, calling it silly, stupid and illegal.
D) They have more or less told Europe to piss off and sort itself out. “Why should we pay for you when you won’t pay yourselves?” (got a point, haven’t they?)
E) It hasn’t happened for the last century, so why should it now? Though their best option is for Northern Italy to become a Land of Germany and let the south continue to piss about playing gangsters, only without an endless supply of free German money. I hope we can keep Rome though, my favourite city.
Oh, the SPIV leverage thinggy? HA HA …… as if that is going to fool anyone ….. the only lever we need is one to tip Borroso and the rest into a deep hole.
ERGO: the euro as it is now is doomed …..
…. though without Greece, Italy and Spain it may be a lot stronger ……. so, don’t flog your euros yet!