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“Not in my lifetime”

27 Jun

 “There will be no eurobonds as long as I live.”

On the face of it, it’s a potty statement. OK, there’s the proverbial bus she might fall under, but surely she should have said: “As long as I am Chancellor.”

Still, nuances aside, will AT LAST Borroso get the message or try YET AGAIN with his eurobonds”?

Hollane is reported to have given up on eurobonds and now going for ‘eurobonds-lite” or “eurobonds by another name” ……

This is of course par for the course in Euroland. If it’s really a bailout but you don’t like to admit it then you call it something else and so on.

Still, Merkel and the dreaded “markets” seem to have sussed out this particular nonsense.

The thing which one struggles to understand is that Spain et al want eurobonds to bring the cost of borrowing down. A pleb would ask: “WHY DON’T YOU JUST STOP BORROWING?”

I think the answer is that they need to borrow to cover current expenditure, and if there is anything more insane than that I would really like to hear it.

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Posted by on June 27, 2012 in European Union

 

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