Posts Tagged ‘Moody’s’

Euro Bailout Train Derailed: “Germany’s engagement has reached it limits”

Thursday, February 23rd, 2012

Well, ain’t that a pisser. “‘European solidarity is not an end in itself and should not be a one-way street. Germany’s engagement has reached it limits,’ said the text, drafted by Chancellor Angela Merkel’s Christian Democrats and Free Democrat (FDP) allies.”

Has Germany’s willingness to throw bad money after good to bail out wastrel Greece’s unsustainable welfare state finally reached an end? Maybe. Or maybe Merkel is angling for more leverage over Greece to force them to cough up some more sovereignty, or even to (fat chance) actually implement austerity measures rather than just give them lip service. But without Germany, the IMF isn’t going to cough up, and without the two of them, there probably isn’t enough in the kitty to finance even the latest round of Greek bailout, much less the larger fund needed to staunch the contagion once the Greek default dominoes start tumbling.

The game of musical chairs may finally be reaching its end.

In other Euro debt crises news:

  • The Eurocrats don’t think Greece is serious about austerity. Imagine that.
  • And Portugal’s situation is getting worse, not because its debt is growing, but because its economy is shrinking.
  • Moody’s to Europe: you’re not fooling anyone.
  • And they’re thinking about downgrading 114 European banks as well.
  • Why Greece must leave the Eurozone
  • The Telegraph offers up a a Greek Debt crises 101.
  • Greece is already printing quasi-money.
  • Are the Eurocrats driving Greece toward revolution?

  • “Wave goodby to Greece. All the paths that lie ahead lead into darkness.” But enough of the sunny optimism: tell us what you really think!
  • Greek bureaucrats in their Social Security office stage a walk-out. Now if all government employees went on strike and stayed there, they might just have a chance…
  • Recessionorama is already spreading throughout southern Europe.
  • Want to know exactly how the Greek debt bond swaps will proceed? Me neither, but here it is anyway. Just part of full-service blogging, Ma’am….
  • Spain’s housing market makes ours look healthy by comparison. “Repossessed houses in Spain are valued at 43 percent less on average than the appraisals on the mortgages.”
  • Denmark: No you peasants don’t need to vote on the EU’s fiscal treaty What do you think this is, a democracy?
  • (Hat tips: Instapundit for the top story, Ace of Spades for most of the rest.)