In July we were told 440 billion Euros would fix it. More recently we were told 3 trillion would do the job and would be available last Sunday. Then we were told 2 trillion was enough, to be confirmed today. Now we are told there might be just 1 trillion along sometime soon.
The Euro is a currency in search of a country to love it and a governemnt to support it. If it doesn’t find them soon, it will inflict yet more eocnomic damage on the various countries tied up in its embrace.
There is a large state debt problem in Euroland. They need to spend less and borrow less. The countries meeting today to rattle the collecting tin and to construct yet more fanciful leveraged vehicles should instead do something useful. They should cut the EU budget, so the EU makes a contribution to the lower spending the weaker members need.
The EU should stop grandstanding over spending and deficits, and make a contribution to resolving the problem. The rest is another attempt to kick the can down the road. If they do not want to live together with a single budget, single government and single currency, they had better plan an orderly expulsion of the weak or of the strong before yet more economic damage is done.