Those whom the gods wish to destroy, they first make mad.
It seems that that the European Central Bank (ECB) has been affected by a bout of madness, by making an announcement that will further undermine its beloved Euro and the financial stability of the main countries in the Eurozone.
The ECB has announced that banks in the Eurozone face having to write off another Euro 195BN in bad loans over the next 18 months. The banks have already written off Euro 238BN.
Meanwhile, Greece has been urged by Centre for Economics and Business Research (CEBR) to leave the Euro and allow the revived Drachma to float downwards (thus absorbing some of the pain of its financial turmoil). Rumours are that discussions are already underway in Berlin, as to how a "graceful" exit can be achieved. Needless to say, "graceful" exit or not, German and French banks face serious losses as and when Greece exits.
Finally, as if for good measure, the President of Germany (President Köhler) has resigned; throwing Chancellor Merkel's government into chaos, and undermining Germany's political/financial stability and strength within Europe.
The Euro is going to face a very long, hot and uncomfortable summer.