Finally the EU has admitted to what we have known all along, namely that it has no plan.
Specifically, in the case of Spain, there has been no request from the Spanish authorities for a bank rescue and that there is no EU rescue plan for Spanish banks.
I assume that this statement is meant to somehow reassure the markets?
Just remember, and repeat, as I have said many times before:
- There was no plan
- There is no plan
- There never will be a plan