Friday, October 28, 2011
Where's The Money Hunny?
Not least, the elephant in the room, where is the money coming from?
Klaus Regling, the head of the eurozone bail-out fund, has popped over to China today to try to twist some arms there.
Good luck with that then, as China has already indicated it will only put money in via an IMF backed scheme. Note, the IMF cannot put money into the EFSF.
In other news, Italian bond yields have risen today above 6%, in the event they reach 7% then it's game over.
Meanwhile in Greece, where the country's pension funds have been cut in half by the rescue "plan", the people marked National Day by forcing state officials to leave the parades by hurling eggs, yogurts, raising banners with Swastikas proclaiming "No to 4th Reich" and chanting “Thieves!”
This video shows students marchingin Athens, and raising their hands holding black handkerchiefs.
Whatever the hype and spin from the Eurozone bunker, the decisions made by the "leaders" of the Eurozone have had, and are having, very real and unpleasant consequences for the people of Europe.