Monday, 11 June 2012

‘How could the Germans now refuse to bail out the Italians, having bailed out the Spanish?

Spain_crisis_2012

http://www.citywire.co.uk/global/this-is-a-catastrophe-says-top-economist-on-spanish-bailout/a595051?

'The �100 billion bailout package to recapitalise Spanish banks is a major turning point in the eurozone where policymakers move from trying to save it to trying to end it tidily, according to leading economist Andrew Lilico.

Speaking to Citywire Global, Lilico, director of research bureau Europe Economics, said he is firm in his belief that Saturday’s agreement is the death knell for the eurozone as it will trigger collective debt pooling.

‘The Spanish bailout constitutes the key moment when policymakers have moved from trying to save the euro to trying to achieve an orderly disintegration,’ he said. 

‘Why do I say this?  Because the Germans have always said that debt pooling - eurobonds, mass ECB purchases of sovereign debt, a �2 trillion EFSF etc. - would imply the end of the euro. The Germans were correct in this.’

Instead of correcting weaknesses in the system, Lilico said ....'


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