Thursday, October 06, 2011

EU Readies Coordinated Bank Aid Push

Bloomberg reports:
EU Readies Coordinated Bank Aid Push

The European Commission is pushing for a coordinated capital injection for banks to shield them from the fallout of a potential Greek default as Germany urges each country to prepare its own blueprint.

“We are determined to do everything necessary to ..." [...blah blah blah blah...] the commission’s president, Jose Barroso, told reporters in Brussels today. “Close coordination at European level is essential.”

This is tortuous. The sooner we get it over with, the better. Do your thing, markets bounce, more crap hits the fan, and we get the washout the market is waiting for. Why prolong the inevitable? And why, praytell, should the world (via the IMF) sit around and let you socialize your local debt to it?


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