"How can I know what I think until I read what I write?" – Henry James

There are a few lone voices willing to utter heresy. I am an avid follower of Ilusion Monetaria, a blog by ex-Bank of Spain economist (and monetarist) Miguel Navascues here.
Dr Navascues calls a spade a spade. He exhorts Spain to break free of EMU oppression immediately. (Ambrose Evans-Pritchard)

domingo, 21 de agosto de 2011


En el FT
Merkel rechaza la idea del eurobono: 
“Eurobonds are not the answer”

- Angela Merkel
Merkel rules out eurobonds
German chancellor Angela Merkel showed herself unmoved by resurgent worries about the eurozone, pledging to stick to the “extremely difficult task” of cutting debt and raising competitiveness in member countries, rather than issuing joint bonds.
Politics cannot and will not simply follow the markets,” she told German public television on Sunday in her first interview after returning from holiday a week ago. “The markets want to force us into doing certain things - and that we won’t do.[sic]

In what is her most comprehensive rejection of issuing eurobonds any time soon, Ms Merkel on Sunday spoke of legal hurdles to their introduction – there would be “years” of ratification of an amended EU Treaty, and possibly tricky changes to the German constitution.
But she also said that Germany “in some distant future” could accept what she called “collectivising debts” on the condition there existed “a construction of the European Union to which [members] have transferred all budgetary sovereignty

El completo desastre...

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