If it was not all so serious, the efforts to save the single currency would be worthy of
a comic opera: the Germans could compose the score, the Italians could write the libretto, and the French could take care of the stage directions. The latest IMF-related effort is, perhaps, best
described by the website ZeroHedge, which is required
reading during these troubled times:
“Germany will be responsible for €41.5 bn, France at €31.4 billion, and Italy will need to provide €23.5 billion and Spain another €15 billion. To, you know, bailout
Italy and Spain”
What is becoming increasingly clear, when you take this news combined with the comments of the president of the European Central
Bank, is that the ‘Big Bazooka’ is nowhere near being assembled. The efforts to save the euro remain inadequate to the task.