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Friday September 28, 2012 16:12 by Paul Bowman - WSM
The rain is pouring, Summer's over and the Eurozone crisis is back from his hols. Timed nicely to coincide with the brutal Spanish riot police attack on the indignados protest outside the Madrid parliament, yesterday's statement by the remaining triple-AAA rated "Nordic Front" of Germany, Finland and the Netherlands, has put the cat back amongst the pigeons. The Euro-summit of June 29th this year, backed up by Mario Draghi's not-quite-promise suggesting that the ECB would use its licence to print euros to support Spanish and Italian bond prices, had managed to lull the markets into a false sense of security long enough for finance directors and politicians to have a proper Summer holiday this year. The media platitudes of "light at the end of the Eurozone" tunnel were piled on to smother the flames and keep the ember's covered until school and parliamentary holidays were over. Now, with all the head crisis-makers back in the office and back on the game, the artifical frankenstein that is the Eurogeddon monster is cranked up again, just in time for the budget setting season. |
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