A cynical view of the European bailout

The European President Herman Van Rompuy has finally emerged from wherever he’s been hiding to comment on the European bailout fund: “The leverage could be up to one trillion under certain assumptions about market conditions and investors’ responsiveness in view of economic policies”.

Isn’t it reassuring to know that politital leaders have a grip on the problem.

Meanwhile markets rise with relief that 17 eurozone member countries agree that China will bail out Europe.

Now that Greek debt will be written down, when will Italy, Portugal, Spain, Ireland, France and Belgium make their demands for their own write down?

 

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