As Spanish banks go bust, and Greece continues its slow march to the drachma, what is the ECB doing?
There seems to be little understanding about what the stakes are.
Put simply, unless the ECB is willing to act as lender of last resort, ramp up Eurobonds, guarantee bank deposits (and possibly impose capital controls), and raise the inflation target to at least 5%, there is no chance whatever that the Euro will survive.
A continent wide depression is now on the cards, and with it will come yet another financial crisis for the global economy.
The cowardice and lying by Euroland leaders, in particular Chancellor Merkel (certainly the worst German leader since Hitler), is breathtaking.
Gorilla says: “There will be revolution if there is no resolution!”