But there’s little they can do, other than finish the Eurozone off for good!
A trillion dollars in bad debts is a lot of money, but not enough to tank the enterprise.
It’s apparent the ECB will try to to keep European banks from crash landing.
But until there’s a clear declaration that the ECB will be the lender of last resort, coupled with a German decision to start printing money and promoting domestic consumption on a big scale, the contagion and the threat to the world economy will continue to be real.
Gorilla says: “Small beer down Merkel’s back, but the deluge is coming!”