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No Chance European Bail Out Package Will Succeed
This article will not put a smile on your face but it is interesting. And if we have learned anything (which we probably have not) it is this: bury your head in the sand and, well, you suffocate. And also get sand in your ears which is not nice. A word of warning. Those chaps at zerohedge.com have a tendency towards profanity. Quickstep Consulting takes no responsibility for the content of other websites.
Some late night words of caution from one of the UK’s best journalists. In a report obtained by Ambrose Evans-Pritchard, French financial firm AXA is quoted as essentially saying that the chance of the Eurozone’s survival is nil. Why a European bank would issue it own suicide note is unclear, although the firm’s logic is sound: “The markets are very nervous because they can see that there is a fatal flaw in the system and no clear way out. We are in a very major crisis that has even broader implications than the credit crisis two years ago. The politicians have not yet twigged to this.” Ms Zemek said the rescue had bought a “maximum” of 18 months respite before deeper structural damage hits home, with a “probable” default by Greece setting off a chain reaction across Southern Europe. “It would be the end of the euro as we know it.
