Monday, November 28, 2011

FT: The eurozone has just days to avoid collapse

QUOTE: I have yet to be convinced that the European Council is capable of reaching such a substantive agreement given its past record. Of course, it will agree on something and sell it as a comprehensive package. It always does. But the halt-life of these fake packages has been getting shorter. After the last summit, the financial markets’ enthusiasm over the ludicrous idea of a leveraged EFSF evaporated after less than 48 hours.  Italy’s disastrous bond auction on Friday tells us time is running out. The eurozone has 10 days at most.

I noticed the poor results from last Friday's Italy bond auction myself, and wondered if it indicated some near-term problems coming to a head....

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