Wednesday, May 26, 2010

Derailment: EU Train Wrecks Begin In Earnest



Greece is the first train on the EU railway to have derailed. The EU has frantically assembled a hasty 700 Billion Euro rescue package for the country partly underwritten by the IMF. The problem is that before the Greek wreckage can be cleared and sorted out, a number of trains are rambling along those same rickety rails without breaks. The Iberian Local carrying the dual carriages of Spain and Portugal is speeding along on the same rail line of the Greek wreck. Spain and Portugal have had their bond ratings reduced to Junk status by Moody’s as well as Standard and Poor’s.

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