Europe Fails Again, This Time To Get Budget Deal Done

Zero Hedge
Nov 23, 2012

In what should be the least unexpected news of the day, Europe has failed for the second time in one week, after disappointing with no Greek resolution on Monday (and forcing the BIS into a EUR liftathon scramble to indicate that all is still well), this time announcing that an attempt to come to a deal on the EU budget has failed, with another budget summit scheduled now for January.

This follows yesterday’s misreported news that Cyprus, too, was fixed and the country had achieved a “hard-won” (as some sad Eurohack called it) bailout: turns out it wasn’t in the end. And just how does one “hard-win” a bailout – crash their economy better than the rest? And speaking of Greece, nothing is fixed there either, but Germany, whose position was the reason for the first stalemate, demands optimism.

GERMAN FINMIN SCHAEUBLE -NOT EASY TO CLOSE GAPS IN GREECE FINANCING
but:
SCHAEUBLE SAYS `OPTIMISTIC WE’LL FIND SOLUTION’ FOR GREEK AID
And so, once again, all is well. At least until the next failure to “fix” Greece, at which point Germany will demand even more optimism.

This article was posted: Friday, November 23, 2012 at 12:53 pm

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