Busted Flushes

Eurozone finance ministers to meet in Brussels today to discuss ways to expand the European Financial Stability Facility (EFSF).

Given that it has been proven to be a busted flush, this meeting will be a remarkable waste of time.

Meanwhile, in the UK, George Osborne, will deliver his Autumn Statement.

This will be a "jam tomorrow" speech, in which he attempts to create the UK's mini version of the EFSF by using a öa35BN cash injection from the government to leverage a further öa320BN or so in finance from UK pension funds and the Chinese.

To give him credit, he may achieve more that the Eurozone has done with their busted flush!