Europe Rearranges Its Deckchairs

As the EU holds yet another summit today to discuss the ongoing Eurozone crisis, still smarting from German attempts to takeover the country Lucas Papademos the Greek Prime Minister said that unless Greece's international backers agreed to a new bail-out, Greece would be unable to pay off its loans and be forced out of the Eurozone.

He warned that Greece faces the spectre of bankruptcy and all the dire consequences that entails.

Nothing new there then!

What is actually required is for Greece and its bondholders to agree the haircut, and for Greece to actually make good on its promises.

Don't hold your breath waiting for either of those!


Meanwhile Nicolas Sarkozy claims that he will introduce a Tobin tax in France by August.

All very well, but he may well not be president by then!