Note the emphasis on “If crisis emerges in one euro zone country” (and yes, it could just be that English isn’t his first language), but at the end of the day, with any EZ bail out, basically it boils down to this; Ireland, Portugal, and Greece are all right just so long as neither Italy nor Spain go down first.
…I think the ‘bailout plan’ may be post attack triage. No open check book bail out here.
Remember that Soros et al went after the UK in the ERM end game in '92, not the small fry. In these scenarios you make the big money going after the big guys not the minnows. So Italy is first on the list.
Not really. It’s a bit like saying that the Federal government in the US controls the Fed. In europe, there is no federal government - the council of ministers is as close as it gets. They are the ones with capital raising power; they are the ones that will pay; they are the ones that control the ECB…
Mr. Almunia’s secret plan may well involve getting them to agree to something; they may already have agreed to it, but I think his jaw-boning is not going to have any effect until the council of ministers state their support for it.