Monday, November 28, 2011

The Euro elite

Reuters reports that Germany is planning 'elite' bonds with 5 nations. So this is still all about saving Germany's skin? The only reason to be hopeful about a development like this would be if it was a preliminary step to a bailout of the periphery. But that bailout needs ECB intervention, and I can't see how a 'hard' Eurobond makes any difference to that.