Steen Jakobsen, chief economist of Saxo Bank in Denmark just pinged me with the following email comments "Leveraged EFSF deemed violation of Maastricht. The Master Plan is coming apart!"
Steen offers additional background:
"Merkozy" Master Plan Comes Unglued
The Merkel-Sarkozy "master plan" was nothing more than hot air all along. German Chancellor Angela Merkel and French president Nicolas Sarkozy hoped to put together a big bazooka by October 23 that would shock-and-awe the world.
However, that bazooka quickly turned into a pea shooter as noted in Bailout Campaign Bogs Down in Bickering; Dead Before Arrival?
Assuming the "Leveraged EFSF" idea is now dead, not only is there no bazooka, there is no pea shooter either.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com/2011/10/leveraged-efsf-violates-maastricht.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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