Submitted by Tyler Durden on 11/02/2011 20:15 -0400
Bond
Borrowing Costs
European Central Bank
European Union
France
Germany
Greece
Gross Domestic Product
Italy
Silvio Berlusconi
Europe's core, call it Germany, is now caught in a war of reverse attrition on three fronts: with Greece, with Italy, and as of today, with France. And unfortunately for the European monetary union, Europe, call it Germany, is losing. While the focus continues to be on G-Pap for the second day in a row following his shocking referendum announcement, the real diversion remains Italy, where the government is in as much of a state of chaos as that in Athens, and whose bonds, while not yet trading at Greek levels (remember when the Greek 1 year hit 100% two months ago? Today it is at 225%... and tomorrow the two year will be at 100%), are far, far greater in amount, and the only thing preventing their collapse so far has been the ECB, whose monetizing assistance has been contingent on Italy passing and enforcing austerity measures to deal with its runaway debt to GDP of over 120%. Unfortunately, when BTPs open for trading in 7 hours, the ECB bid may not be there, or any bid for that matter, because as the WSJ reports, "Italian Prime Minister Silvio Berlusconi on Wednesday failed to issue growth-boosting measures demanded by European Union authorities ahead of the Group of 20 summit, raising
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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