The ‘horror’ continues and market feel like they’re stuck in some interminable loop ……
But this feels different. Its feels like we’re in the final spiral.
I was surprised but encouraged by the markets impatience with the Spainish ‘recapitalization’ deal.
Have the fudgers have finally run out of time?
Its horrendously difficult to ‘trust’ these guys ….. but risk-reward tempts.
FT: ‘Backing grows for one EU bank supervisor’
“François Hollande, the French president, is leading calls for the ECB to take oversight of banks and, when necessary, use the new €500bn eurozone rescue fund, the European Stability Mechanism, to buy direct stakes in struggling banks.
Several ECB top officials have publicly backed the thrust of the proposal. Benoît Coeuré, an ECB executive board member, said this weekend “if the ESM could inject capital directly into banks, with strong conditionality and control, this would also help to break the bank-sovereign loop.”