August 20, 2012

"Eurozone threatened by Greece, Spain and the ECB itself"

Weekly doom for the euro from Wall Street Journal. Nicholas Hastings writing:

"The euro is sitting on a three-legged stool and all three of the legs could snap at any time.

Greece’s deficit position is deteriorating even more rapidly than expected with Athens once again seeking an extension to its budget-cutting plans.

Spain is still in a stand-off with the European Central Bank, hoping that by delaying a formal request for a bailout the country will be able to avoid any new onerous austerity measures.

And the third leg is the ECB itself, with its proposal for using government bond purchases to help cap the funding costs of weaker debtor nations in the euro zone."


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