The great Monti move? A quick comment on recent developments.
It seems clear that Monti is taking the leadership in designing the rescue of the Euro and to some extend of Europe. In the last few days he visited all the relevant european capital cities and most probably is closing the gap to reach an agreement.
Monti has played the card we mentioned few weeks ago. An anti europe consensus is growing in Italy. If Europe continues to be subject to the German egotistic attitude, the Italian government resulting from next election could end up with a strong anti europan bias. The same in Spain.
The governor of ECB mr Draghi was the first to understand the situation, and the risk it brings to the future of Europe. I think this is now widely understood.
So what is the deal? Monti is offering the guarantee that any future Italian government will continue the rigour policies and will not be tempted to go back to relaxation after being saved.
How? Both Spain (first) and Italy ( say mid August) will ask for the shield against the spread to be used and as a consequence enter into binding agreements with EU Commision and ECB. These agreements will be binding also any new goverment. This will reassure the German goverment and possibly public opinion.
Well done Mario and Mario... checkmate!!!
1 comment:
I was too optimistic! Monti did not ask for the ECB shield. And this was wrong!
Monti probably did not expect that a jealous and probably mentally sick Berlusconi would use the power he still has on the PDL crawlers ( after all if you are an escort who should you thank if you became a member of parlament?) to force early elections.
As I wrote months ago, Berlusconi is back in politics, he will ride the anti euro sentiment and try to survive. This despite his awfull track record, his lack of morality and his selfish mentality.
The only hope is that the Italian voters could see through the smoke and mirrors and forever free themsellves from the Berlusconi spell.
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