At the end of the day, every EU solution/bailout/ intervention hinges on whether or not Germany will write the check. The EBC can promise this and that, but unless Germany’s signature is on the check, all of this is just posturing and verbal intervention.
The Euromoney Country Risk survey results are out for Q3 2013 and here is some analysis with a comment from yours truly. As usual, emphasis is mine:"Some 101 of the 186 countries surveyed have succumbed to lower ECR scores (increased risk) since June, which, with 17 unchanged, leaves just 68 safer, according to the views of global economists and other country-risk experts surveyed during the third quarter."Core global drivers:
WASHINGTON — Senate leaders are optimistic about forging an eleventh-hour bipartisan deal preventing a possible federal default and ending the partial government shutdown after Republican divisions forced GOP leaders to drop efforts to ram their own version through the House.
It would be quite ironic and rather fitting if Germany and France fail to ratify the Merkozy treaty. 25 Nations have ratified the treaty but France and Germany still have not.
French president Francois Hollande has already threatened non-ratification unless the treaty is revised.
The Leader of the Social Democrat Party (SPD)in Germany, Frank-Walter Steinmeier, is making similar threats for the first time.
Italy Seeks Political UnionAs expected, Italy has joined the "United States of Europe" parade. And also as expected, some from Germany want no part of it. Let's start with Italy.Italy's finance minister, Pier Carlo Padoan calls for ‘Political Union’ to Save Euro.
BRUSSELS: Greece submitted new bailout reform plans to an impatient eurozone on Thursday in a last-ditch effort to save the country's collapsing economy and its fragile place in the single currency. With the crisis reaching a climax that could have dire consequences for the global economy, the proposals from Athens landed in Brussels less than two hours before a midnight deadline. Eurozone officials will now study the details of the plan -- which creditors say must include pension and tax reforms -- before a make-or-break summit of all 28 European leaders on Sunday.
Authored by Michael Collins, Investment Commentator at Fidelity, Capitalist banking systems are built on the confidence trick that people can get their money back at any time. Of course, if everyone sought their money at once, no one would get anything because the financial system would collapse.
Germany's "Official Denial"
If you seek confirmation that Germany is actively trying to force Greece out of the Eurozone, strong evidence appears in the form of an "Official Denial"
Please consider Merkel Says Won't Force Greece Out of Euro
German Chancellor Angela Merkel said on Tuesday she did not want to see Greece being forced out of the euro, warning that this would have "unforeseeable consequences."