"The short-term, perhaps very short-term, disaster scenario is
now off the table for EMU, and who knows, the short covering in the
Euro and related assets may run a little while longer.
The long-term disaster scenario, however, is now
guaranteed.
Despite all the bluster, given there is now a buyer in the
market of an unlimited amount of European sovereign debt, there is
no incentive for any European sovereign to follow through with
their fiscal austerity programs."
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From a banking insider:
More printed money
Posted by isplat on 10th of May 2010 at 07:59 am
"The short-term, perhaps very short-term, disaster scenario is now off the table for EMU, and who knows, the short covering in the Euro and related assets may run a little while longer.
The long-term disaster scenario, however, is now guaranteed.
Despite all the bluster, given there is now a buyer in the market of an unlimited amount of European sovereign debt, there is no incentive for any European sovereign to follow through with their fiscal austerity programs."