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Eurointelligence Daily Briefing: Fitch has given up on the eurozone
Rating agency puts six countries, including Italy and Spain, on a negative watch; also warned about a French downgrade in two years;concludes that a comprehensive solution to the eurozone debt crisis is politically and technically beyond reach; Jean Quatremer says the downgrade threat for Belgium is unfair
Because Belgium isn't France isn't Italy isn't Spain isn't Portugal isn't Ireland isn't Greece, as is evident to anyone who lives in Brussels.
Vittorio Grilli says the EU has to do more to solve the crisis - prioritising to reverse the liquidity crunch, and strengthen the EFSF/ESM; Mario Draghi warns about the costs of a eurozone breakup; the troika is about to tell the Greek government to make further savings of €2bn; the Portuguese opposition rejects a constitutional change, but is willing to support a "golden rule" in secondary legislation; Germany's president Christian Wulff is engulfed in a property loan scandal that might cost him his job; Jens Weidmann says ECB would not increase bond purchases even if the crisis got worse; he also said eurosystem would not refinance EFSF/ESM even if they did have a banking licence
I'd like to know the legal grounds for that
Jürgen Stark says ECB bond purchases were an important reason for his decision to resign; Wolfgang Münchau says France really is in a worse shape than the UK; Ronald McKinnon, meanwhile, writes that the eurozone needs a James Hamilton.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Mon Dec 19th, 2011 at 04:05:58 AM EST
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