The Euro Bailout Fund (Which Does Not Exist) Is Being Delayed, As Germany Fires Back Against Broke Europe
by Tyler Durden
Overnight, the WSJ had an interesting article starting with “Italy, France and Spain are trying to take a united stand against Germany in finding new ways to fight the euro-zone debt crisis.” This merely confirms what Greece has been trying to tell us for months: that beggars can be choosers. Well, turns out they can’t, because at the end of the day, the only thing that does matter is the Golden Rule as Mark Grant reminded us earlier. Which is why trying to force Germany to do anything will backfire massively – as a reminder: it is in Germany interest to keep Europe weak, the EURUSD low, and the periphery on the edge of insolvency (just memorize the bolded sentence – it is all you need to know about Europe). Case in point: “Germany’s constitutional court said on Thursday it will need time to study the euro zone’s permanent bailout mechanism after its expected approval in the German parliament next Friday, which could delay its scheduled start date on July 1.” ” In other words, the bailout fund on which Europe’s entire rescue dreams lie (and which will gladly subordinate European creditors) and which still does not exist, is now being delayed. You are welcome Europe. Love, Germany.