David Cameron and François Hollande met this evening. As you would expect, they discussed the situation in the eurozone, which is currently looking a little more cheery than usual after Mario Draghi announced those long-awaited ‘whatever it takes’ measures which he believes will save the eurozone. In summary, this Outright Monetary Transactions scheme involves the European Central Bank buying up short-term debt from struggling economies. To stop this cash from the ECB becoming a substitute for economic reforms, a country wanting to apply for the OMT must have signed up to certain conditions with the European Financial Stability Facility or the European Stability Mechanism.
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Those conditions mean austerity policies, which the key country likely to benefit from the OMT, Spain, is going to find difficult to implement given youth unemployment now stands at 50 per cent, with general unemployment at 25 per cent.
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