Europe’s illusory deal
After Merkel’s decision to allow Eurozone funds to be used to bail out Spanish and Italian banks, the press tomorrow may declare – yet again – that some kind of breakthrough has been reached and that the Teutonic queen of austerity has been forced down from her throne. But, as ever with the Euro summits, there is less – far less – than meets the eye. Here’s my take: 1. Growth pact. Any pact representing no more than 0.0096 per cent of Eurozone GDP is hardly going to have a discernible effect, so let’s not pretend otherwise. 2. About those no-strings bailouts. It seems countries can access bailout funds without
