In the background

A good article here that shows just a glimpse of the real politik that went on behind the scenes after Mario Draghi announced to the world that ” he would do whatever necessary to save the euro.”

Fierce opposition from the Germans was and still is his biggest hurdle and sparked a battle of will for a month or two. It appears that they are mostly in line now but this article describes how tough the Germans were to win over and lends more support to my argument that the Germans, who have had to bend to accept this bond buying programme WILL NOT TOLERATE any messing around from the peripheral troublemakers any more. In regards to Greece they have been fooled twice now and will not entertain a third bailout, opening the door for a Grexit by year end, as frankly Greece cannot even come close to achieving any kind of restructuring while in the Euro.

In regards to Spain nothing will happen till Rajoy comes with his cap in his hand begging for a bailout and committing to onerous restructuring that will almost certainly cost him his position, so that wont happen any time soon either, also the Spaniards are fiercely independent and proud people, perhaps they feel they can go it alone? The real work has only just begun for Mario Draghi, his credentials suggest he is up to the task but Zee Germans will not make it easy for him.

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