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Well to be perfectly honest I think they have little choice but to convey the illusion of some kind of activity after yesterday's markets were roiled by tGermany's failed bond market.
I read in today's Telegraph that they yeilds on German 10 year bund is not higher than that of the UK 10 year gilt.
This must surely send a a message loud and clear that the writing is on the wall. The Germans must stop their bluffing game (for that is indeed what it is) and acquiesce to the demands of Mr. Barroso and accept that these Eurobands (or stability bonds as they have been rebranded) are the only way to give any chance to the long term survival of EMU.
As I mentioned in my post yesterday, the longer the Germans hold out with this bluffing gane, the greater the sweeteners they will demand for agreeing to be lender of last resort. This will mean more Germany not less Germany.
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