Monday, November 07, 2011

Morning Journal-European weekend update


Over the weekend, it appears that the Greeks have fumbled their way to a short term resolution to their problem, to wit, Papandreou will resign and the new government will approve the terms of the bail out.

Of course, no one cares because this farce has moved to the second act, which is Italy. All eyes are now on Berlusconi who is/isn’t going to resign which is important because he has been unable to deliver on the austerity measures needed to secure aid from the ECB. Sound familiar?