With the ECB’s new bond buying scheme, it appears that Europe is turning the corner on the sovereign debt crisis, as peripheral countries should be able to steadily sell short term debt to investors, who can then flip it to the ECB.
This isn’t a total sure thing, since Spain hasn’t even asked for aid yet (a crucial precondition to bond buying) but at least the mechanisms are starting to fall into place.
But that doesn’t solve a much bigger problem: The crisis of democracy and horrible growth prospects thanks to a dysfunctional system and the need for ongoing cuts.
Today tens of thousands of people in Spain and Portugal turned up to protest austerity.
Here’s a photo of Portuguese PM Pedro Passos Coelho along with the Portuguese word for the word thief.
Another unmistakable image.
And even rightwingers got in on the act.
So there you have it. Right, left united against austerity.
To this there’s no end in sight.
And it’s why George Soros, who now believes the Euro will survive, thinks it could still end in a tragedy.
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