Its interesting that Angela Merkel is advocating "closer political union" for the European union; if anything she's advocating the rapid dissolution of the Eurozone. Has anyone come to consider that now both Italy and Greece are under unelected governments and leaders of governments.
It was joked earlier last week that without a single shot Merkel did what Kaiser and Hitler failed to do and that is take over Europe. In an European Union so strongly wedded to the notion of a currency zone that its now willing to dictate and determine the course of democratically elected countries.
Italy has more than 35bn Euros in cash storage; its finances are good till February (which in this market is a long time away; the Eurozone has been intermittently dealing with Greece since at least last April). If anything what optimism is leading Italian bond yields to recover from 7% to 6.3% over the course of a week?
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