Saturday, June 23, 2012

Trio Latino

http://www.telegraph.co.uk/finance/financialcrisis/9347855/Debt-crisis-Spanish-borrowing-costs-soar-despite-fresh-audit-putting-pressure-on-eurogroup.html




Well here come the Greeks again, bearing the poisoned chalice. What chance Mr. Samaras (always billed as a Harvard educated economist – like Papandreou père et fils – that worked well) has of finding the so far elusive Holy Grail deep in the BuBank’s vaults, who knows. But by staking out his position for root and branch renegotiation of the Memorandum (which the Greeks have already blown out of the water) he is a) making himself a hostage to very short term domestic fortune, and b) trying to support the Latin Trio that will be tuning up its violins to serenade and shame Frau Angela tomorrow in Rome into doing something that she’ll regret as soon as she gets home again. If it’s Friday, it must be Rome. Monti is on very thin ice with his constituents, who are looking for an end to all human pain and suffering subito. As a distraction from his bunga bunga indictments in Milan, Berlusconi is rattling everyone’s cage again and threatening to bring Monti down from the mountain. (Don’t count Berlusconi out until his hair goes grey). Faced with the Latin Trio, all trying to play in tune (Francois as premier violin of course), with offstage ostinato from Athens, one might excuse dear Frau Angela for contracting a nasty dose of the diplomatic ‘flu and just staying home for a long weekend (might be undiplomatic to suggest she contracted a severe attack of Montezuma’s in Cabo).


Meanwhile that famous bench of wise jurists in funny red hats in Karlsruhe has laid down some more of the law, and told die Kanzlerin that they need quite some time (a commodity in very short supply in Euro-land) to ponder their next move. Maybe they’re waiting for the US Supremes (that famous all girl soul band) to publish their opinion of Obamacare and blow lots of jurisprudential smoke in the air for a while. The Trio Latino can then fiddle while Rome burns and goose one another’s courage to go bell the Berliner cat in her lair. Shouldn’t supplicants and mendicants come to the source and not demand that Angela attend some sort of Star Chamber and Neo-Spanish Inquisition in Rome? But I guess she knows what she’s doing. She can just turn her hands palm up and mutter “Grundgesetz – sorry, my hands are tied”. Maybe she can request asylum in Citta del Vaticano. The Swiss Guards can see off the three Mouseketeers with one hand. Handy having a Prussian Pope.


Poor Francois has to stay well away from Paris. He can never be sure which of his mistresses will be waiting behind a column in the Élysée vestibule to warm his sang froid. Valérie is on a roll and looking to land another right cross on poor Ségolène. Mme (or is it Mlle) Royal has to play the part of spurned, but determined spouse (common law) and has now brought the kids in as reinforcements. The Fifth Republic in a very safe pair of hands (or is it three pairs).


This just in, it was only a matter of time – Christine Lagarde (doesn’t she look lovely when she purses her lips in Gallic pose) puts her well-turned foot to the scales on the side of the Trio Latino, to exert maximum pressure on Frau Angela when she gets to Rome (a wise woman would just stay home - see above). She (the lovely Christine) is paid many hundreds of thousands of the world’s taxpayers’ dollars (tax free to her of course), not to mention unlimited expenses, to shill for Hollande and the French FinMin. Absolutely outrageous. They’d better be careful or the Germans are really going to come unglued. This, and the Greeks trying to re-trade at the same time (and the Germans know full well the Greeks have zero capacity and not much more intention of ever living with anything they sign), is going to spoil Fritz the BMW worker’s whole day. It’s getting uglier by the minute. Watch for Dodgy Dave and his OE side kick, little Georgie O, to cave in to the IMF like a wet weekend and go along with Christine’s arrant nonsense (all cooked up in L’Élysée). It almost makes the Millipedes look like geniuses. Dave & Georgie (Laurel and Hardie) will start talking about British responsibility as founder member of the IMF (thanks JMK), Bretton Woods, Britain must play its part, European solidarity, agree with Obama and Geithner, Christine doing a wonderful job, Euro must be saved, blah, blah, blah. The only hope is to shame Dave into a referendum; which will bring the whole mad scheme crashing down around Dave’s ears and he can retire to the Lords and never be mentioned in polite society again. Boris’ day is coming very soon.

Tomorrow will be an interesting day in Gdansk, where Greece meets Germany in Euro12. Samaras and Angela should agree that if Greece wins, Germany pays up and if Germany wins Greece leaves the Euro ipso facto, go straight to jail, do not pass Go. Germans will win efficiently 1 – 0. Greece will go into melt-down and accuse Germany of paying off the ref.

Simon

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