The EU meet today and the markets are hanging out for the result.
Much is already out there but the question for me is:
what about the money?
If a financial firewall can be built around the PIIGS, especially Spain and Italy, there is still the problem of the banks and with ongoing capitalization problems.
Simply channeling money via the IMF isn't enough. There just isn't enough money.
Ultimately if the debt is just pushed here or there it hasn't gone and financial instruments that will never be repaid should be attended to in this gab fest.
Failure to address these core issues will only delay the inevitable write downs; the problem is fixed or it isn't.
