Spain’s Back In Debt Crisis Mode… And Will Take The EU Down

[Svartalf]

AAC will take its place in the order of battle or I'm a Frenchman!

Bionjour, compatriote, un verre de vin?

[Santa_Claus]

Yes - the numbers are truly scary.
Yes - it could explode.

But it won't. probably........

What is happening is that the Europeans are positioning the banking system to survive a financial armagedon (it's a slow process).
Austerity is being used as the stick (by both the EU and national leaders) to force economies (and the people) into accepting at least some sort of economic reality (which everyone knows has to happen).
The carrot is that the ECB will ultimately stand behind the Eurozone debts by creating new money (the ECB could defacto print 10 trillion and it would not really matter, if done cleverly - if done badly it would implode the system)
All the Eurozone govt debts will be repaid - just not neccessarily in my lifetime! (with ECB involved does not even need any defaults).
The goal is that the entire Financial System is no longer held hostage by the Casino Banking industry - in the same way as if a Bookmaker goes broke it only affects those involved.

There is lots that can be done - and some of that does simply involve playing for time...........at the end of the day, he who writes the rules (and has the guns to enforce them) wins. "The Market" has neither of those.