Month: June 2012

Important Eurozone events took place that did or did not resolve an impending crisis

Barry Ritholz is fed up with it all. Or not:

Yeah! The Greeks Voted!

For the Xn-th time, important events took place in Europe that either did or did not resolve an impending crisis, one that is either imminent or not.

This was absolutely and unequivocally crucial, unless it didn’t matter at all. Either of which is an equally likely outcome.

Indeed, this past week was absolutely critical, except that it wasn’t. The Greek elections determining their future relationship to the EuroZone was simply of the utmost importance, unless, as it turns out, it was not.

Yes, they did not matter; No, it was quite important. Unless it was the other way around. In which case it did/didn’t was/wasn’t important.

The ‘mother of all central bank interventions’ is going to save Europe, unless it doesn’t, in which case it is back to square one for the EU. Everything has changed, except that nothing is different. Nothing has changed, except for everything. Unless it wasn’t, in which case it was. (Glad I got THAT off my chest).

We also are closely watching the fiscal responsibility issue, which as many of you know is the single most important issue ever, except for the past half century, when it didn’t matter at all. This has been resolved once and for all, permanently and completely, by postponing it yet again.

Then no, not so much.

There’s more here.

Europa? Iemand moet het doen…

In de ING Markten in beweging van deze week: De wereldeconomie hapert en kan wel een steuntje in de rug gebruiken. Ook Spanje heeft steun nodig om haar wankelende bankensector te stutten. Maar wie kan en wil op dit moment nog steun geven? Voor politici blijft de noodzaak van verdere Europese integratie moeilijk uit te leggen aan kiezers die — zeer begrijpelijk — uiterst wantrouwend zijn geworden over het Europese project.

En in het Videobericht Economie: Er is een weg uit de Europese crisis.