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And before outright bashing the ECB for demanding such compromises, one must understand that a blind intervention in the debt market can be just as damaging as the present blind inaction. If there are no guarantees that at least fraudulent budget execution (as an ex-vice-president of the EPP did in Madeira) is dealt with the path is open for a loss of confidence in the currency. But one thing is demanding compromises and fiscal consolidation, another is letting interest rates on Italy's debt climb up to 7 %/a.
I think the relevant factor here is not wheter blind intervention is good or not, but if ECB has any business demanding compromises to perform their function. I would say that they do not, in fact I would go further then that and say that when an unelected branch of government demands more powers in exchange for using the ones they already got, it is an attempt at a power-grab, which if performed by gun-wielding branches of government would no doubt be described as a coup.
European Tribune - A Summit that will go in History
One week after the agreement it seems obvious the ECB wont intervene before all its demands are cast in stone; meanwhile the risk of a loss of confidence in the system increases getting ever closer to a dreadful run on banks. The drama will go on for a while longer.
Cops will not return to the streets until the police has been vested with new and far reaching powers. Riots will continue.
Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
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