The cost of insuring peripheral Europe public debt reached a dangerous new maximum.
What should this reality be telling European politicians? That Germany needs a stronger Euro and peripheral Europe a much weaker Euro.
How are they responding to the situation? Bailouts. Bailouts are, of course, as effective as applying a plaster to a cancer...
How did these countries get to this situation? By pretending to have achieved convergence with Germany in order to join the Euro club.
The lie has been exposed. Yet, European politicians continue to be in denial.
So, where does this leave the Euro? Nowhere.
Deal with it!
