The Frugal 4 Get Shafted
Great summary here from Capx regarding the "hugely ambitious deal for Europe" that the EU leaders have been celebrating last night (well, all but the Netherlands, Denmark, Austria, Finland and Sweden
)
In essence, the frugal 4 (or 5 if you include Finland) achieved very little other than reducing the total amount of debt mutualisation by 110 Billion Euros.
The real win here is delivering debt collectivisation (as the author correctly calls it - brilliant !) in the EU ... a flash back to communist Russia. Or, to put another way Eurobonds and debt mutualisation ... delivered !
So far, the ECB has been bailing out the Eurozone constantly since 2010 due to the financial crisis. The measures put in place by the ECB and Draghi ("to do whatever it takes") were designed to rescue the Eurozone. For 10 years, the crippling debt amounting every day by ECB quantitive easing has been going up and up and should to ask them the big question .... "has it worked" ... ?
and now this ....
https://capx.co/a-historic-eu-agreem...5616-241835697
well, fancy that ...