That’s what today’s Copenhagen charade was all about, after all. The idea was to make it look like the Europeans were taking care of their own problems rather than just rely on the IMF.
In the end, the same old EUR 500 bln will be available if the proverbial poop hits the fan, not enough to prop up the likes of Spain and Italy. Germany is desperately trying to sell the notion that some bookkeeping slight-of-hand brings the total to EUR 800 bln so that the boobs at the IMF cough up some more dough so that Germany doesn’t have to…
