Something of the circular nature of the recent EU ‘bailout’ of the Spanish government (read, “Money Printing”) can be seen in the diagram above. However, even if you choose to believe that the various bailout funds just tapped by the Spanish government aren’t generated by ECB money printing, then according to City AM, there’s only €95 billion Euros left, for all future bailouts.
So when Italy goes bang, it should all be over for the Euro.
Except of course that it won’t be, because magically they’ll ‘find’ some more money down the back of the sofa for that last bottle or seven of vino. And this sofa will coincidentally be situated right in front of an innocent-looking printing press.
What fun! 🙂