Angela Merkel: “I find it extraordinarily inappropriate that the European Commission today focuses on eurobonds, in different varieties, giving the impression that the debt burden can be shared and that we can get rid of the errors in the structure of the European currency. That’s exactly what will not work,” she said pumping her fist in the German parliament.
An alarm signal for Germany appeared today with the technical failure of the latest government bond sale, which was undersubscribed, only just over 3.5 billion euros of 10-year paper leaving the Treasury instead of the hoped-for 6 billion. Watch the Euronews clip here.
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Not that I have any gambling money to paly Euro bonds, the German bond auction failure is an early surprise. I guess this is one of the consequence of volunteer restructuring on Greek bonds without CDS payout. Or, the idea of issuing Eurobond kept investors away. Either way, it looks like the bond market is telling the politicians what not to do. Feel like the ENDGAME is closing in fast. JW, Vancouver