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The euro zone crisis is probably coming to a head [ClearOnMoney]
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The euro zone crisis is probably coming to a head

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Commentary

The euro zone crisis is probably coming to a head

30 Nov 2011 by Jim Fickett.

Tension is rising rapidly in Europe. It seems we may get resolution one way or another quite soon.

The Financial Times reports that Italian bond yields once again hit new highs.

Italy was forced to pay yields at euro-era highs at an auction of €7.5bn of debt on Tuesday …

The yield for 10-year bonds was 7.56 per cent, up from 6.06 per cent at the last auction a month ago.

Bank deposits are shrinking, at least in Greece and probably elsewhere.

Deposits in Greek banks have been eroding steadily this year amid a deepening recession. Total deposits amounted to €183.2bn at the end of September, marking a 25 per cent fall from the start of the crisis early last year.

The EFSF rescue fund is now viewed as irrelevant.

“Yesterday’s solution” is how Gary Jenkins of Evolution Securities describes the EFSF, currently a €440bn fund backed by eurozone member states to bail out troubled countries. …

“The current numbers for the EFSF don’t even come close to covering that next level. EFSF’s is yesterday’s debate,” says Neil Williams, chief economist at Hermes, the UK fund manager.

And investors are nervous about everything European.

Analysts report that investors are starting to shun eurozone assets in a wholesale way

Perhaps the politicians have finally realized that time is very short.

When finance ministers from the 17 eurozone countries sat down to dinner last night in Brussels, they kicked off a 10-day whirlwind of high-level meetings, parliamentary votes and diplomatic gatherings that could prove pivotal to Europe’s increasingly frantic efforts to rescue the single currency.

The culmination will be a summit meeting in Brussels on December 8-9, when European leaders may agree to overhaul the European Union treaties for a historic leap forward in the bloc’s economic and political integration. …

“This summit really is a last chance,” said one EU official.