As the result of the Friday the 13th downgrades, everything gets much more difficult. The slow-motion train crash of economic and monetary union (EMU) has suddenly speeded up. The place in the film where the track breaks up and the railcars spill into the ravine cannot be far away. LINK TO MW article ->
The Germans become more self-righteous, because they fear that, if they
stray from the path of orthodoxy, France’s fate will be theirs. The
French become more fractious, the Italians more irritated, the Greeks
more gruesome.
Turning the EFSF rescue fund into a usable financing vehicle will become
immeasurably more challenging now that its AAA rating is melting away.
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