COLLAPSING ECONOMIES: All Quiet on the Eunatic Front

The Greek economy has shrunk by 0.7% in the latest period.

The French economy has shrunk by 0.8% in the latest period.

UK manufacturing shrank by 0.7% in the same time frame.

All the falls were “larger than expected”.

“Draghi wants out, fed up and stymied by Berlin,” said an ECB insider last week. But as ECB boss Mario tries to pump as much as a trillion euros of liquidity into the euro area, it’s not just the Germans who are cutting up rough: Danish central bank deputy Governor Per Callesen says there is “no limit on how far Denmark is willing to go to defend the krone’s peg to the euro”.

So, with everything going so well, the European Commission decided to award itself a €2bn budget increase….and our brave MEPs approved it with the proviso that the EC pay off its quarter-billion of unpaid debts by 2016. Insisting they find some auditors willing to sign off the budget this time would be nice, but we mustn’t hope for too much.

Another million votes for Nasty Nigel Ithangyoo, kerr-ching.