Juxtaposing the market's recent movements, Nigel Farage's 'when-not-if' perspective on the end of the Euro, Weidmann's concerns, and now ECB's Noyer stunning self-delusion that, as Bloomberg notes:
- *NOYER SAYS STEPS TO EXIT EURO CRISIS BEGINNING TO BEAR FRUIT
- *NOYER: BANK FUNDING, MONEY MARKET CONDITIONS ARE MUCH BETTER
- *NOYER: RECENT EXCEPTIONAL STEPS LET BANKS, GOV'TS STRENGTHEN
- *WEIDMANN: RENEGOTIATION OF AUSTERITY A 'BLOW TO CREDIBILITY'
is more than some can bear. As Mr.Farage notes, in the face of the rapidly deteriorating situation in Europe, Barroso and his colleague's ever-smiling perspective on the Euro, "look ridiculous". With Spanish yields over 6%, banks trading at near record high levels of funding costs, Italian risk elevating, political event risk becoming critical, and now macro data turning even worse perhaps Noyer's comments that "delaying fiscal consolidation may lead to greater risks" are spot on - and yet nation after nation rises-up votes to 'deny' austerity.