In fact, the only thing that is different is that I've finished the index – nearly 2,300 lines and only twelve short of 10,000 words. No wonder it takes so long – a complex piece of writing which, even if it was narrative text, would probably have taken a couple of weeks.
At least, though, that is real – which is more than one can say for the colleagues' endeavours. Peter Speigel of the Financial Times, notes with accuracy if stunning lack of originality, that the devil in the details … and the data.
He, like many, observes that the most important things were not what was in the agreement, but what was left out. It could, he writes, be days or weeks before the details that underpin the entire package are finally ironed out.
"More than we had expected … has been left to be finalised and detailed over the next month", says Malcolm Barr of JPMorgan. "There is plenty of room to doubt whether each of the key aspects of the package will deliver".
Bruno's piece is equally dismissive. The supposed trillion euro bail-out "is in danger of unravelling" after Germany's central bank warned that the rescue measure was too dependent on the high-risk deals that caused the economic crisis.
Actually, it never really ravelled – which is the real problem. In fact, the package can't deliver – we have been treated to another phantasmagorical session of smoke and mirrors. Ambrose explains why, but this all boils down to a single issue – the structure of the single currency is fatally flawed. It doesn't matter how good the wax job (not very) – the car hasn't any wheels. It isn't going anywhere.
So, as before, despite the meaningless froth on the markets which has excited The Independent, nothing has changed, other than my index. There is no solution, as this website avers. It is arguing that we are now in for a bout of hyperinflation, offering the picture we have published here. I would tend to agree – that is the destination. The only thing we do not have yet is the timetable.
COMMENT: "END GAME" THREAD
"Europe’s macroeconomic position can only recover, and the sovereign debt crisis can only be addressed, through underlying economic growth and we do not see the European Union creating the conditions for that - in fact quite the opposite."Someone finally got it right.
COMMENT: "END GAME" THREAD
Eurozone leaders, we are told by diverse sources, have reached a deal which "they hope" will mark a turning point in the debt crisis. After what are termed "tense talks",they have agreed that banks holding Greek debt (including pension funds) will take 50 percent losses on their holdings. They (the "leaders") will also boost the rescue fund to €1 trillion.Nothing, of course, is quite what it seems. The idea is to reduce overall Greece's national debt, but debt held by the IMF and ECB is supposedly untouchable. This means that the bank "haircut" (i.e., default on bank debt) will have a limited effect, and may be quite insufficient to make significant reductions in the overall debt. Further, the "rescue fund" isn't exactly a fund - more of a guarantee that if bailout funds go belly-up, they will be covered ... from sources not exactly specified, under terms not yet revealed.
Helpfully, Reuters is offering a stress test calculator, to enable you to work out how"the Target core Tier 1 capital ratio and sovereign haircut levels affect the amount of capital banks need to pass the stress test". The response, of course, is that if you need a dictionary, calculator or a technical glossary to work out what they are saying, they're hiding something.
On reflection, even if you think you understand it, they're still hiding something ... like: "This is no 'comprehensive deal'. The numbers are too small, the timelines too long and the details too thin on the ground". Brussels fudge, anyone?
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