On March 10, I asked the question, “Is this Europe’s month of reckoning?” (http://seekingalpha.com/article/257590-is-this-europe-s-month-of-reckoning).
Well, the answer is no! The result of the meetings held this past weekend at the emergency summit in Brussels: “Not if we can postpone it for a while!”
In essence, however, we got the worst of two possible worlds...a combination of the two.
The leaders came together and seemed to say, “On the one hand we will provide some bailout protection for the nations struggling to right their fiscal distress, but on the other hand in our plan we will not get penalized for the funds we advance because our repayment will stand first in line over any prior claims.”
No real bailout, no real restructuring…which, in the longer run will mean that we will get a restructuring...we just don’t know when this restructuring will take place.
Current holders of Europe’s sovereign debt can now respond to Europe's leaders, “Don’t do us any favors.”
My patience is gone.
Let’s have the European sovereign debt restructuring now and get this thing over with!
The European Union does not seem to be workable in its present form. No one can lead.
I still believe that there should be a Euro, a common currency for Europe, but there needs to be
some other serious governing body behind it.
The current structure is awful!
Get on with it!
Bring on the debt restructuring!
Let’s move on to something else that we might have a chance of resolving!