Cardiac Arrest; Italy and Spain Close to the Abyss; EU Commissioner Seeks to Prohibit Agencies from Rating Debt of Countries in Rescue Programs

"In yet another step deeper into the theater of the politically absurd, Euro Intelligence reports EU competition commissioner Michel Barnier wants to prohibit rating debt of countries in EFSF rescue programs.

The degree of confusion and desperation among eurozone policymakers is reaching new heights. EU competition commissioner Michel Barnier wants to prohibit ratings for countries which are part of an EFSF rescue program, Frankfurter Allgemeine Zeitung reports. In a speech in Paris he argued that they enjoyed European solidarity and that they were under the watch of the EU and the IMF.

Barnier asked the Polish EU presidency to put the topic on the agenda of the next finance minister’s meeting. All economists interrogated by the paper thought Barnier’s proposal was absurd.

Cardiac Arrest

The actual lead to that Euro Intelligence report is "Hallo, anybody there? Eurozone about to suffer a cardiac arrest"

In the absence of a policy response, the eurozone’s financial system may implode within a few days..."

at http://globaleconomicanalysis.blogspot.com/2011/07/cardiac-arrest-italy-and-spain-close-to.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29