Can Europe step back from the brink of serious financial Armageddon?
This clip is from last night on The Alyona Show on RT Television. When you run through the scenarios, really the only medium term solution that makes sense is to allow the ECB to put a permanent bid on Italian and Spanish bonds. These nations are solvent at lower bond yields and therefore deserve more time to meet the Maastricht criteria at non-panic yield levels. The problem with such a move is that it reduces pressure on those governments to make the kinds of reforms that countries like Germany feel are necessary to ensure longer-term euro area convergence.