Saturday, August 6, 2011

Bad to worse! Germany (EFSF) is bailing on the idea of bailing out Italy!

Just when you thought the news couldn't get any worse!

After the S&P downgrade of United States debt from AAA to AA+, Germany says that Italy is too big for the European Financial Stability Facility (EFSF) to bail out!

Go to the bunkers for the opening of the markets on Monday morning as news of Germany's bailing on the idea of bailing out the larger European economies comes on top of the S&P downgrade of US debt.

What will happen after that is anyones guess.

From ZeroHedge,

  • German Govt: Italy Too Big For EFSF To Save - Spiegel
  • German Govt: Doubts Whether Tripling EFSF Would Help It Save Italy
  • German Govt: Italy Must Make Savings, Reforms To Exit Crisis - Spiegel
  • Italy Debt Guarantee Could Raise Doubts Over Germany's Finances - Spiegel
  • German Govt: EFSF Should Only Help Small, Mid-Size Countries - Spiegel

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