Eurozone: No respite
11 July 2012
" – Aargh! Damn it! Europe is blocked again!"
" – Oh? I didn't realise it was unblocked!"
Just two weeks after the European Council of June 28 and 29, the positive effect of the measures adopted by eurozone leaders seem to have evaporated. Spain and Italy continue to pay high interest rates on their debt because the terms of direct assistance to banks and debt forgiveness remain undefined. The German Constitutional Court's pending decision of the on the European Stability Mechanism, in particular, is delaying the negotiations.