The EU seems to have recognized the danger at its door. They’ve re-cast the buddy movie starring the Great Vampire Squid, perhaps to more accurately reflect the W shape of the coming recession, with a Wolfpack. Less calamari, more hunting from helicopters.
European Union finance ministers moved toward agreement on an unprecedented loan package worth at least $645 billion to prevent Greece’s fiscal woes from triggering a broader sovereign-debt crisis and shattering confidence in the euro.
Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, the 16 euro governments sketched out plans to make 440 billion euros ($570 billion) available, with 60 billion euros more from the EU’s budget, according to three officials at the talks in Brussels. An additional, unspecified sum may come from the International Monetary Fund, the officials said.
Ah, those additional, unspecified sums. So comforting to know they are there, in addition to six hundred forty five billion dollars pledged so far.
The shape of the scary recession-to-come-that-we-are-also-in is W. No one really thought it would be a V (for Vampire) did we? It had to be a Dubya-shaped thing, didn’t it?
And W doesn’t only stand for (G) Walker (Bush); it stands for Wolfpack:
“In the night, when the markets are opening, we cannot afford a disappointment,” said Finance Minister Anders Borg of Sweden, one of 11 EU nations not in the euro. “We now see herd behavior in the markets that are really pack behavior, wolfpack behavior.”
These sociopaths who must enrich themselves on the marrow of the nation-states — they are the Wolfpack. And the Euro-state has decided to resist them as only they can: by defending their currency from predation:
With the euro facing the stiffest test since its debut in 1999, the weekend turned into a crisis-management exercise to restore faith in the currency and prevent a European debt crisis from cascading around the world.
Did you think last week was topsy-turvy? This coming week could see Europe succumb to a Wolfpack, the Deepwater Horizon wellhead destroyed by an untested Top Kill, and Barack Obama nominate a legal-cipher executive-adoring Solicitor General to the Supreme Court.
Buckle up, FirePups, it’s going to be a bumpy ride into the second week of May. If our planet still has a Euro and a livable Gulf of Mexico at the end of the week, I think we can count ourselves very lucky indeed.