Yet again it's one minute to midnight in the Eurozone. With Greece tottering on the edge of default, Eurozone politicians are playing another round of footsie with the markets. It's a three-pronged programme: leverage up the EFSF, recapitalise the banks and bail-in private sector holders of Greek debt even more than agreed in July. Sarkozy has run afoul of Merkel in calling for the EFSF to be given bank status to allow it to access funds from the ECB. It seems like this is just not going to happen even though it and would potentially allow the ECB to create unlimited amounts of moola to back the peripheral Eurozone states. ECB funding in this way would likely violate EU treaties and therefore require another round of parliamentary voting. Slovakia held out on the recent EFSF vote owing to recalcitrance of libertarian party leader, Richard Sulik, a self-professed Austrian School of Economics supporter. The Austrian School hasn't had much of a look-in in this crisis so far. Wrangling is set to continue through Wednesday - markets have taken a positive tack over the week, albeit volatile. There may be disappointment next week. The QSL is from Slovak Radio, heard on two AM frequencies in London in 1999.
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