Jim’s Quote of the Day:
“Because all of the large nations in the Eurozone are still suffering from deficits above the supposedly required debt-to-GDP limit of 3%, none of them is in a position to bail out the PIIGS without borrowing even more. The PIIGS’ solution — which is nothing but a stopgap measure — is for the semi-profligate governments in the North to co-sign on the bank’s loans for the totally profligate PIIGS. The banks will lend to the North, and the North will then buy Eurobonds, which do not yet exist and are unconstitutional. The semi-solvent North can delay immediate default by PIIGS …