Slovakia rules, OK? Update

You have to laugh- no you do, really. Four months to approve an enhanced rescue package, 16 positive votes and now Slovakia is going to derail the whole thing… perfect. Who wants to invade them first?

Of course Slovakia aren’t going to derail it, they are going to approve the fund and sooner rather than later- never had any intention of doing anything else. All that is happening is internal political manoeuvring to oust the current government. The opposition leaders aren’t even trying to hide that fact. So be it then, but it’s a good lesson in how the needs of the many can be outweighed by the needs of the few- with apologies to all good Trekkies for nicking and altering one of Spock’s best lines.

How do you run an integrated currency or economic system when you need 17 different Parliaments to approve anything radical you propose? On the evidence of this year- you run it badly and inefficiently and with no certainty of success. That’s a real “No s&&t, Sherlock” moment for all of us.

Markets in equities and CDS retraced slightly this morning and then rallied, so no signs of panic over the Slovak news, more a realisation of the pragmatic, internally driven reasons for the vote going that way. So we get another delay. So what? We’re all pretty used to that by now and as long as they get it cleared up before the EU and G20 are scheduled to announce their master plans, then no harm done.

Apart from that bit of fun, another day waiting for the end of the month to roll round and the powers that be to show us whether they are capable of bold and decisive action….oh and the Senate threw out Mr Obama’s latest stimulus plan so good, decisive, cohesive government policy over economic affairs is alive and well on both sides of the pond it seems