Strong concerns yesterday about the European debt package adopted last Wednesday/Thursday by the EC were expressed Friday by both economists and investors. Economist Kash Mansori reported the results of Friday's auction of Italian bonds.
I have cruised the internet this morning, reading blogs of respected economists, and haven't found a single one who is confident that the rescue plan will work. It's no longer about Greece - it's about Italy and Spain and more importantly, about the survival of the Euro project itself. It would be more reassuring if the European Central Bank seemed committed to doing everything necessary. No such signals have been received.
What should the message be? How about: "It's the Euro, stupid!"
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