Tuesday, November 16, 2010
We have been there so many times
However, the indomitable Ambrose is certainly ladling it on thick, with his talk of contagion hitting Portugal as the stresses spilling out from Ireland take hold.
Confusion, ill-will, acrimony and even panic seem to be dominating proceedings, and for once we seem to have the "colleagues" thrashing around with very little idea of what to do and how to manage the situation. There is a whiff of the euroslime having lost control.
On top of that, at 12.06 am, we had Reuters reporting that the budget talks between the EU parliament and the Council had "collapsed" - "threatening to throw EU financial planning into chaos and boding ill for the bloc's ability to reach deals", says the agency.
Generally speaking, it is very bad form to derive too much enjoyment from the misfortunes of others but, in this case, we are happy to make an exception, especially as Merkel is signalling that collapse of the euro could bring down her beloved "Europe". With the collapse of the budget talks providing a happy precedent, it just begins to look as if we can once again live in hope.