Missive from the Libyan Sea: Thursday's meeting, if it takes place, will add to the litany of gross failures

18/07/2011 by

Still on holidays, and still under-informed about the goings on (I just manage to read snippets of the news on my mobile phone, whenever a signal miraculously appears on its screen). And yet it seems certain that the Thursday EU summit (of which I got a brief whiff in a few tweets I stimbled upon), if Mrs Merkel chooses to honour it with her presence, will prove another flop. For from what (little) I read, the preparatory work that is being done (and whose success Mrs Merkel is treating as a prerequisite for attending), is moving steadfastly into the wrong direction: that of a debt buy-backs in the secondary markets. In short, our leaders are committed to the same-ol’ calamitous view that this is a debt crisis of the periphery to be dealt with in a manner fitting to a parent reluctantly paying for the prodical children’s sinful debts. Unable to write more on my mobile phone (without risking blindness and the combined wrath of my family), I shall end this missive thus: The more they persist with this fantasy, the closer we are edging toward the euro’s τέλος (end).

PS. Tragically, our holiday is ending on Thursday morning. Which means you can expect this blog to return with a vengeance that reflects not only anger at the EU’s unbounded idiocy but also frustration at having had to abandon southern Crete.

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