I see that the usual suspects must roll about 1 trillion euro in 2010-2012. Italy 612, Spain 222, Greece 79, Portugal 42, Ireland 19. I still think the external position matters. National banks will stay in the primary market. I also see that the spread between Italian and German debt has been constant since last year. Italy fiscal austerity (shield?) has paid out. Now begins the time for a pan-European fiscal consolidation. A challenging task.
On the rhetoric of "problem children", which strikes me as derogatory wish-wash with ominous undertones:http://webcache.googleusercontent.com/search?q=cache:E5tJ3nJ8RCUJ:mpettis.com/2010/05/are-you-ready-for-the-united-states-of-germany/+http://mpettis.com/2010/05/are-you-ready-for-the-united-states-of-germany/&cd=1&hl=pt-PT&ct=clnk&gl=ptHad to cache it from Google, seems to be down.I would not presume to know a whole lot about liquidity or insolvency or even financial crises, but this PIIGS titling and its porcine derivatives (pun intended) overshadows a valuable discussion which, it seems to me, should be held holistically at EU level instead of pointing fingers at cohesion economies which have also had to bear the consequences of large surpluses from Germany. Maybe our overbearing parents are also part of the problem.But as usual, overbearing parents just hear their voices and shout their way out of the issues.