GERMAN BANKS TO THE REST OF EUROPE: TAKE A HIKE
Germany and German banks seem to be telling the rest of the European Union that they will not go along with a scheme that would basically make German deposits security the basis of bailing out the rest of Europe:
So...for those keeping score: (1) Greece is coming close to leaving the EU because it doesn't want to turn over its national treasures as collateral (and I have a blog about that folks); (2) Italy is taking similar quiet steps, and that meas Spain and Portugal will probably follow. In short, the so-called PIGS nations are saying no to Berlin and Frankfurt. Meanwhile, Germany is saying no to the first group, and to the Eurocrats in Brussels and their masters in the City of London.
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