Published: 10:03 GMT, 23 July 2012 | Updated: 15:04 GMT, 25 July 2012
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I was going to wait until later in the week to post some blogs on EU affairs, but I've just been going through the daily news briefing from Eurointelligence and their bullet-points seem a handy up-to-date list of disasters which lie ahead for the eurozone. I've been away for a long time - you know, like Laura in Brief Encounters - and maybe you've not been able to keep up.
Of course, these disasters are not just for the eurozone. They are for the rest of the EU, too, including Britain. The United Kingdom escaped the euro, but it has yet to escape the poison of EU membership. (Cameron is now manoeuvring to make sure Britain never will, but that is for another post.)
Disaster: The whole of the EU, including Britain, will be affected by the disasters that lie ahead for the eurozone. The UK has escaped the euro, but it has yet to escape the poison of EU membership.The Eurointelligence headlines today. Or, the latest medcial bulletin on euro-septicaemia:
Spanish 10-year spreads are now over 6.2% as the country is slowly heading towards a full blown EFSF/ESM programme
Two autonomous regions are asking for a central government bailout as their revenues have been in freefall
El Pais says others, including Catalonia, are likely to follow
Luis de Guindos [Spain's finance minister] is heading towards a visit to Berlin on Tuesday amid much speculation;
El Pais quotes economists and commentators as saying that a full bailout for Spain is only a matter of time
Greece is far off course from bailout targets especially its €3bn privatisation target
Outgoing chief of the state’s asset-sales fund says state likely to raise €300m only
Troika of creditors [EU/ECB/IMF] are visiting Greece this week; Der Spiegel reports that the IMF has given up on Greece, and is no longer prepared to pay out any further tranches
There is a seemingly insurmountable reluctance among eurozone member states to grant Greece a programme extension, given the country’s abysmal implementation record
Greece will be allowed to a do T-Bill issue to bridge its August debt obligations
Germany’s economics minister says he expects Greece to leave the eurozone soon
The ECB stopped accepting Greek collateral, at least until after troika review
Peer Steinbruck [former German finance minister] says he expects several countries to leave the eurozone
10 Italian cities are at the verge of a financial crisis
Berlusconi wants to rerun next year and suggests a two currency system for Italy [personal note: the thought of having Silvio back at the otherwise deadly-dull European Council meetings lifts my heart]
Ferdinando Giugliano [a leader writer at the Financial Times] says Mario Monti should tell the truth to his parliament, and adopt more ambitious reforms
Monti turns to Putin for help
Alberto Alesina and Francesco Giavazzi say ESM [the eurozone's permanent bail-out find, which is not actually operating yet] will not be enough to fix the crisis
Tito Boeri [economics professor at Bocconi University in Milan], meanwhile, lists the requirements for a No Bailout rule to be credible: ECB supervision of all banks, a eurozone-level minimum income guarantee, a single labour market and immigration policy and a single VAT administration.
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