Breaking – Fitch Points Out the Obvious
The Telegraph reports late tonight on the ongoing European sovereign debt crisis. The tagline itself is quite telling: “Spain and Italy were both told to brace for a debt downgrade after a leading rating agency concluded that a “comprehensive solution to the Eurozone crisis is technically and politically beyond reach.”
It’s interesting that no one reported on this earlier. Oh wait, I did. This morning. Although it’s like bragging about being smarter than the valedictorian of Louisiana State, I am going to go ahead and brag about the fact that I recognized this before Fitch. (Hey, no one else is tooting my horn, and no one pays me to rip on the crap that Europe calls sovereign bonds.)
I have said it before, and I will say it again. Europe will keep kicking this can down the road until everything blows up completely. A solution is impossible at this point. Mitigation is the best we can hope for.