People celebrating in Spain. Could it be that we figured out how to repay the $125 billions we owe to Europe? Ah no… it’s football, again. Congrats Spain for winning the Euro 2012!

Reverting back to he EU submits in the words of Satyajit Das ” The Pavlovian response of financial markets to the European leaders’ summit of 28 and 29 June 2012 was remarkable. The frugal communiqué of 322 words fired the “animal spirits” of financial markets, which now believe that the European debt crisis has been “solved”. As comedian Robin Williams joked: “reality is just a crutch for people who can’t handle drugs. ” Continue reading