Solidarity European style, or ‘when in a hole, stop digging’ - by Kassandra

If there is one thing that the Eurozone crisis has taught us, it is that financial markets are interesting beasts, prone to react quickly to remarks made by supposedly influential politicians. For the first year to year-and-a-half, European leaders were time and again taken by surprise when markets reacted unfavorably to contradicting statements, or, to use the word that could be found in the papers on a daily basis, to the cacophony in the EU. 

Many thought that markets were basically mentally unstable creatures that would overreact. In fact some - quite a few actually - Eurozone politicians started to believe in conspiracy theories that the markets were all out to kill the euro, and in this were helped by the American fifth column known as the rating agencies. 

The three major ones of these are all US based, so it was a sort of obvious choice. After all, when something goes wrong, the first reaction of people is - and believe me, politicians are people as well - to seek to blame someone else, preferably an outsider. 

Note EU-Digest: this report from New Europe certainly is a more positive story about Europe than those usually appearing in Murdoch owned publications around the world ( including the Wall Street Journal). Given Murdochs manipulations of the truth and other questionable activities, including infringement on personal rights to obtain stories, one can only wonder how long it will take before the law catches up with him?  

For more: Solidarity European style, or ‘when in a hole, stop digging’ | New Europe