Spain has demanded money from the ECB to lower its cost of funding, money from the EU for their banks, no conditions for the receipt of either and they are forcing the issue of what it actually means to be part of the European Union. It all comes down to this; money and how much of it and under what circumstances and whether the nations with capital are willing to hand it to their neighbors and watch their credit ratings, their own cost of funding, their standards of living decline to a mean for all of Europe. It will be war; just not one fought with tanks and rifles.
Tomorrow it begins.
Yes, we’ve been hearing about the end of the world in Europe for quite some time now, but nothing ever actually happens. I expect this will be more of the same.