I like Cliff Taylor’s thoughts in the Sunday Business Post this last weekend. Not because I agree with them but because they point up yet again the bizarre duality of the fiscal crisis in terms of the discourse. Talking about Merkel and Hollande he writes:
I think there will be a deal – though I’m not sure how substantial it will be. Merkel and Hollande don’t care much about our referendum, but they do care about what the perceptions of a Franco-German row could mean, against a backdrop of what is happening in Greece and Spain.
And that is true.
Hollande and Merkel will cling together because they know that the cost of a punch-up right now could be huge. For all his talk, Hollande will know that market upheaval could lead to an increase in the rates which France must pay for its borrowings. Like most politicians, he has…
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