As for the EU, there's little else to say. They have gone from promising the earth and the heavens to their citizens, to becoming the executioners of the IMF and their own bankers. Pity they cannot see that by carrying out like this, they are not just destroying Greece but also the very foundations of their precious and profitable political and economic unity. For them, too, the hour of reckoning is nigh.
In a press release dated February the 19th addressing the so-called "single resolution mechanism" to be decided by the European institutions, the Council of the European Union stated, in what is perceived as a negotiation declaration towards the European Parliament, there was agreement between the partners that: "bail-in and not bail-out is the main guiding principle for bank resolution."
Average euro zone inflation was a provisional 0.7% in October, much weaker than the ECB's official target of "close to but below 2%". It is not just the low level of inflation that has been a concern for the Bank, but the rapid decline in recent months: between July and October the rate fell by 0.9 percentage points, from 1.6% to 0.7%.
Even in the depths of global economic despair in 2009 when we needed really aggressive monetary policy, the measures used and the quantum of money printed as Quantitative Easing was much too timid, and anyway it got stuck in the bowels of banks' balance sheets as excess reserves as they were all too terrified of lending money on to real people or businesses, as the policy intended.