Nope ladies and gentlemen. It is not Germany. Despite voter backlash and political discontent, Germany went ahead. What is EUR211 billion among friends?
Nay. It is not the Netherlands. The Dutch were vocal but voted for it anyway. What is another EUR44 billion?
No, it is not Finland. For all the demand for collateral, Finnish lawmakers said “yes, let us do it.” Who cares for another EUR14 billion?
Sixteen countries passed the amendment to the European Financial Stability Facility, seeking to expand the facility from EUR440 billion to EUR780 billion.
It has to be Slovakia. Slovakia has to say no. Slovakia has to say, we have arrived.
That notwithstanding, the market is relatively pretty cool about. There was no panic. I half expected a storm. The market is probably expecting Slovakia to pass the EFSF amendment regardless.
Not that it will be enough, if Italy goes under anyway…