For months the markets have been screaming that around E2 Trillion Euros is needed (E2,000,000,000,000.) in order to stop the chaos.
Conveniently, that is just the number they have "found" is, in fact, available.
The problem is that although the mechanisms are there, the money really is not. The most glaring is that in order to create the "leverage" on the cash that is there, the current mechanism would lose its triple AAA rating.
In addition to this latest wheeze, most countries, including Germany, have not even ratified the last bailout from July.
I guess we will just wait and see what happens next, but if the last bailout was anything to go by, it could unravel in less than 24 hours.
