In fact, despite the ongoing jawboning from the ECB that they stand ready to "do anything," in reality they have done little to this point other than just talk. While that has worked to a large degree to suppress rising interest rates on debt burdened Euro-zone countries there has been no progress on the "unification" of the Euro-zone or a resolution to its burgeoning debt problems. At the end of February I wrote "Get Ready For A Run To All-Time Highs" wherein I stated:
"My best guess, as I have been discussing for the past four months, is that by the end of the summer the Euro-crisis will be back. The recent elections in Italy, and the subsequent curtailment of austerity, clashes with the goals and plans set forth by the ECB last year. Furthermore, the German elections may also prove disastrous to the ECB plan if Angela Merkel is unseated.
German Finance Minister, Wofgang Schaeuble, just recently stated that:
'Now it is up to those who were elected in Italy on Sunday to form a stable government. The faster they do this, the quicker the uncertainty will be overcome, and by the way, I never said the euro crisis was over. I only said that we have made significant progress. We need to continue on this path, but we will have setbacks.'
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