... but there is a third scenario. That the current stalemate persists throughout the year and deep into 2013, when the permanent European rescue mechanism is finally launched (that’s the ESM for lovers of acronyms). Stalemate would mean permanently elevated bond yields across the eurozone, with the sole exception of Germany. It would mean very weak growth across Europe, if any at all. It would mean markets in a constant state of anxiety, pitching back and forth on the whims of confidence.
If recent history has anything to teach us, it’s that the third scenario is the most likely – and Europe will revert to “kicking the can down the road”.
Telegraph
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