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The ideological project of turning Greeks into Germans and vice versa has collided head-on with “the crooked timber of humanity.”
Spain
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The LDP, like the Rolling Stones, is a dinosaur outfit. Both lack the energy levels of their nineteen sixties heyday , but still manage to wipe the floor…
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They walk in cool and confident, armed with their PowerPoint presentations. They leave town horizontal, soaked in red ink.
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It wasn’t supposed to happen this way. The biggest surprise for equity investors in 2011 was not the weakness of the crisis-ravaged European markets, but the carnage in the stock markets of the emerging economies.
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How did the people who sighted the first black swan respond to the shock? After the collapse of the assumption that all swans were white, did they then conclude that swans could be any colour – red, green, or blue?