"The agency said that, following the EU summit, it had concluded that "a 'comprehensive solution' to the eurozone crisis is technically and politically beyond reach." "Of particular concern is the absence of a credible financial backstop," it said. "In Fitch's opinion this requires more active and explicit commitment from the ECB to mitigate the risk of self-fulfilling liquidity crises."
A second ECB policymaker, Juergen Stark, said expanding bond buys would not end the crisis, while swift implementation of the plan on closer fiscal union agreed at the summit was crucial. "Don't ask too much of the central bank," Stark - who steps down from the executive board at year-end - was quoted as saying Saturday in pre-released extracts from a German magazine interview."
What comes next? Chaos, confusion and disorder and it's already here. -- MCR