Published on 26 Oct 2011

The gathering euro-avalanche

Ever considered what it would be like to hit a blancmange at 25mph? I’m about to find out what it’s like. The blancmange in question stinks of fudge.

Inevitably, Brussels-bound, I am talking about travelling to a “momentous”, “game changing”, “historic” moment in the history of Europe. A great summit of eurozone heads of government, summoned to resolve the gathering and ever deepening eurozone crisis.

The finance ministers of the self-same states should have been in session this morning, but they never left base camp. They could see the political avalanche rolling toward them from higher up the mountain.

Greeks and Italians seem to be speeding it on its way down the mountain – indeed, the grinning face of Berlusconi can be caught in the flying debris from time to time.

The British are struggling around on the edge of the piste shouting orders but with no skis on their own feet.

I cannot remember in my life as a reporter, any financial crisis as bad. I cannot remember looking forward and not knowing where on earth the world will be by Christmas.

I’m going to be diving around Brussels and the summit centre and will blog again later. But in the meantime I’ll try to keep info flowing via Twitter.

Perilously close to Brussels now on the Eurostar – and fudge stink is almost suffocating. If you have the stomach, read the great, and all too frequently correct Iranian-American economist  Nouriel Roubini in the The Australian today.

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3 reader comments

  1. margaret brandreth-jones says:

    All I can say is without money we will all be back to the feudal system. Those landlords who have land will be more prosperous , but they will also have the means to feed people or starve them .

    For the last 28 yrs I have been arguing with the innominate powers that ‘BE’ trying to focus on truths and fact , but the argument is always taken in a sideways direction , highlighting another issue and disregarding the original truth. Over the phone this is backed up by the fudgers and what is more, the answers and questions to my comments are out of context as though I had said something totally different and in fact opposite to the thing I had spoken .This false stance then required the person speaking to attack me on a false premise.

    FUDGING! THEY DON’T KNOW THE HALF OF IT.

  2. adrian clarke says:

    What an absolute ridiculous fudge by a group of Politicians who believe with Napolionic, Hitlerish fervour ,they can rule Europe and then the world.
    It was never possible without force and even then no single country has managed it for ever.
    In a modern society of instant access to the news and facts it is highly unlikely that it could ever happen again except by consent.
    The Euro and by implication the EU is and always was a doomed expensive,egotistical experiment,by leaders seeking power.It can only work if the EU becomes a federation ,under one ruling body. Those countries that have joined, such as Greece Italy Spain etc seeking benefits over and above those they could achieve by themselves are bringing Europe and the World to its knees.You are not driving into blancmange Jon but into a quicksand of man’s own making.
    We should be planning to rid ourself of Cameron and his delusions of grandour,along with Clegg and Milliband,and regain our British heritage,fighting our battles under our rules and on our terms.
    That way no one but ourselves can be blamed for failure

  3. Noel Bell says:

    Yet the markets have started to bounce? Dead cat anyone?

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