Euro-Bond Rumor Mill Cranks Up Production

The EU rumor mill is running at full capacity today, as conflicting reports hit the wire about how willing the Germans are to back a shared debt instrument for the euro area. Earlier in the week, Germany's Chancellor Merkel was quoted as saying "Euro bonds . . . over my dead body," - or something to that effect.

Now, today, German Finance Minister Wolfgang Schäuble said that Germany may be willing to move sooner than expected to accept shared liability of euro-zone debt.

"Nein! No! Non!" read a headline today on front page of the normally sober German business daily Handelsblatt, while another German official said that neither a banking union nor an EU treaty change will be decided at the summit, and besides the EU can't keep changing rescue rules.

We are still waiting to hear what European comedian Ali G (aka Borat) has to say on the subject. Maybe something like . . . "Euro-bonds – Not!"

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