….but next week sees the Spanish Bailout.

See Mervyn stare at glass globe. Hear Mervyn say things are recovering. And adding “albeit very slowly”. See Mervyn use the eurozone as a caveat. He should wear a tie like normal people. See a black cloud hanging over Merv’s parade.

Sorry about that, but after reading the BBC’s Dick & Jane piece about Merv’s foreseen recovery last night, I did try to get a mental picture of the affirmatively promoted berk who’d written it. Third Year Infants was about it.

Meanwhile, see that black cloud over Spain where it rains on the plains. See Madrid, Brussels and Frankfurt organise a bailout. See it appear next week. See Stavros read the terms and weep. See Angela read the terms and scream. See Weidmann read the terms and resign:

‘….unlimited bond buying by the European Central Bank. One senior European official said negotiations have been taking place with Spanish Finance Minister Luis de Guindos surrounding structural reforms to the economy, but not new taxes or cuts. Next Friday, the Spanish government is expected to announce results of a review of its banking system, which will also include how much the European Stability Mechanism needs to recapitalize those banks…’

See no limits, see no strings, see the ESM start emptying before it exists. See them taking me away, to the funny farm where life is beautiful all the time.