There&
#39;s lots of false shadow boxing going on re last night&
#39;s Eurogroup. To be clear
1) Italy will never accept an ESM program, even if conditionality is light; this will only happen as a last resort, and in extremis;
2) Dutch were never softening; despite reports to contrary
3) German position is (obvs) more imp & hasn&
#39;t moved where *it counts* (CDU, Chancellery, Fin Min);
4) Even if there&
#39;s process put in place to explore Coronabonds, bulk of action for MT economic recovery will come from re-purposed/re-designed EU budget
And so it&
#39;s always been