One intriguing idea floating around Washington: if the ECB can’t bring itself to bail out Italy direct (sovereign credit risk, no expertise in setting lending conditions) it could in theory, according to Article 23 of its protocol, lend vast amounts to the IMF.
The Fund would then lend them on to Italy, taking on the credit risk and enforcing conditions – both of which are what it is there for.
In recent years Iran has reacted to most UN inspectors’ reports with relief. Even critical assessments and condemnations of its lack of cooperation were met with delusional statements insisting that so long as the International Atomic Energy Association found no evidence of a weapons dimension to the nuclear programme Tehran was in the clear.
Silvio Berlusconi – shutting one's eyes won't make the problems go away. Image AFP/Getty
Welcome back to the FT’s coverage of the eurozone crisis. Curated by John Aglionby, Tom Burgis and David Crouch on the news desk in London, with contributions from correspondents around the world. All times are GMT.
Greece really is expected to get a new prime minister today – 48 hours later than expected. Italy, well who knows what’s going to happen there as bond yields surge and the EU’s economic inspectors arrive … And policymakers and financiers are becoming increasingly concerned about the impact of the crisis on global liquidity levels.
18.53 That’s it for our live coverage today. We leave you with a round-up of where we stand at the end of another turbulent day in Europe – and some cold hard numbers (and letters) for your bedtime reading.