Not exactly – the lions’ share of the work was still ahead and Slovakia’s vote has provided cover for the big players to delay their committed action. Slovakia put on hold further initiatives to prop up Eurozone banks and troubled economies (rightfully asking should a small and poorer member of the Eurozone as itself bail out states that have been living better and perhaps more irresponsibly). However, the real issue is still in the details that remain to be worked out behind the promises made by the Eurozone’s lions in the last week and which did bring some calm as well as financial market recoveries. (Slovakia's Parliament was expected in recent days to vote down the new Eurozone authorities, as it is expected that in a few days the reconstituted Parliament will pass the measures). Much of the debate is about who will actually assume the risks under the new commitments being effectively made. More, how will the bill be split. EU leaders have already been pushing back the schedule/deadlines for the tough decisions. More critically though little has yet emerged as a concrete plan to fix the structural problems in the Eurozone. There is probably little risk that EU leaders will allow the Eurozone or the Euro to fail. The question though is how soon and efficiently will remedies be applied as countries and national leaders play poker and bluff with each other, (and perhaps who will no longer be sitting at the table – Greece?). That can produce miscalculations. It undoubtedly could raise the tide of uncertainty, the worst enemy for economies and currencies. The nature of the game is most evidenced by the rhetoric now served by some of the EU’s most prominent lions who roar that Greece will not be allowed to default. In the next sentence, same leaders employ a synonym for default calling for the “restructuring” of Greece’s debt. Already baked into the plans for reslving at least the Greek sovereign debt crisis is both haircuts and extension of maturities, and terminology makes no difference in the true definition – it is default. Further, casually labeling the restructuring as “voluntary” on the part of creditors is neither relevant nor actually correct. This will be shoved down throats, and the question is only whose and how much? No creditor will agree to forego one cent of interest or principal unless compelled by the circumstances. Slovakia roared and Eurozone leaders and bankers sighed in relief. However, the cover and respite is temporary and hard choices and gamesmanship still ahead. ARTICLE-“ECB Extending Liquidity to European Banks-Enough?” - diplomaticallyincorrect.org/films/blog_post/ecb-extending-liquidity-to-european-banks-enough-money-flash-by-ambassador-mo/36012 ARTICLE - "Slovakia PM on Eurozone Crisis & EU Integration" - diplomaticallyincorrect.org/films/blog_post/slovakia-pm-debt-crisiseuropean-integration-by-ambassador-mo/35377 By Ambassador Muhamed Sacirbey Facebook – Become a Fan at “Diplomatically Incorrect”

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