Italy's Prime Minister Blames Finland and Netherlands for Spike in Yields

Like a drunk blaming a pebble in the road for causing his fall, Italy's Prime Minister Blames Finland and Netherlands for Spike in Yields.

Italian Prime Minister Mario Monti denounced unnamed "northern" EU states on Sunday for taking positions that contributed to spikes in borrowing costs for Italy and Spain.

In an apparent reference to Finland and The Netherlands, which cast doubt on the conclusions of last month's EU summit hailed as a watershed for the debt crisis, Monti said they undermined the eurozone's "credibility".

Finland has said it has no intention of footing the bill to cover the debts of other eurozone countries.

"Collective responsibility for other countries' debt, economics and risks; this is not what we should be prepared for," Finance Minister Jutta Urpilainen said in a newspaper interview.

For his part Dutch Central Bank president Klaas Knot, a member of the European Central Bank's governing council, took a similar line, saying: "If somebody wants to help southern Europe, then it has to be other governments, not the ECB."

Is there any country that recognizes its own responsibility in creating this mess?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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