Bad, bad news

Daniel Hannan on what is the nightmare of many: Eurobonds are on the way, whatever Mrs Merkel says.

There will be no unified euro bond market, says Angela Merkel. This is, of course, the same Angela Merkel who denied that the first Greek bailout would happen, that the second Greek bailout would happen and that the Portuguese bailout would happen; the same Angela Merkel, indeed, who assured us that “we have a treaty under which there is no possibility to bail out states in difficulty”. (...)

Eurobonds are not inevitable; but I still think they are the EU’s likeliest next move. For many Brussels decision-makers, they are not an emergency response to the crisis, but a long-held goal. (...) A campaign is plainly underway across the palaces and chancelleries of Europe.

That sound you here is the wetting stone sharpening pitchforks, while torches are being dipped in pitch.