by Mike ‘Mish’ Shedlock
Rules are rules, unless of course they aren’t.
Brussels has rules on budget deficits, widely ignored by Spain, France, Greece, and historically even by Germany.
Brussels also has new rules on bank bailouts. Four times Brussels refused Italian Prime Minister Matteo Renzi’s request for a state sponsored bailout of Italian banks because it’s against the rules.
Renzi threatens to go ahead anyway. And if he does, who can stop him?