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One can sympathize with the German people. Leaders in the years 1990 said a "famine in Bavaria" was more than the grotesque suggestion that Germany could bail for the EMU countries.

But events have moved and instead of striking shades of Calvinist righteousness, Teutonic block might recognize equal responsibility for the capital flows, trade imbalances and cumulative errors that caused the collapse of the EMU and therefore accept that meet southern difficulty is the honourable course at Midway.

Readers can have a menu best, but here is my own raw leaf: a union of debt, Eurobonds-funded. a Jubilee on the traditional IMF lines for Ireland Greece Portugal, calibrated and if necessary Spain, occur concurrently with the austerity cutting; and a monetary Flash by the ECB to keep victims tipping in deflation basis, the rate of inflation and 4pc 5mC in Northern Europe.

It defies belief that the ECB should continue to allow contraction of supply M3 money and credit to private companies. Given that Europe's leaders have already shown their willingness to RAM through a modification of the Treaty without full ratification under article 48 of the Treaty of Lisbon, they can even bring ideologues of the ECB to heel with a new mandate.

If the Teutonic block cannot accept such a political revolution, it must withdraw Monetary Union to inflict more damage to the social fabric of the South of Europe, or at least allow an assessment of the 30pc in economic and Monetary Union by creating a Doppelmark.

Internal adjustment could be the night, if necessary, with temporary capital controls. The residual euro States would undergo a relatively homogeneous devaluation at levels that reflect the reality of the deficit of current account and the productivity of labour, but their existing contracts in euro should be maintained.

Creditor States - Britain - would lend itself to recapitalize their own banks at great expense to fortify against them systemic shock sections of hair on the set of devices of the EMU debt stock. Burden-sharing finally true.

Needless to say that leaders of the EU did not the bull Summit last week, despite a pre-insurrectional atmosphere in Athens where a former Minister was bludgeoned by anarchists on the outside of the Parliament and Rome, where a police officer was almost lynched in violent political left 80 wounded persons.

Not even the debt auction the Spain warning shot Thursday seems to break the deadlock. Chancellor Angela Merkel must know that the Spanish Government juntas and the banking cannot refinance €300bn (￡ 254bn) at a sustainable cost if the Tesoro pay already a decade high of 5 45pc to sell bonds to 10 years, but she continued to play for the time being, it has no next year.

"" Behind the curve", has been the quiet reprimand by IMF Chief Dominique Strauss-Kahn.

Its own team of IMF stated policy is said to be applied as a junior partner of the EU rescue. He warned "loop feedback financial and tax negative" in Ireland in its last report.

"An extended period of deep recession could weaken the loan of households and enterprises and increase bank losses beyond current projections, leads a negative spiral of the economy. Wage and price deflation - coupled with the contraction in activity - could have a strong negative effect on the debt dynamics, "he said."

He said: "There are significant risks that could affect the ability of the Ireland to repay the money". Indeed, what the IMF gives green light to the darkness?

Torture still debt overlapping EU policy more States already paralyzed caught in a trap of debt - and then forcing even more deeply into the spiral with a policy of the 1930s wage cuts and "devaluation internal" - is an intellectual disgrace.

Let never forget that the Ireland and Spain struggle that EMU has caused a collapse of real interest rates to-1pc or - 2pc, setting off an uncontrollable boom. This is the gold standard is in Germany at the end of the 1920s, when American banks financed by a German credit bubble. That ends in the destruction of German democracy.

Klaus Regling, the principal agent of bailing out of the European Union, said Eurosceptic "eat their words yet" that the policy is justified. Mr. Regling, apologize us, but we still ate the words on the fundamental critique of economic and Monetary Union. It may be unkind to point out that Dr. Regling is Director-General the Economic Affairs from 2001 to 2008, more or less covering the period of incubation of the disaster now at your fingertips.

Borrow the immortal line of Watergate: what did you and when it did you?

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Michel Barnier is renamed in the United Kingdom for its position on complex parts of town commerce photo: Reuters

Mr Barnier announced proposals for a public consultation on the review of the European Commission in Brussels for business investment, the markets in financial instruments (Mifid) directive key regulatory framework.

Mr Barnier, which is renamed to Britain for its position on the complex parts of commerce of the city, said: "the initial objective of this master piece of European legislation, Mifid, was to create a strong common regulatory framework for Europe's securities markets." In many respects, it was a success. But the world has changed.

"My goal is to make the revision of the Mifid lead to a regulatory framework more loudly, adapted to new trends and stakeholders in the financial markets." And a framework leading to greater transparency and efficiency, so that more protection for investors in the market.

Proposals draw plans for a radical expansion of the existing rules as well as more stringent regulations and greater transparency.

Published Wednesday, explains the consultation will be central to "provide a robust regulatory framework covering all the activities of services investment and appropriately to avoid the risks associated with non-covered activities".

Mr Barnier vision includes extending rules of transparency, which currently covers only actions, to include some of the more opaque areas of the financial markets, including the so-called "dark pools" and "over-the-counter" derivatives.

The politician has requested that regulations fight against the "high frequency" that uses computers to buy and sell shares and bonds trade quickly.

The practice was suspected of triggering of the so-called "flash crash" in may, when the Dow Jones plunged almost 10pc in minutes.

Study also examine the causes of the recent volatility of the prices of raw materials, for example in the markets of copper and silver, with a particular control of the derivatives markets.

In the document, regulators said they will consider "reporting requirements may be necessary to improve the flow of information, and if the position limits must be regarded as".

Consultation will remain open until 2 February 2011 to make legislative proposals in the spring of next year.

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M. Lenihan, "the key issue is that we do not have a collapse of the banking sector," said in an interview.

He acknowledged that the Irish banks have become too dependent on ECB finance and had to be "weaned" a means of financing.

M. Lenihan describes the funding being requested as "Emergency Fund" and does not say that it would necessarily be collected.

Details on the rescue - conditions - plan will be subject to discussions.Toutefois, the Irish Government has received a stark warning of some largest American companies in Ireland on the risk of a mass exodus if the country's low corporate tax rate is raised.

Warning - Executive at Microsoft, Hewlett-Packard (HP), Bank of America, Merrill Lynch and Intel - talks about the "detrimental impact" on "Ireland the ability to gain and retain investment" should the country of the corporate tax rate rose from 12 5pc.

Members of the Irish Government, the European Union and the international monetary fund were in talks 24 hours a day on a set of financial aid to strengthen the banking system at Bay.

Although Brian Lenihan, Minister of finance Irish said 12 5pc Ireland society – the lowest in the euro - area rate will not be raised, a number of factions within the European Union is known for having pushed so that it can be increased in exchange for the bail-out.

French President Nicolas Sarkozy said yesterday that all by increasing taxes would not be a condition of bail, he expects Ireland to increase its rate of corporation tax.

"It is clear that in a situation like this, there are two levers to use: spending and the recettes.Je cannot imagine that our Irish friends in full sovereignty [do not use] this because they have a greater room for manoeuvre than others, their taxes being lower than others,"said.""

Lionel Alexander, President of the Chamber of commerce American Ireland and a senior HP wrote U.S. warning.

Foreign investment amounts to €110bn - or only 70pc - export companies employ more than 100,000 workers.

While corporations do not threaten directly leave at this stage, the statement - signed by each of the four companies mentioned - Irish leaders emphasize that, although the tax rate of the Ireland is low at the European level, not when compared to places like the India Singapore, China.

The letter explains: "the IMF, the European Central Bank and the European Commission must realize that any increase in our corporate tax rate would be ultimately make us more economically dependent, not less so on our partners in the European Union."

Separately, John Herlihy, head of the European headquarters of 2,000 - strong Google in Dublin, said The Belfast Telegraph that "everything which overflows on the competitiveness of the Ireland is will be a great thing for Google."

Mohamed A. El-Erian, CEO of PIMCO, large investor link in the world, written in Sunday Telegraph today reports that all proposed bailout may be enough to consolidate Ireland written it finances: "the Ireland and official partners must convert a liquidity in the short term in a more sustainable long-term solution approach dealing with credit, growth and economic restructuring.

Collective warnings came as the Irish Government held a day of the meeting of the cabinet today to try to finalize the two separate restructuring plans: a plan for four years for the economy, containing some €15bn sections and the other on the banking sector itself .the Government should publish both on Tuesday, after which, it is likely formally request aid from the EU and the IMF in support of its objectives of austerity.

It appears that the sale of certain assets of the State is included in the mesures.Il can be 25pc Government stake in Aer Lingus, the national carrier, as well as its separate gas in the country and electricity boards and national lottery licence.

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Kirsten Randell, an assistant compliance with Terra Firma, who was also responsible for drafting the minutes of the meetings of the Council, said the Court she took notes and writing the minutes of a meeting of the company Investment Advisory Committee (IAC) on Sunday, 20 May 2007 - the eve of Terra Firma is his ill-fated 5.3 ￡ 4 bid for music label.

His handwritten notes of the meeting were projected on a wall in the courtroom of Manhattan and included a line reading "other bidders - to 262 p.

Ms. Randell said jurors who, in his separate Treaty of Union a question that was requested by an individual meeting with a given response, indicating that the question of a rival offers 262 p has been discussed.

Terra Firma, the company founded by Guy Hands private investment capital, says Citi billion in damages, alleging mistaken Terra Firma to bid of 265 percent from Monday May 21 by claiming that he had a bidder rival.CITI American Bank rejects all allegations.

More specifically, the hands of Mr. alleges that he has received three calls of David Wormsley, Star a banker, Citi in London and long-time friend telling him that Cerberus, an American company, was going to make a bid of 262 p on Monday matin.M.hands admitted that there is no written record that Mr. Wormsley gave this information during the weekend.

Jay Cohen, Citigroup, lawyer pointed out other features of the Union in the IAC, Randell's difficult Ms while meeting notes they too were used to separate a question with an answer.

Ms. Randell, Australian and who worked for Terra Firma in London since September 2004, said that he had not "necessarily" bidders, but only in the case of the line.

Mr. hands is due at the end of his testimony today.

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