Zerohedge notes the circular nature of the Italian bailout:
The EU was already embarrassed into releasing a press release that it could procure €150 billion in Eurozone contributions to the IMF rescue, now that the UK is out of the picture and the December 9 Eurosummit agreed upon total of €200 billion including non-Eurozone contributors (mostly the UK with €30.9 billion) has been “adjusted.” Now we find that the rabbit hole goes even deeper into Bazooko’s Circus because according to a just released update, of the remaining meager €150 billion in funding, Germany will be responsible for €41.5 bn, France at €31.4 billion, and Italy will need to provide €23.5 billion. To, you know, bailout Italy.
This could catch on! If you’re in debt, just bail yourself out! I’m beginning to think we should start administering drug tests to the mainstream economists and the European finance ministers. I mean, I understand the theoretical importance of animals spirits and the confidence game, but seriously, who is this supposed to fool?