On it goes . . .
The WSJ reports:
Slovenia’s prime minister became the latest casualty of European public anger at austerity measures and alleged government corruption, as the recession-hit nation’s Parliament ousted him in a no-confidence vote late Wednesday….Slovenia, a former Yugoslav republic and the richest of the former socialist states that are now members of the European Union, has struggled in recent years, with its economy contracting and its banks teetering under a load of bad debt. The next government will be under significant pressure to form a state debt-consolidation agency, or bad bank, in an effort to shore up the country’s faltering financial system. Failure to do so could force Slovenia to seek an international bailout. Slovenia accounts for just 0.4% the euro zone’s total economic output, but if it needs to be rescued, it could fan fears that Europe’s leaders haven’t contained the bloc’s debt crisis.
Can there really be anyone who does believe that this crisis has been “contained”?