It was inevitable that this week would lead to some cheap opportunities for headlines. After all, with the G20 being held, plus the ECB’s decision on rates as well as the will it/won’t it debate around quantitative easing, was always going to throw up some interesting comments. I really wanted to use Junckers dive bombs the euro after some top quality gobbledegook from Eurogroup chairman Jean-Claude Juncker on Monday about the danger of some of the eurozone states imploding. “We would be ready to give an answer to a crisis within hours. But we will not have to give an answer because the question, as it is being asked at the moment, will not be asked,” he grandiloquently stated.
Initially, I though that this tacit admission that a member state was well and truly in it would lead to a sudden drop in the euro’s value. But it didn’t, it just ground lower. So I couldn’t use the headline. Instead, I have had to make a cheap joke out of another downgrade for Hungary’s sovereign debt.