Osborne's medicine for the Euro – a large dose of wishful thinking

One does despair over the intellect of our dear Chancellor.

Asked this morning on Today as to what he would advocate to cure the Euro crisis, he said he would, firstly, recapitalise the Spanish banks. Secondly, he said:

Then we have the Greek election in a week’s time and you would want the result of the Greek election to be one which had a series of parties committed to Greece’s Euro membership and the steps necessary to stay in the Euro.

I see. So he’s hanging his hat on an electoral outcome which hasn’t got a cat in hell’s chance of happening.

Very reassuring.