Large swathes of the Continent will be in an incontrovertible fourth wave by the end of this month, before they are sufficiently vaccinated

Yet Europe’s internal borders remain wide open. The imperative of saving this year’s tourist season has paralysed political leaders.

The ECB has been funding the entire budget deficits of the Latin bloc throughout the pandemic, drawing a veil over the underlying deterioration of sovereign debt profiles. 

The Banco de España says Spain’s debt has jumped 30 percentage points to 125pc of GDP since Covid arrived. Portugal has hit 137pc. Italy is flirting with 160pc of GDP this year.

Ambrose Evans-Pritchard Telegraph 6 July 2021





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