Varoufakis and Shedlock on Europe's 'triumph of wishful thinking over reality'

"France is a basket case!" Shedlock.

RT: For years, European banksters have run operations on much thinner capital requirements than their American counterparts. And with new US financial regulatory rules set to kick in soon, European banksters are looking for ways to skirt the new laws. Banksters are considering buying their subsidiaries' debt, selling assets or moving into offshore legal structures outside the US. Erin Ade reports.

Then, Erin talks to Mike "Mish" Shedlock about what's happening in Europe. Mish writes a widely read blog called "MISH'S Global Economic Trend Analysis" in which he looks at all the important global macro issues -- including Europe.

Afterwards, everyone is saying Europe is in a recovery. Manufacturing data has been positive. And GDP data too. Bond yields in Spain are at record lows and foreign investors are coming back in to Portugal, Spain and Greece. But is this just a base effect? Yanis Varoufakis, Professor of Political Economy at the University of Texas, Austin gives his view.

Wrapping up our European theme, in today's "Big Deal", Erin and Boom Bust producer Edward Harrison discuss the return of foreign investment to Portugal and the improvement in the housing market there. Can Portugal leave its bailout program free and clear? It is a possibility.