The new head of SPIV

That stands for Special Purpose Investment Vehicle and its task will be to raise funds for the EU's new bail-out fund. The name is entirely apt, one would say and so is the name of the man who has been appointed to head it. Step forward Jacques Santer,

a former Luxembourg prime minister, Jacques Santer gained notoriety for presiding over a weak commission, which resigned en masse in 1999 amid allegations of corruption.

They could not have picked a better person.