Why do we even write about the EU and its politicians any more?---The truth has been laid bare so many times already. The political class in Europe are not worthy of electoral support, and have decided they don't need a popular mandate to rule. The Eu politicos are interested only in themselves and will destroy nations to maintain their troughing habits. The Euro was a financial concept designed by EU politicians to control their own national governments. It has worked so well, there are now ungovernable nation states in Europe just waiting for Brussels to step into the political vacuum so created. This was always going to be the outcome, the fear recently injected into the "Project" is that it will destroy not only European nations who have already lost their sovereignty but the knock on effect will be so severe around the world that even non Euro nations are getting involved in the debate. The Bilderbergers and New World Order prime movers, didn't predict the latest financial rupture in their megalomaniacal plans. Why don't these "world leader" just read and learn from history?...Did the world leaders really expect to carry forever their Ponzi scheme of paying the debt with more debt, and borrowing more every time, using the borrowed money to pay interest? Why is everyone surprised that this scheme is finally collapsing? When will the politicians and the economists understand that development of a nation is not measured by how many shirts they can change a day, or how many hairdressers are there, or how many holidays people have, but by the nation's capacity for innovation and technological progress? Germans understand this perfectly; engineers are regarded as Gods there. The PIGS (I for Italy, not Ireland) don't, nor does the GB - there civil servants have the God-like salaries and pensions, for not very much and not very professional work that many of them are doing (I shall avoid sweeping generalizations here, as no doubt there are professional hard-working civil servants somewhere, but they are hard to see for some reason)....It looks like politicians and financiers are still looking for quick fixes to prolong the Ponzi scheme for a little longer. If only ECB could lend more. If only Germans shared their wealth. The markets could indeed be persuaded - again - that all is well - but no Ponzi is sustainable in the long term. Merkel is insisting on structural reforms - why no-one has ever argued this point, asking her what structural reforms Germany would be willing to finance? Maybe offer engineering expertise? Pure annonymous GDP figures is all that commentators are fixated on these days.I do not understand how smart people expect to boil down complex socio-economic issues down to a single financial aspect... I seem to remember that "They" called Mario Monti a 'gentleman' and I begged to differ. His position and that of his ministers is that of puppets in the hands of the real powers in Italy: the delinquent misterial burocracy. 100 billion euros are owed in terms of unpaid invoices (70%) and tax reimbursements (30%) to small and medium sized companies, by the Italian government. Giving rise to countless banruptcies and suicides primarily caused by tax demands in some cases illegal. Yet, italians are painted as inveterate tax evaders, where tax evasion is in fact justified in terms of shear survival, your family's welfare comes before anything and anyone else, the reality is that the italian treasury collects exactly the same amount of money as the german treasury. For every 100 euros of net wages 120 euros are paid in taxes and contributions. In order to qualify for Euro entry Mr Ciampi fiddled the sale of italy's gold reserves which in fact were never sold to balance Italy's books, with the full knowledge of the German embassy in Rome and Mr Kohl. The italian end of this fraud were Mr Ciampi, Mr Romano Prodi, Mr Giuliano Amato who actually raided millions of bank accounts to collect 60 billion old liras (30 billion euros) once again to fiddle the balance sheet for euro entry. Italy's Financial and Political establishment which of course includes the likes of Mr Mario Draghi, Mr Tremonti and Mario Monti are well versed cynical experts of managing Italy's debt and euro entry was always comceived as a permanent expedient to off load the debt to the Germans.Seems that the expedient won't be that permanent, indeed it will turn out to be very temporary. These people I have mentioned should be standing in a dock with their Greek and German counterparts, yet the italians at least enjoy incomes of thousands of euros per month paid with the toil and I am sad to say the blood of good honest and brilliant italian working citizens.
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www.bnr.roEconomists warned that the Greek financial system could crumble within weeks or days unless the European Central Bank steps up support.
President Karolos Papoulias told party leaders that banks had lost €700m in withdrawals on Monday alone as citizens rush to pre-empt capital controls and a much-feared return to the Drachma.
He cited central bank warnings that "great fear" might soon escalate to panic. The leaked details lend credence to claims that capital flight by both savers and firms have reached €4bn a week since the triumph of anti-bailout parties on May 6.
Steen Jakobsen from Danske Bank said outflows are becoming unstoppable, not helped by open talk in EU circles of `technical’ plans for Greek withdrawal.
I'm buying Euros like there's no tomorrow.You want X not Y
Check the first character of the note's serial number:
Z Belgium
Y Greece
X Germany
V Spain
U France
T Ireland
S Italy
P Netherlands
N Austria
M Portugal
L Finland
H Slovenia
G Cyprus
F Malta
E Slovakia
D Estonia
Some Euros may be worth more than others..
My solitary 10 €uro note which I've kept purely for casting voodoo spells upon has a V.
Spain, hmm. Another couple of spells should do the trick.
A Euro is a Euro is a Euro. Its worth the same. If it was possible to say one Euro belonged to one country and was worth so and so compared to another which somehow belonged to another, then what would have been the point of a single currency?
The clue is in the expression 'single currency'. All Euros are worth the same and thats about 80 pence at the moment although I anticipate its going to drop a lot more.
commentmaker
Yesterday 11:18 PM
"(...) that the Greek financial system could crumble within weeks or days (...)". There is a German proverb which says" wer nicht hören möchte, muss fühlen" (one has to suffer the consequences if one remains oblivious to the warnings). The self-inflicted Greek drama is now reaching the logical climax that the situation merits. At least there's plenty of sunshine and ouzo to drown the well deserved misery in a nation ruled by festering corruption and old socialist dogmas. The Greeks simply refuse to listen to their paymaster who is rapidly losing patience. There will be no Hollande or Greek Gods to help them either, with only the thunder of economic apocalypse for them to reminisce their financial sins.
The EU simply does not have the money to save the euro. This has been known for some time now. The EU simply is not facing facts- the game is up. Instead of throwing worse money after bad, they should be looking to end this madness and get the hell out of there.
. The banking system is to blame. The culture of greed and keep is to blame. The badly planned austerity drive is to blame. The coalition is to blame. A whole myriad of reasons and decisions by people who 'think' they know have have led us to this point; all of these are to blame, the Euro Crisis on its own is not. Take a different approach NOW. Be radical. Be brave. Grab the banks. Feed the economy. Start again. With the political will, which shows strength, a new market will emerge that is confident in the New order of things and thus will create a new, better, but different economy.
A senior executive at the European Central Bank has admitted eurozone banks were on the brink of collapse last autumn.
In an interview with the BBC to be broadcast on Thursday, Benoît Coeuré, executive director of the ECB, said: "In the autumn of 2011 the conditions were very dangerous … European banks were facing severe difficulties to fund themselves, to access finance, and we were very close to having a collapse in the banking system in the euro area, which would have also led to a collapse in the economy and to deflation. And this is something that the ECB could not accept."
The concern about the state of the banking system led to €1tn being lent to banks through three-year loans and came as UK banks were told to make preparations for a potential exit of countries from the single currency.
In November Andrew Bailey, the Financial Services Authority's top regulator, told banks: "We must not ignore the prospect of the disorderly departure of some countries from the eurozone."
Those contingency plans are now being dusted down amid speculation over a Greek exit. British banks have taken steps to reduce their exposure to Greek government bonds and other loans.
Icap, the City currency broker, is ready to reintroduce a drachma trading facility by installing a new panel on its electronic screens. Michael Spencer, its chief executive, said: "I don't think it's going to happen in the next week, but I think it's going to happen." He dismissed concerns about the entire eurozone breaking up, but said other countries might leave and a Greek exit "needs to be organised … sensibly".
While the timing of any exit is not clear, in their preparations bank banks are assuming a decision would be made quickly as the country would need to close down its borders and its banks to stop funds flooding out of the country.
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