Last week, Greek prime minister Antonis Samaras secured cross-party support for a further €11.5bn (£9.11bn) of cuts in 2013 and 2014 to keep the €130bn of international rescue funds flowing. The details must be agreed by early September if Greece is to receive its next bail-out tranche.
The divisions within Europe were laid out in the weekend’s German press, where German regional finance minister, Markus Soeder, said that aid to Greece should be stopped. “When a country like Greece on a continuing basis cannot pay back debts, it must leave the eurozone,” he said. “Greece should quit by the end of the year.”... I read this and I couldn't see any real point in making any comment. What can really be said.. I saw the figures that last week over 36 billion left EU in capital flight....And the Entire EU Banking and Govt debt climbed in just one week by a little over 40 billion. Leaving in one week a net defecit of over 76 billio0n. Considering the EU banks balance sheets are over 46 trillion and rising and the ECB is over 5 trillion .. And between them the have to find over 30 trillion just to reduce leverage DOWN to Lehman levels, I wonder where, with 76 billion a week or 4 trillion a year defecit still going on they will find any real cash. And with half of Europe unemployed and a third of SME's busted and destroyed and bankrupted thoughout Southern Europe, just where this 76 billion a week to stop the hole geting bigger will come from seems to me a teeny little problem. Of course even if they can agree, printing can fix it,, but come on,, 30 trillion just to reduce leverage to Lehman levels . And not a drachma lira or peseta to be earned to pay for it.
You see the probem with this solution is that the EU has not yet passed any laws forbidding foreign ownership of any stocks and shares of EU companies. And that is a must before starting his presses and felling 98.3% of the worlds forests to print said 30 trillion. Because you see any foreigner can buy shares in EU companies with the prices demoninated in Euro vouchers.. And printing trillions more of these coupons or vouchers ......well would you want one. And of course without strict regulations forbidding anyone outside Europe owning those shares, then it wouldn't be long before you get Ethiopian Goat herders and Tuareg carpet salesmen saving up for a couple of weeks and buying a Utility or BMW or a knock down IT like SAP or how about say Gucci, half a goat and its yours.. Of course the evil monkey Mugabe, whose blueprint for success that they are basing their plans on, had the sense to nationalise all foreign owned land and assets first. Going by form this current shower of corrupt maggots passing themselves off as politicians will almost certainly f8ck the whole thing up and do it arse about face again.
Tum te tum, another day another debt.
1 comment:
James Smith
33 minutes ago
Don't worry French people ! Your beloved Hollande & his socialist vermin will save France [trumpets blaring here] ... you will be able to report to work only 3 days per week, go the entire summer on holiday, get paid as much as you want, go on strike as often as you like with full pay, never have any risk of your employer being able to fire you, retire at 40 with 200% of your salary and get benefit increases at double the rate of inflation, and so much more - ALL that you deserve just for your noble virtuous existence ! [trumpets blaring here] Only those evil nasty "rich" people will suffer by having to surrender their loot & plunder to pay for these social justice reforms. I pray to ALL the gods that you get ALL that you yearn for from your politicians :-)
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