Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

**Panda** Tue 8 Nov - 19:45

Berlesconi has lost , but after a meeting with the President says he wants to stay on until any bail-out is resolved. He knows when he steps outside Parliament as a Civilian he will face criminal charges.

European Banks are cutting Sovereign Bond holdings which worsens the crisis.

The G20 Finance Committee is meeting now and trying to come up with a plan for bailouts. the big problem is that there is only E440 Billion in the EFSF
kitty and of this the following payments have been earmarked:-

73 billion Greece

75 billion Portugal

106 billion other Banks

320 billion Spain and Italy

Everyone says the ECB should operate like the Bank of England but Germany and Merkel are against it and in any case it would mean altering the Treaty
which those Countries outside the Euro might object to.

**Badboy** Tue 8 Nov - 22:04

THERE IS A PROGRAMME ON MORE4 CALLED TRUE STORY;THE FLAW ABOUT ALAN GREENSPAN TOLD CONGREESS ABOUT A FLAW IN THE WORLD ECONOMIC MODEL.

**Panda** Tue 8 Nov - 22:07

Badboy wrote:THERE IS A PROGRAMME ON MORE4 CALLED TRUE STORY;THE FLAW ABOUT ALAN GREENSPAN TOLD CONGREESS ABOUT A FLAW IN THE WORLD ECONOMIC MODEL.

All America thought Alan Greenspan was God ........he wasn"t.!!!

**Panda** Tue 8 Nov - 22:09

9:22pm UK, Tuesday November 08, 2011

Nick Pisa in Rome

Italian Prime Minister Silvio Berlusconi has agreed to
resign - but not until his proposed economic reforms are approved by the
country's parliament.

The announcement came after the media tycoon won a crucial budget
vote in the lower house but humiliatingly lost his majority in the
process.

His victory was a hollow one as it was achieved through a mass
abstention of opposition MPs and 11 of his own supporters who he
bitterly labelled as "traitors".

He won with 308 votes - eight short of a majority. There were 321 abstentions.

Following the dramatic events, Mr Berlusconi went to see Italian
President Giorgio Napolitano to explain what had happened and inform him
he would step down after the reforms were passed.

An initial vote is scheduled next Wednesday in the Senate or upper
house of the Italian parliament. It will then have to work its way down
to the lower house, a process that could take several weeks.

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 16069703

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 16069703

There have been angry protests in Italy over its worsening economic plight

Mr Berlusconi's budget reforms are based on pledges he made at the G20 summit in Cannes last week.

The raft of measures includes an increase in the retirement age and
widespread job cuts to prevent Italy plunging into an economic abyss.

However, many commentators believe it will not be enough to stop the
country - the third largest in the eurozone - from defaulting on its
massive 1.9 trillion euro debt, or 120% of its GDP.

On Tuesday morning, Italian 10-year bonds reached a record high of 6.73% amid concerns Italy was heading for a Greece-style economic meltdown.

In a statement the Italian president's office said Mr Berlusconi was
"fully aware of the seriousness of what had happened in parliament" and
added that he had ''recognised the urgency of passing the reforms and
once achieved he would hand in his resignation".

Before the vote, one of his closest allies, Northern League leader
Umberto Bossi, had called on him to step aside. Typically, Mr Berlusconi
dug in his heels, insisting he was the only option for the country.

He twice used Facebook to underline his determination to stay in power after rumours he was about to resign, sending markets soaring only to fall back upon his denial.

**Panda** Tue 8 Nov - 23:16

Ed Conway....sky News

How many governments will have to fall as a direct result of the euro
crisis? By the end of this year it seems quite likely that the single
currency and its crisis will have prematurely claimed the scalps of at
least five governments.
On that basis I figured it might be
worthwhile starting to keep a tally of the ones which have already
bought the dust (and on the basis of today's trauma there I'm including
Italy, since it would be something of a miracle if Silvio Berlusconi
survived much longer).
Ireland – 25 February
The
Irish general election was supposed to have been on 11 March (and the
government of Taoiseach Brian Cowen was already looking unlikely to
win), but the withdrawal of the Green Party from the governing coalition
forced an early election. The financial crisis, and the arrival of the
Troika of bailout inspectors in Dublin, were widely seen as the cause.
Portugal – 5 June
The
governing Socialist Party fell in an early election, called after the
country submitted to the €78bn bail-out from the European Commission,
International Monetary Fund and European Central Bank. They were
succeeded by the centre-right Social Democrats (PSD) led by Pedro Passos
Coelho in coalition with the conservative CDS.
Slovakia – 11 October
Slovakian
Prime Minister Iveta Radicova lost her job after making a vote on the
expansion of the European Financial Stability Facility a no-confidence
vote. This looks, in retrospect, to have been a miscalculation: when the
motion was put to the Parliament as a free vote it passed easily.
Greece – 7 November
Although
Prime Minister George Papandreou is still, technically, in office, he
has pledged to stand down in favour of a grand coalition, and the talks
on forming a new government were underway today. Papandreou looked
vulnerable ever since Greece submitted to a series of austerity measures
after receiving two bailout packages from its fellow euro members.
Italy – November?
Prime
Minister Silvio Berlusconi is reportedly close to resigning, after
being forced to allow in IMF inspectors to check his country’s finances,
and seeing the interest rates on Italian bonds hit euro-era highs. His
office has insisted that these reports are “groundless”, though many
suspect he has only days left in office.
Then there’s a host of
other governments which are teetering on the brink of survival. Spain,
which holds elections later this month, looks particularly vulnerable.
In the Dutch provincial elections earlier this year opposition parties
made significant gains, including Geert Wilders' Party for Freedom. In
Finland the right-wing True Finns now hold significant sway on
government after picking up around 19% of the vote in elections this
year.
And then there’s Germany and France. Both French President
Nicolas Sarkozy and German Chancellor Angela Merkel are under extreme
pressure ahead of elections in 2012 and 2013 respectively. The politics
of the euro – and their people’s willingness to give to member countries
in trouble – are already the key issues ahead of these election under
debate.
We'll keep a running tally of the euro victims because one
thing's for sure. If past is prologue, there will be more in the months
to come.

**Angelique** Wed 9 Nov - 0:14

Just seen the headlines on the Press Review - it said in The Guardian - Berlusconi - In the end it was the Euro that got him!

After all the "sticky" moments he has had in the past - it turns out that he is brought down by a coin!

**Panda** Wed 9 Nov - 7:02

It is expected that the Finance Minister will be caretaker of a Greek Government until an Election. Markets are fed up that since this matter was discussed 3 days ago, still no news of an election, talks have broken down again.

Apparently Merkel/Sarkozy have said whoever takes over, MUST comply with the necessary austerity measures. Samares apparently took
exception to this and remarked that while Italy will take measures to reduce expenditure it was a "matter of National Dignity "that it is not
ordered to do so.

LaGarde says there will be "a lost decade for the EU economy " unless all Countries act together".

France is exposed to E100 Billion to Italy and admits it should not have bought so much Greek Debt. It is possible France will lose it"s AAA rating

Berlesconi will resign when austerity measures are passed........how long will that take????

**Badboy** Wed 9 Nov - 10:15

Panda wrote:
Badboy wrote:THERE IS A PROGRAMME ON MORE4 CALLED TRUE STORY;THE FLAW ABOUT ALAN GREENSPAN TOLD CONGREESS ABOUT A FLAW IN THE WORLD ECONOMIC MODEL.

All America thought Alan Greenspan was God ........he wasn"t.!!!

ITS SEEMS ONE PROBLEM BEFORE THE 1929/2008 CRASHES WAS THAT THE TOP 1% HAD THEIR SHARE OF WEALTH INCREASED WHEREAS THE BOTTOM DECREASED,MEANING THE WEALTHY HAD AN INCREASED SHARE,BUT THE WEALTHY DON'T SPEND MONEY LIKE THE BOTTOM HALF DOES.
ALSO INDEBTINESS INCREASED BEFORE THE TWO CRASHES AS WELL AS HOUSE PRICES.

**Panda** Wed 9 Nov - 10:21

The Italian 10yr Bond reached the dreaded 7% yield the rate at which Ireland, and Spain needed a bail-out. It is expected that Papandreou
will resign any moment now and the Finance Minister head the Unity Government.

Berlesconi says he will only resign once the austerity measures are accepted by the Italian Government., He has been speaking on T.V. saying
it is vital the austerity measures are accepted.

**Panda** Wed 9 Nov - 10:32

Badboy wrote:
Panda wrote:
Badboy wrote:THERE IS A PROGRAMME ON MORE4 CALLED TRUE STORY;THE FLAW ABOUT ALAN GREENSPAN TOLD CONGREESS ABOUT A FLAW IN THE WORLD ECONOMIC MODEL.

All America thought Alan Greenspan was God ........he wasn"t.!!!
ITS SEEMS ONE PROBLEM BEFORE THE 1929/2008 CRASHES WAS THAT THE TOP 1% HAD THEIR SHARE OF WEALTH INCREASED WHEREAS THE BOTTOM DECREASED,MEANING THE WEALTHY HAD AN INCREASED SHARE,BUT THE WEALTHY DON'T SPEND MONEY LIKE THE BOTTOM HALF DOES.
ALSO INDEBTINESS INCREASED BEFORE THE TWO CRASHES AS WELL AS HOUSE PRICES.

Morning Badboy,

It is estimated that 1% of the World population owns 40% of the Wealth. The problem with the 99% population is that a percentage is below the poverty line and the majority live on Credit . A lot of the current problems stem from the Banks over-lending, some were selling
Mortgages of 125% , the value of the property at the time of purchase. There was a housing boom as a result, plus the abandonment of Council Houses in favour of Housing Associations.

**kitti** Wed 9 Nov - 10:33

I tell you what,make me prime minister and I will go tell Brussels to stick your euro up your arse, stick your human rights bills up your arse, get everybody In Europe out off the eurozone and back to their OWN currency, put all the paedophiles on the space shuttle and ship them to mars or better still... Saturn ...as it will save money frying them one by one we can fry them all in one go.....stick the basic wage up to £10pm...stop all the scroungers from claiming benefit as soon as they leave school at 16 and include all the immigrants who migrate to this country JUST for the benefits.

Make all the people who don't want to work and on the dole WORK for their money I.e. Picking up litter, scooping up dog poo and washing off all graphitie.....make chewing gum illegal.....like it Singapore ...make it compulsory for animals abuses to get a minimum off 10 years hard labour..

That is just a start if I'm prime minister ....oh and all children to get a free ice-cream as soon as they finish afternooon school.

**Panda** Wed 9 Nov - 10:43

kitti wrote:I tell you what,make me prime minister and I will go tell Brussels to stick your euro up your arse, stick your human rights bills up your arse, get everybody In Europe out off the eurozone and back to their OWN currency, put all the paedophiles on the space shuttle and ship them to mars or better still... Saturn ...as it will save money frying them one by one we can fry them all in one go.....stick the basic wage up to £10pm...stop all the scroungers from claiming benefit as soon as they leave school at 16 and include all the immigrants who migrate to this country JUST for the benefits.

Make all the people who don't want to work and on the dole WORK for their money I.e. Picking up litter, scooping up dog poo and washing off all graphitie.....make chewing gum illegal.....like it Singapore ...make it compulsory for animals abuses to get a minimum off 10 years hard labour..

That is just a start if I'm prime minister ....oh and all children to get a free ice-cream as soon as they finish afternooon school.

I"d go along with that Kitti and clean up the Parliaments around the World, Government for the people, by the People etc. EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 294124

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 294124

**malena stool** Wed 9 Nov - 14:42

Panda wrote:It is expected that the Finance Minister will be caretaker of a Greek Government until an Election. Markets are fed up that since this matter was discussed 3 days ago, still no news of an election, talks have broken down again.

Apparently Merkel/Sarkozy have said whoever takes over, MUST comply with the necessary austerity measures Samares apparently took
exception to this and remarked that while Italy will take measures to reduce expenditure it was a "matter of National Dignity "that it is not
ordered to do so.

LaGarde says there will be "a lost decade for the EU economy " unless all Countries act together".

France is exposed to E100 Billion to Italy and admits it should not have bought so much Greek Debt. It is possible France will lose it"s AAA rating

Berlesconi will resign when austerity measures are passed........how long will that take????

It seems that both Merkel and Sarkozy are mindset on manipulating the governments of foreign nationals into running their countries as puppet states of France and Germany..... We are as well out of the Euro zone and should be given the right to a referendum on Europe!

**fuzeta** Wed 9 Nov - 16:17

malena stool wrote:
Panda wrote:It is expected that the Finance Minister will be caretaker of a Greek Government until an Election. Markets are fed up that since this matter was discussed 3 days ago, still no news of an election, talks have broken down again.

Apparently Merkel/Sarkozy have said whoever takes over, MUST comply with the necessary austerity measures Samares apparently took
exception to this and remarked that while Italy will take measures to reduce expenditure it was a "matter of National Dignity "that it is not
ordered to do so.

LaGarde says there will be "a lost decade for the EU economy " unless all Countries act together".

France is exposed to E100 Billion to Italy and admits it should not have bought so much Greek Debt. It is possible France will lose it"s AAA rating

Berlesconi will resign when austerity measures are passed........how long will that take????
It seems that both Merkel and Sarkozy are mindset on manipulating the governments of foreign nationals into running their countries as puppet states of France and Germany..... We are as well out of the Euro zone and should be given the right to a referendum on Europe!

Malena

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 307691

**Panda** Wed 9 Nov - 16:41

Iv"e been out most of the day and the latest on Italy is that the Market is spooked and now the !0 yr Bond yield is.7.25% and 5 yr 7.60%.

The EFSE and IMF combined do not have enough money to bail out Italy and the only help is the ECB but Trichet, before he retired said there is no mandate for ECB to act like the Bank of England or the Fed. To do so would require alteration to the Treaty which some Countries might resent.

Italy owes France E107 billion and Germany 45 Billion.and could go into default but much depends on the austerity measures the interim
Government will take. Berlesconi has said he will stand down when thhe austerity measures are presented to the population and IMF.

**Panda** Wed 9 Nov - 17:13

What has spooked the market is Berlesconi had weeks to have austerity measures implemented and someone pointed out that the Leaders of Greece and Italy are treating these crises like pass the parcel, what can their deputies do until the Election ? They will not fare any better.

The problem is Greece and Italy have shown such poor management of the crisis, as have Merkel and Sarkozy, would the Middle East oil rich
Countries be prepared to step in.?

**Panda** Wed 9 Nov - 17:30

sky news

3:21pm UK, Wednesday November 09, 2011

Italy's borrowing cost has soared to a record high, despite Silvio Berlusconi's promise to step down as prime minister.

Mr Berlusconi had said he wanted to show global markets that the country was "serious" about sorting out its finances.

But on Wednesday morning, Italy's 10-year government bond yield - the
rate the country pays in interest to borrow money - rose above 7% for
the first time since entering the euro.

Italian President Giorgio Napolitano called for an immediate
commitment to economic reforms to restore confidence in panicked
financial markets.

Bond yields of more than 5% are considered unsustainable in the long term as governments cannot afford it.

What Are Bond Yields?

:: Bonds are 'IOUs' issued by a government or company

:: Shareholders own a stake in a company, bondholders are owed money

:: Bond yields measure the percentage return you'll get on a bond each year

:: The riskier the loan, the higher the yield

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 16095013

Greece, Ireland and Portugal officially sought emergency funding when 10-year bond yields breached 8%.

However for all three, 7.3% was the point of no return. Once the bond
yields rose above that level, they did not come down again.

The European Central Bank (ECB) was reportedly buying Italian bonds on Wednesday in order to drive the yields down.

If a debt default scenario should eventuate, it would cause a sharp
contraction in Italy's economy but also trigger a Europe-wide recession.

Italy's economy is twice as big as Greece, Portugal and Ireland's combined - so a bailout would be unaffordable to the eurozone.

Speaking at Prime Minister's Questions,
David Cameron said the Italian rate was "unsustainable" and warned the
eurozone's leaders they needed to agree on the size of the European
bailout fund, the EFSF.

"If you don't have credibility about your plans to deal with your
debts and deal with your deficits, whether you like the markets or not,
they won't lend you any money," he said.

"That's what we're seeing in countries like Greece and now tragically
in Italy, where the price of borrowing money is getting to a totally
unsustainable level."

He added: "In terms of Europe, the problem of contagion is that, as
we agree a decisive write-down of Greek debt, people inevitably start
asking questions about other countries.

Eurozone leaders urgently need to put flesh on the
bones, to put figures on the size of that firewall (the EFSF) to stop
this contagion from going any further.

David Cameron

"As that happens, you need to have in place the biggest possible firewall.

"That is what the EFSF is all about. And eurozone leaders urgently
need to put flesh on the bones, to put figures on the size of that
firewall to stop this contagion from going any further."

UK banks currently hold £10.9bn worth of Italian government debt, according to the Bank of International Settlements.

French banks are exposed to more than 20 times that amount, with £216bn on their balance sheets.

That is equivalent to over half of all European bank lending to Italy and twice as much as German bank exposure.

The development in Italy comes after Mr Berlusconi agreed to resign - but not until his proposed economic reforms are approved by the country's parliament.

On Tuesday the media tycoon won a crucial budget vote in Italy's
lower house, but humiliatingly lost his majority in the process.

Mr Berlusconi's victory was a hollow one as it was achieved through a
mass abstention of opposition MPs and 11 of his own supporters who he
bitterly labelled as "traitors".

Following the dramatic events, Mr Berlusconi went to see President
Napolitano to explain what had happened and inform him he would step
down after the reforms were passed.

BERLUSCONI CONFIRMS HE WILL QUIT AFTER VOTE

The prime minister's budget reforms are based on pledges he made at the G20 summit in Cannes last week.

The raft of measures includes an increase in the retirement age and
widespread job cuts to prevent Italy plunging into an economic abyss.

However, many commentators believe it will not be enough to stop the
country - the third largest in the eurozone - from defaulting on its
massive 1.9 trillion euro (£1.62 trillion) debt, or 120% of its GDP.

Speaking on TG5, a news programme on one of his numerous TV stations,
Mr Berlusconi said: ''I see only the possibility of elections.
Parliament is paralysed.''

Mr Berlusconi, a controversial figure to say the least, has been prime minister three times since entering politics in 1994.

But, in recent months, he has been hit by a series of sex scandals
involving underage girls at his infamous 'bunga bunga' parties and
escorts at his official residences.

He is also currently involved in four trials with charges ranging
from having sex with an underage prostitute to abuse of office and
perverting the course of justice.

Many believe he has been spending too much time focusing on his court cases instead of running the country.

**fuzeta** Wed 9 Nov - 18:36

Panda wrote:What has spooked the market is Berlesconi had weeks to have austerity measures implemented and someone pointed out that the Leaders of Greece and Italy are treating these crises like pass the parcel, what can their deputies do until the Election ? They will not fare any better.

The problem is Greece and Italy have shown such poor management of the crisis, as have Merkel and Sarkozy, would the Middle East oil rich
Countries be prepared to step in.?

Oh please Panda let us not even put that into words, In case we make it real !! Involving China is bad enough. We might as well all put in our orders for a burqa. Hate to be caught without one when the rush is on EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 782309

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 782309

**Badboy** Wed 9 Nov - 18:50

ITALY IS GOING TO BE UNABLE TO BORROW OR REPAY ANY MONEY.
IS THE EU DOOMED?

**Panda** Wed 9 Nov - 19:14

Badboy wrote:ITALY IS GOING TO BE UNABLE TO BORROW OR REPAY ANY MONEY.
IS THE EU DOOMED?

If not now, it is weakened and was a crazy idea in the first place to have 17 Countries with different languages and cultures tied to the Euro.
Had it just have stayed a Common Market which Britain thought it was voting on trade could still have flourished .

Just watching the News, Italy will have to borrow more money to pay the increased interest on the Bonds.

**Panda** Wed 9 Nov - 19:26

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 6e3bf1b6-0b58-4b6d-a406-0a9198a25373.Small

Ed Conway

November 09, 2011 5:41 PM

Recommend post (1)

The question, I'll admit, is controversial: it isn't the Bank's
job to save Italy in particular or the euro in general - that should be
up to the European Central Bank. The Bank is guardian of sterling.
But
given the ECB has so far shown itself to be reluctant to countenance
the nuclear option - announcing plans to buy large quantities of Italian
bonds, creating money to do so - should the Bank be considering doing
so, perhaps even in its monthly policy decision tomorrow?
EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 2ab4409d-85e8-4a62-93e5-a81f8ae6fb76.Full

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 2ab4409d-85e8-4a62-93e5-a81f8ae6fb76.Full

It's
something some people in the City are openly discussing, as the cost of
insuring against the default of the Government's debt hit a new record
high (see above). The interest rates on the debt are also now
comfortably above the 7% mark which many judge is the point of now
return (for more on whether this is right see my recent blog).
Hence
the question of Bank of England intervention, the subject of a research
note published earlier today by David Owen, the chief european
economist at Jefferies. The underlying point is that, like it or not,
Britain is directly exposed to the crisis in the eurozone, in two
respects.
First, there's the prospect of financial chaos - the
Lehman-style domino effect that could take down the system that
underpins business. Britain's direct exposure to Italian financial
instruments (including public and private debt) is around 3% of GDP,
which is six times bigger than Britain's exposure to Greece. Consider,
on top of that, that the French banking system would almost certainly
implode if there was an Italian default, and Britain is even more
plugged into Italy. In fact, a useful piece of analysis by The Economist recently found that the UK is even more exposed to eurozone financial contagion than Germany.
Second,
and perhaps more pertinently from the Bank’s perspective, are the
economic implications. Britain’s economy has been almost entirely
reliant on exports and international trade for the little economic
growth we’ve seen since the depths of recession.
You can see why
from this graph, which is of domestic demand – essentially UK economic
output once you’ve disregarded the impact of trade. It has basically
flatlined since 2008, which, when you consider the squeeze on UK
households, shouldn’t be too much of a surprise.
EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 2c79ed01-1606-4543-b584-66a0de5f5375.Full

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 2c79ed01-1606-4543-b584-66a0de5f5375.Full

So
if there isn’t to be a very nasty recession, Britain will have to have
somewhere to export to, and the euro area is our biggest recipient of
goods. Moreover, the appetite for UK goods in the US (growing
sluggishly) and China (under threat of a housing crunch of its own)
isn't exactly prodigious.
Moreover, as Owen points out, given how
much Italian debt is sitting in the accounts of UK investors, buying
Italian debt may well do a similar job to domestic quantitative easing –
swapping it with cash which burns a hole in their pockets, and is then
spent out there in the economy.
Of course, it won’t happen. There
are few central bankers more reluctant to bend rules than Sir Mervyn
King, who believes buying anything other than UK government debt is
simply not acceptable. And most probably you’ll be relieved to hear
that.
But in that case, how long need one wait before the European
Central Bank does, finally intervene? Perhaps their delay in moving
into nuclear territory is designed to press Italian and Greek
politicians into agreeing, officially, to support the latest bail-out
package.
Perhaps they are still deep in internal debate over
whether doing so would destroy the Bank’s inflation-busting credentials.
And they are right to worry about this: Britain’s own experience of QE
has proved that it does indeed push up inflation; it does blur the line
between the central bank and Government. But if the euro governments and
the International Monetary Fund dawdle for much longer, they may not
have much choice before long.

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 Tags

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 Tags

bank_of_engla

**Angelique** Wed 9 Nov - 23:35

The Daily Telegraph front page headline for Thursday:

While Rome burns, the Eurozone fiddles!

In more ways than one! EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 25346

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 25346

**Angelique** Wed 9 Nov - 23:44

kitty

Behind you 100% but the trouble is that the people who have the opportunity and advantages who are able and selected to be MP's and thence onwards to higher positions culminating in a chance to be PM are not those like you or I. Not only that but we have morals and principles which would not allow us to be able to rob the poor and enrich the wealthy - which is what is going on. This is why they don't want to leave the EU because so many of them can obtain a very good living being MEP's.

I totally agree with the ice creams as well! EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 20 25346

**Panda** Wed 9 Nov - 23:53

Angelique wrote:The Daily Telegraph front page headline for Thursday:

While Rome burns, the Eurozone fiddles!

In more ways than one!

Hi Angelique,

Yes, you really have to wonder at these Greek and Italian Politicians . If it was me I would roll the dice and let them fall where they may.

It was only a couple of weeks ago Ireland was saying they would be first to repay their debt, now , like all the other EU Countries , they are
caught up in the Italian crisis which threatens the Euro, and affects the rest of the World. How come all this debt has only just come to light?
Did none of the Finance Ministers, especially after the Lehmann Crisis introduce austerity measures two years ago. Did none of the Banks ,
especially the French check the ability of Greece and Italy to repay loans? Now everyone will suffer.

**Angelique** Thu 10 Nov - 0:09

Panda

You will recall in a post previously that I commented on Merkel and Sarkozy smirking whilst talking about Berlusconi and Italy's debt. I honestly think there is something going on between these two countries. My partner thinks that Germany has already prepared to go back to their own currency, or at least, has been minting for a while. The Banks in France were told to clear their debts even it it meant they could not operate because the EU would bail them out (possibly on instructions from Sarkozy). They are busy thinking of how to eject Greece and Italy from the Eurozone according to press preview on Sky News.

I think we have to brace ourselves because as we know there is no way we can help Italy - it's anyone's guess what will transpire..........I don't understand that our Governments lambast us for building up debt which we cannot repay when they have been doing it themselves on our behalf, playing roulette with our GDP, while keeping their fingers crossed behind their backs.

This chap on the Press Preview also thinks there is something up with Merkel - she has been making very strange comments about Europe, saying we should have more Europe, which I presume means bringing in more countries. (so they can rape them of their taxpayers money I presume) and that we should have political alignment - well we know why she says this. We have plenty of history to refer to to find out what this is about.

Or am I being too cynical?

Sponsored content