Re: New EC Thread

[Panda]

'
Its deputy labour minister has resigned in protest after Greece
agreed to the deal, accusing debt inspectors of using "shameless and
blackmailing tactics".

I would agree with this, how can any Politicial Party in the forseeable future in Greece commit to adhering to the ruiles????

It looks as though the Troika are making it impossible for Greece to stay in the Euro , partly because they know some Euro Countries are against any
more bailouts to Greece . Greece would be better off leaving the Euro although initially it will be very difficult , it won't be as bad as having to pay back
all this debt whilst living in austere conditions for decades.

[margaret]

When Greece had their other bailout l thought that was all they could have??

I don't expect things to get any better for the foreseeable future IMO it's time to abandon the EU, the only people who want it still are those on the gravy train, i.e. euro fat cats like Neil Kinnock and family.

[Panda]

When Greece had their other bailout l thought that was all they could have??

I don't expect things to get any better for the foreseeable future IMO it's time to abandon the EU, the only people who want it still are those on the gravy train, i.e. euro fat cats like Neil Kinnock and family.

Yes margaret, even if they receive the latest bail-out a few months down the line they will default.

[Panda]

The Greek Deputy foreign Minister has submitted his resignation,

The Greek Finance Minister says the vote will be on whether we stay in the EU or not.

Junkler says Greece has been missing it's target of 136% GDP set at the first bail-out.

The EU wants the austerity measures passed in Lawe so that Future Governments adhere to the promise.

the ECB can pay a pivotal role in solving the deficit but the remit of the ECB is to stabilise the EURO and to make the ECB a central bank would require
a change in the Treaty.

Euro finance Ministers to meet next week and the payment of E19 million is due to be paid on 20th March

The Greeks are again out on the street opposite the Greek Parliament Building protesting at the austerity measures and more strikes are planned.

One of the Greek Daily Papers has a front page showing Angela Merkel dressed in a Nazi Uniform, complete with Swastika

[Panda]

	Europe is just as guilty as Greece La Stampa The new Eurogroup meeting on February 9 is not enough to banish the spectre of a Greek bankruptcy. While Athens may largely be responsible for the crisis, the EU and its partners are not blameless themselves. La Stampa argues that their confused messages and the absence of any strategy have transformed a resolvable problem into an explosive chaos

[Panda]

Feb 10, 1:02 PM EST Greek PM vows to rescue bailout deal

AP Photo/Petros Giannakouris Advertisement Buy AP Photo Reprints Photo Gallery Violent protests in Greece Interactives Lexicon of the financial crisis Americans' addiction to debt ATHENS, Greece (AP) -- Greece's prime minister has promised to "do everything necessary" to rescue a euro130 billion ($170 billion) bailout deal, after six members of his cabinet walked out over harsh new austerity measures, triggering a political crisis in the near-bankrupt country. In a televised address Friday, Prime Minister Lucas Papademos said senior members of his government would be expelled if they oppose the austerity program, due to be voted in parliament late Sunday. Earlier Friday, a small right-wing party in Papademos' coalition said it would not back the new measures and four of its officials in the cabinet resigned. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. ATHENS, Greece (AP) - Greece's future in the euro grew increasingly precarious Friday as violence erupted on the streets of Athens during a general strike and five politicians resigned from the government after European leaders demanded deeper spending cuts. Hours after Greece claimed it had reached an agreement among its squabbling party leaders on new cutbacks, European officials dashed any hopes that the country was close to getting its bailout. Finance ministers said more austerity needs to be agreed and set a deadline for the middle of next week. If Greece's government fails to meet Europe's demands, the debt-ridden country faces a chaotic debt default next month that would send shockwaves around the world economy and could doom a generation of Greeks to even deeper hardship. If it does deliver those demands, Europe has committed to give it a euro130 billion ($172 billion) lifeline that would at least postpone Greece's day of reckoning. "No disbursement without implementation," Jean-Claude Juncker, the Luxembourg premier who also chairs the eurozone's finance ministers' meetings, said Thursday after they declined to fully back the deal Greek leaders had agreed. The eurozone finance ministers want Greece to find another euro325 million ($432 million) in savings and say Parliament must to vote the austerity through. Worried that Greek political leaders could later renege on the austerity promises, they also requested that the party heads commit to the measures even after general elections in April. The fallout from the eurozone's demands was immediate in Athens. Thousands of people marched through the streets to protest the cuts, which include a 22 percent drop in the minimum wage at time when the unemployment rate is over 20 percent and the economy is in a fifth year of recession. Clashes broke out, with demonstrators hurling fire bombs at riot police shooting tear gas. Resistance was also growing in Athens' halls of power, with six members of the 48-strong Cabinet leaving the government over the past two days because they could not agree to the new demands. The five were Deputy Foreign Minister Mariliza Xenogiannakopoulou, a majority Socialist lawmaker, the transport minister and the deputy ministers of defense, merchant marine and agriculture - all members of the rightist LAOS party, a junior coalition member. On Thursday, Deputy Labor Minister Yiannis Koutsoukos, a Socialist, also quit. "They are trying to impose measures that will make the recession worse and drive the country to despair," Xenogiannakopoulou said in a letter, adding that she would vote against the cutbacks in parliament. LAOS leader George Karatzaferis said he was withdrawing support for the measures agreed a day earlier, describing the country's treatment by its European partners as "humiliating." Though LAOS is a small party, its action underscores the growing discontent, both among political leaders and households - nearly one in two young people are out of work. LAOS has 16 deputies in the 300-seat parliament in a coalition backed by 252 lawmakers, posing no direct threat to the measures that are due to be voted late Sunday and backed by the two major coalition parties, the Socialists and conservatives. The Socialists and conservatives have both called emergency meetings of their parliament members following a Cabinet meeting scheduled for about 1600 GMT. The uncertainty hit global markets, as shares on the Athens Stock Exchange plunged 4.6 and the euro sank 0.7 percent to $1.3180. As well as trying to secure the bailout, Greece is close to concluding a related debt-relief agreement with banks that would slash euro100 billion ($132 billion) from the country's national debt. In return for the promised debt relief, Prime Minister Papademos and heads of the three parties backing his government - including Karatzaferis - have already agreed to demands to fire 15,000 civil servants in 2012, slash the minimum wage and significant reductions in health, social security and military spending. Karatzaferis insisted it was not his intention to withdraw from the government, and urged other countries in the European Union to challenge what he described as Germany's domination of the union. "Of course we do not want to be outside the EU, but we can get by without being under the German jackboot," he told a news conference. "Like all Greeks, I am very irritated ... by this humiliation." In central Athens, clashes erupted outside Parliament between dozens of hooded youths and police in riot gear. Police said eight officers and two members of the public were injured, while six suspected rioters were arrested. The violence broke out as thousands took to the streets of the capital after unions launched a two-day general strike against the planned austerity measures. Police said some 7,000 people took part in the demonstration. Another 10,000 Communist supporters held a separate, peaceful march. Scores of youths, in hoods and gas masks, used sledge hammers to smash up marble paving stones in Athens' main Syntagma Square before hurling the rubble at riot police. The country's two biggest labor unions stopped railway, ferry and public transport schedules, and hospitals worked on skeleton staff while most public services were disrupted. Unions were planning protests in Athens and other cities around midday. The harsh measures follow two years of severe income losses, repeated tax hikes and retirement age increases that failed to materially improve the country's finances. Greek politicians have taken a lot of criticism for the situation, and polls show the majority Socialists, elected in a 2009 landslide are now languishing at around 8 percent. "We are experiencing tragic moments," Deputy Prime Minister Theodoros Pangalos told Parliament Friday. EU Commission President Jose Manuel Barroso on Friday offered hope a deal could still be struck. "I am confident that a solution will be reached next week as this is critically important for Greece and the Greek citizens first and foremost but also for the whole euro area," he said during a visit to India. --- Gabriele Steinhauser and Slobodan Lekic in Brussels and Angela Charlton in Paris contributed. © 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

[Panda]

Debt crisis


Time – Fate of world on Monti’s shoulders



10 February 2012


Presseurop

Time
















Time, 10 February 2012








"Can this man save Europe?", wonders Time magazine on its cover.
In heading to Washington and New York in recent days as part of his
efforts to straighten out his own country, "the most important man of
Europe", as the US weekly calls the Italian leader, was seeking nothing
less than to avoid the collapse of the eurozone – and even of the global
economy -

Monti’s mission matters to everybody, from Wall Street financiers to
Chinese factory workers. That’s because Italy’s problems have became the
world's problems, and Monti must fix Italy to avoid another global
financial crisis. [...] Though the debt crisis in Europe has been raging
for over two years, Italy [whose debt exceeds 120% of its GDP] looms as
the biggest threat to the embattled shared currency’s survival, because
Italy paradoxically is both too big to fail and too big to save. [...]
Yet if Italy tumbles into insolvency, it could set off a chain of events
that unravels the monetary union and puts Europe’s even grander
half-century long democratic integration experiment in peril.

Monti's success is just as crucial for the global economy. The
consequences of a default of Italy – and, worse, the collapse of the
euro – are almost unimaginable. Italy could spark a financial crisis
even more destructive than the one tipped off by the 2008 Lehman
Brothers bankruptcy. Shock waves would ripple through global financial
markets to every corner of the world, sinking banks and economies along
the way. A recession in Europe, home to hundreds of millions of rich
consumers, could derail the U.S. recovery and dampen emerging markets.
The fates of Mario Monti, Europe and the worldwide recovery have become
inexorably entwined.

[Panda]

Anniversaries

Dickens forecast the crisis






Charles Dickens was born 200 years ago, on February 7, 1812.
Nearly a century and a half after his death in 1870, "our world,
unfortunately, resembles his in several ways," notes Spanish daily El País. Referring to 'Hard Times', the paper writes –

... today, in the midst of the crisis, with the stock market in the
red, with high taxes and low salaries; with European governments who
try to fill the bottomless pit of the financial system with public
funds; and unemployment which continues to rise, it is possible that
the reader would be surprised to see how the novel, published in 1854,
describes reality.

Unsurprisingly, it is Greece that today seems to best evoke the
London of 150 years ago. "Those children, abandoned in the street by
their families in the hope that someone will feed them, could they not
appear in 'Oliver Twist' alongside street children?" wonders El País.
Contrary to Dickens' forecasts, the injustice of capitalism did not
lead to its collapse. "One need just look again at Greece today," the
paper says, adding –

The television talks about children, who mid-morning, faint from
hunger in class and newspapers report that, while the country is
soliciting aid from the European Union, its rulers are going to
Switzerland with over €200 billion.

[Guest]

I have two Greek friends here who were sending food parcels back home for their parents. Eventually they had to stop because the people in the post office were nicking them. It's quite shocking that this is happening in an EC country in this day and age.

[Panda]

I have two Greek friends here who were sending food parcels back home for their parents. Eventually they had to stop because the people in the post office were nicking them. It's quite shocking that this is happening in an EC country in this day and age.

I think Merkel and Sarkozy should have let Greece default 2 years ago , but that would have caused chaos around the financial World so they had to be bailed out. The cost to Greece is so horrendous it will take 3 generations to repay so my guess is they will default. analysts are saying Investors have
already factored this in and Countries have been reducing their Euro stocks.

[Badboy]

Anniversaries

Dickens forecast the crisis






Charles Dickens was born 200 years ago, on February 7, 1812.
Nearly a century and a half after his death in 1870, "our world,
unfortunately, resembles his in several ways," notes Spanish daily El País. Referring to 'Hard Times', the paper writes –

... today, in the midst of the crisis, with the stock market in the
red, with high taxes and low salaries; with European governments who
try to fill the bottomless pit of the financial system with public
funds; and unemployment which continues to rise, it is possible that
the reader would be surprised to see how the novel, published in 1854,
describes reality.

Unsurprisingly, it is Greece that today seems to best evoke the
London of 150 years ago. "Those children, abandoned in the street by
their families in the hope that someone will feed them, could they not
appear in 'Oliver Twist' alongside street children?" wonders El País.
Contrary to Dickens' forecasts, the injustice of capitalism did not
lead to its collapse. "One need just look again at Greece today," the
paper says, adding –

The television talks about children, who mid-morning, faint from
hunger in class and newspapers report that, while the country is
soliciting aid from the European Union, its rulers are going to
Switzerland with over €200 billion.

CHILDREN FAINTING FROM HUNGER IN CLASS,SOUNDS A BIT LIKE ETHIOPIA AND SOMALIA FAMINE.

[Panda]

10 February 2012 Last updated at 19:48




Standard and Poor's downgrades Italy banks

Unicredit is among the 34 banks
downgraded by Standard and Poor's
Continue
reading the main story
Global
Economy

• Q&A: Greek debt crisis
  
• Why Greece won't go away
  
• 'Magic' made Greek debt disappear
  
• What caused the eurozone crisis?
  

The credit ratings agency Standard
and Poor's has downgraded its assessment of almost all of Italy's major
banks.

The review involves 34 of the 37 banks covered by the agency.

Italy's biggest financial institutions, including UniCredit, Intesa Sanpaolo,
Banco Popolare, Banca Nazionale del Lavoro and Mediobanca, are among them.

A credit rating affects the price of borrowing and the move follows S&P's
two-notch downgrade of the Italian government's creditworthiness.

But despite the sovereign downgrade, which typically makes borrowing more
expensive, Italy's Prime Minister Mario Monti's austerity plan has helped to
bring down Italy's 10-year borrowing rate closer to 6% from 7% for much of last
year.

The action came too late to prompt share price reaction as it came after the
market closed.

[Panda]

Anniversaries

Dickens forecast the crisis






Charles Dickens was born 200 years ago, on February 7, 1812.
Nearly a century and a half after his death in 1870, "our world,
unfortunately, resembles his in several ways," notes Spanish daily El País. Referring to 'Hard Times', the paper writes –

... today, in the midst of the crisis, with the stock market in the
red, with high taxes and low salaries; with European governments who
try to fill the bottomless pit of the financial system with public
funds; and unemployment which continues to rise, it is possible that
the reader would be surprised to see how the novel, published in 1854,
describes reality.

Unsurprisingly, it is Greece that today seems to best evoke the
London of 150 years ago. "Those children, abandoned in the street by
their families in the hope that someone will feed them, could they not
appear in 'Oliver Twist' alongside street children?" wonders El País.
Contrary to Dickens' forecasts, the injustice of capitalism did not
lead to its collapse. "One need just look again at Greece today," the
paper says, adding –

The television talks about children, who mid-morning, faint from
hunger in class and newspapers report that, while the country is
soliciting aid from the European Union, its rulers are going to
Switzerland with over €200 billion.

CHILDREN FAINTING FROM HUNGER IN CLASS,SOUNDS A BIT LIKE ETHIOPIA AND SOMALIA FAMINE.

Hi Badboy, if Greece accepts the bailout there will be famine for years to come, default will also leave the Country broke , but recovery will be quicker.
This has been badly handled by Merkel and the Troika and if Greece defaults there will be a contagion affecting Italy Spain, France, Belgium and Ireland
and maybe even the collapse of the Euro.

[Badboy]

NEXT ,THERE MIGHT BE FOOD AID FOR GREECE.
WILL GREECE BECOME A THIRD WORLD COUNTRY?

[Panda]

NEXT ,THERE MIGHT BE FOOD AID FOR GREECE.
WILL GREECE BECOME A THIRD WORLD COUNTRY?

Yes it might. First of all it would have to sell off assets, like Airports, but unlike somalia , it doesn't suffer from drought so can grow enough to feed it's
population, to convert the euro to Drachma will be a horrendous task but whatever hardships Greece faces will be easier than borrowing more and more money. To anticipate that Greece will have 130% GDP in 2020 is an indication of how long it would take Greece to have the 3%GDP.!!!!!!

[Panda]

Athens and Buridan’s ass




10 February 2012










Athens must now contend with a dilemma of a kind illustrated by
the paradox of Buridan’s ass: the donkey cannot decide what to do first,
to eat his oats or drink from a pail of water, and thus dies from
hunger and thirst.

If Buridan’s ass was a man, wrote Spinoza, “he would not act on the
basis of freedom or free will.” And we might add that if Buridan’s ass
were a country, it would be Greece which has to choose between austerity
and state reform, dictated by the IMF-EU-ECB troika, and against the
will of its people and its special interests.

How else can we interpret the ultimatum issued by eurozone finance
ministers on 9 February? The Greek government will have to find a
further 325 million in savings before Wednesday 15 February if it wants
to receive the 130 billion euros approved by European leaders last
October.

As Volkskrant noted this week, a Greek exit from the eurozone
is no longer taboo, given the level of European exasperation with slow
pace of reform in Greece. After two years of crisis, the effectiveness
of the Greek tax system has not improved, many of the promises made to
the troika have not been kept. In short, the donkey of Athens appears
reluctant to begin with the oats of reform.

However, it has no greater enthusiasm for the potion of austerity,
and is unwilling to empty the bucket held out by the troika and its
creditors. This is partly for reasons of political calculation because
the parties that have given their half-hearted support to Prime Minister
Lucas Papadémos are also concerned about the outcome of future
elections, but also and more importantly because the impoverished Greek population, which has had to contend with two years of wage cuts and price increases, cannot support the burden of further austerity.

To save Greece, the Eurogroup ministers have decided to insist on
even more austerity, when they should be pushing for the application of
reforms that have already been demanded, like the reform of the
country’s tax system.

More importantly they should oblige Athens to put an end to aberrations like the Greek Church’s tax exemption and a defence budget that is proportionally higher than in other European states.

If the donkey dies, that is to say if Greece defaults and leaves the
eurozone, he will partly be to blame for his own fate. But only partly
because he will also have been pushed into making choice that is not
only impossible but also misguided.







Author





French journalist Eric Maurice, (b. 1972) is editor in chief of
presseurop.eu. After joining Courrier international in 2000, he was in
charge of the Paris weekly's France pages, before covering North
American affairs, and later becoming chief editor for Western Europe.

[Panda]

Feb 11, 10:32 AM EST Greece's coalition party leaders back bailout deal By DEMETRIS NELLAS Associated Press

AP Photo/Petros Giannakouris Business Video Advertisement Buy AP Photo Reprints Photo Gallery Violent protests in Greece Interactives ATHENS, Greece (AP) -- The leaders of the two parties backing Greece's coalition government made dramatic appeals to their deputies Saturday to back legislation that calls for harsh new austerity measures - essential if Greece is to get a new bailout deal worth euro130 billion ($171.6 billion) and stave off bankruptcy. Prime Minister Lucas Papademos is expected to give a televised address later Saturday to defend the deal. Debate on emergency legislation approving the new bailout and a debt-swapping deal with private creditors began in committee Saturday afternoon. A plenary session will debate and vote on it Sunday. Further legislation detailing the measures demanded by, and agreed with, Greece's public creditors, the European Union and the International Monetary Fund, will be up for vote a few days later. The exact time has not yet been set. Both leaders - socialist George Papandreou and conservative Antonis Samaras - as well as Finance Minister Evangelos Venizelos, a socialist, used stark images of a country under bankruptcy to warn their respective parliamentary groups of the importance of their vote. "If we do not dare today, we will live a catastrophe," Papandreou said. "What do you want, a country where food will be handed out with food stamps and where we will have no fuel?" Samaras angrily told a dissenting deputy. "The battle is now. The war is now. If we falter, nothing will be left standing...The real dilemma is between painful measures and crushingly painful ones," Venizelos told socialist lawmakers. Deputies are wary of voting for the measures, which include wage and pension cuts and the prospect of more to come, along with the firing of several thousand civil servants and the shutdown of several state agencies, including welfare agencies. The demands of the EU and the IMF have caused one of the original coalition parties - the populist right-wing Popular Orthodox Party - to quit the government and withdraw its four members from the cabinet. Two more cabinet members - both socialist deputy ministers - have also quit, citing their disagreements with parts of the austerity package. Both Papandreou and Samaras made it clear that dissenters would have no place in the party. Samaras was more emphatic, threatening to expel those who did not vote in favor and exclude them from the lists of party candidates in the next election. "I want to make it absolutely clear ... rebels or 'bravehearts' have no place in (the party's) candidate lists," he said. "I call on you to fall in line and vote for this difficult and painful deal that will help (the country) stand on its feet. Whoever has a conscience problem, can resign," Papandreou told his lawmakers. Despite their leaders' calls, at least four deputies from each party openly declared they would vote against, while two socialist deputies - both former ministers - hinted they might do so. None offered to resign. Together, the socialists and the conservatives have 236 deputies in the 300-member parliament. Samaras also called for an immediate election once the bond swap deal with Greece's private creditors is over, saying he would not agree to the extension of the mandate of the coalition government beyond that date. Elections are normally due in October 2013. The bond swap deal with Greece's private creditors is expected to help Greece get rid of some euro100 billion of its debt. The bond swap must be completed before March 20, the redemption date for euro14.5 billion worth of bonds. Elections could then be held about three weeks later than that, at the earliest. While the two parties met, union leaders staged a demonstration outside parliament that attracted about 4,000 protesters, according to the police - while 5-6,000 policemen patrolled the streets of Athens. The protest ended with some scuffles that left two people injured when police tried to clear the street in front of parliament. Authorities are bracing for a much larger, and possibly violent, one on Sunday evening. Another 4,000 turned out for a peaceful demonstration in Thessaloniki, Greece's second city. --- Costas Kantouris in Thessaloniki contributed to this report. © 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

[Angelique]

Panda and Badboy

Can you wait for me to catch up - what I mean is - I am here just have to start at the beginning.

ETA I knew it was Germany all along!

[Angelique]

Panda

I enjoyed reading this :
Ingo Schulze – 10 theses about the crisis

You second post -it was like listening to myself!

[Panda]

Panda and Badboy

Can you wait for me to catch up - what I mean is - I am here just have to start at the beginning.

ETA I knew it was Germany all along!

O.K., We'll wait for you to let us know when you are ready.

Angelique , this thread is averaging 300 hits a day, loads in the early hours of the morning, maybe from Europe, obviously the outcome of this will
affect us all.

[malena stool]

The continuing crisis is stark proof that the Euro was and still is a non starter. The only winners are politicians, bankers and political drones from across the European community who have taken up residence in Brussels.

[Panda]

The continuing crisis is stark proof that the Euro was and still is a non starter. The only winners are politicians, bankers and political drones from across the European community who have taken up residence in Brussels.

funny enough I started off talking to a young man from Npower about my electric Bill and we ended up taling about the Euro Crisis....as you do.

He has been studying Law , particularly wondering how the Treaty can survive now that Merkel and Sarkozy have used the ECB and brought in new
Fiscal policies all to save the Euro. He thinks the euro will crash , I said I thought Merkel was quite happy to let the Euro fall in value because it suited
Germany's Exports. Had the let Greece default 2 yrs ago they would never have got into so much debt and I hope they do default......the debt would
last for generations.

[malena stool]

It is terribly wrong that a country such as Germany, after being given vast amounts of aid to recovery and rebuilding from total devastation with US dollars and British pounds after 1945, while we here in the UK (as was much of Europe) enduring subsistence rationing, has been allowed to set itself up as the dominant partner in a completely predictable non workable amalgam of fiscal traditions and customs.

Merkel is laughing all the way to the Reichsbank.

[Angelique]

H Panda,

Many thanks for waiting for me. Lots of stuff I wish I hadn't missed.

I agree Germany has become too dominant - I too think that the Euro will crash simply because, even though no one admits it, we are in a Depression and all the policies being introduced don't promote growth. The man on the street is taking the hit, but they are the ones that should be protected. Huh, some European Union, I don't think.

Here are some snips from your previous posts:


“We are living in an economic dictatorship. And Greece is the
laboratory where they are testing the resistance of the people. After
us, it will be the turn of other countries in Europe. There will be no
more middle class.”

I have said that this is what I thought would happen. There is a powerful country in control

‘Santander , a Spanish Bank made a 98% loss which is very worrying, it may affect their Banks in Britain.’

They are advertising their bank accounts - if you put money in they will give money back!

Unemployment has hit record levels in the EU, putting
nearly a quarter of those Europeans who until now had a decent standard
of living at risk of sliding into social exclusion. The phenomenon is
undermining the EU’s strategies against poverty.
Well obviously, making the workers pay twice will have this effect. This is “the Depression I spoke about”

George Osborne, should have started with a growth plan and his bungling will mean the longest depression in 100 years.

[Badboy]

H Panda,

Many thanks for waiting for me. Lots of stuff I wish I hadn't missed.

I agree Germany has become become too dominant - I too think that the Euro will crash simply because, even though no one admits it, we are a Depression and all the policies being introduced don't promote growth. The man on the street is taking the hit, but they are the ones that should be protected. Huh, some European Union, I don't think.

Here are some snips from your previous posts:


“We are living in an economic dictatorship. And Greece is the
laboratory where they are testing the resistance of the people. After
us, it will be the turn of other countries in Europe. There will be no
more middle class.”

I have said that this is what I thought would happen. There is a powerful country in control

‘Santander , a Spanish Bank made a 98% loss which is very worrying, it may affect their Banks in Britain.’

They are advertising their bank accounts - if you put money in they will give money back!

Unemployment has hit record levels in the EU, putting
nearly a quarter of those Europeans who until now had a decent standard
of living at risk of sliding into social exclusion. The phenomenon is
undermining the EU’s strategies against poverty.
Well obviously, making the workers pay twice will have this effect. This is “the Depression I spoke about”

George Osborne, should have started with a growth plan and his bungling will mean the longest depression in 100 years.

SANTANDER,98% LOSS,WHERE'S THIS?

[Sponsored content]