The European Central Bank says it is backing both Italy and Greece despite not having the funds for it. Push is coming to shove for the EU. If it’s to survive, it will have to be as a radically different entity.
So here’s a quick recap of the situation in Europe:
- Greece is totally broke. Bailouts make it possible for the nation to pay its bills, but add to its total debt. There is no plausible scenario in which Greece can earn enough money to repay its current debt, let alone new ones. If it were a person or a company, it would already have declared bankruptcy and tried to start over. There is a lot of debate over whether the Greeks should jump out of the EU or be pushed.
- Ireland and Portugal: See above.
full article at source: http://www.bnet.com/blog/sports-entertainment/what-comes-next-for-the-eu-three-scenarios/1471?tag=content;drawer-container
Comment:
The description of Greece position is really a description ofthe Irish financial position .Our government are bending over themselves to please their masters in the Deutsche bank who will squeeze this country dry until the people go out on to the streets and demand a stop to this madness of accumulating more and more debts. At some point our politicians must realize that we are of no consequence to the Germans .A pat on the back for been a good debt slave is not going to save our country .We must face up to the fact we are not earning
enough to pay the interest on the guaranteed sums of money our government have
taken on .These private gambling debts of the Deutsche Bank must be faced up to
by the German people .Our small nation is been sacrificed by our gutless
politicians out to enrich themselves by selling off the family silver at unbelievable
knockdown prices to their insider pals in private industry .This is Treason and
these politicians must be held to account .
