Spain declares Fiscal Compact impossible even before ratification.
Prime minister Mariano Rajoy has reportedly asked European officials to raise Spain's debt reduction target to 5pc, claiming that reducing it to 4.4pc will be impossible.The ongoing damage of the debt crisis – and the German-led austerity drive – could be laid bare on Thursday if the European Commission (EC) unveils a wholesale revision of the eurozone's growth forecasts, as expected. Experts said the EC is preparing to cut its growth forecasts following the radical spending cuts, tax increases and job losses across Europe.
The missing ingredient for any cure for the ills that beset all the economies of the EU and the consequent plight of society across Europe, is the lack of democratic consent. The EU as presently constructed will never achieve that and every day that passes as it drives events in totally the wrong direction will deepen the consequent ill effects.
Democratic legitimacy has to be restored on a nation by nation basis. General elections are presently shortly due in Greece, followed by France, let us hope an anti-EU democratic and free-market alternative is provided in each of these nations, so that their voters, for once, have an opportunity for demonstrating the utter revulsion that by now the EU is everywhere due!