Saturday, June 09, 2012

Neither €40 Billion nor €400 Billion can save Spain or its banks!

The problem for Spain is that country's own membership of the EU common currency inside of the Euro Zone.

Unemployment in Spain cannot drop while a non-competitive currency and labour costs within a world descending into depression, are allowed to continue!

The housing glut in Spain cannot be solved while no drop in the value of such housing can be contemplated because of unrealistic values carried by the supposedly commercial entities who financed that glut.

The EU currency cannot become competitive while Germany remains within it and fixed exchange rates continue.

The EU Commission cannot manage a solution with EU Commissioners and other EU employees of the present lowly calibre, all of whom seem to exist mainly for self-pleasure, self-enrichment and huge conceit.

The Spanish people and others in Europe, having brought this misery upon themselves, with their own votes, are the only group who can find an exit by quickly ending the entire EU nightmare!

The IMF in pitching a low figure for aid at €40 billion, is starting low in order to spare the banks upon which Mme Christine Lagarde depends, look at HER track record in Greece, the initial funding required for that ruined country and the amounts estimated as necessary today, even after having defaulted on some of its bonds.

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Blogger Robert said...

All very sensible and obvious to all but the Europhile fanatics who are pushing for more integration to save their grand project.

It beggers belief to learn that the Greeks and Spanish are still pro EU and want to stay in the Eurozone, however.

9:56 AM  

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