Tuesday, August 21, 2012

Can Holland really meet their share of EFSF/ESM liabilities?

That will be the question to be considered by Dutch voters as they head to the polls in a General Election next month.

One in four Dutch mortgage holders will owe more than their homes are worth by next year, read a Reuters report from here,described as in the USA as underwater, more fitting in the land of dykes and fingers!

Holland, under their already ratified commitments under the ESM will shortly be in for 5.7% of the debts of Spain and Italy on top of those under the EFSF and more yet to come from the original PIGS. France with its new socialist governments outrageous spending plans and inability to adjust wildly optimistic growth forecasts, as confirmed yesterday by its Finance Minister, is waiting in the wings - bezgging bowl in hand. (See Annex II final page 62 of this)

What an awful EU mess, still worsening with each passing day!


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