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Greece tipping point
Greece is a tiny economy, amounting to only 2½ per cent of the 17-nation Eurozone, yet its difficulties have triggered a financial crisis that is sweeping across the Continent and threatens to engulf the global system. [Read more...]
The German Eurozone Empire
A year ago I described Europe as being, in all but name, Germany’s empire of 500 million people – but one about to become a major burden. It would nevertheless stand by its “troubled empire.” Notwithstanding domestic opposition, Germany would “provide or mobilize enough financial aid” to avoid collapse of the Eurozone, “which would be so devastating to the nation’s political, economic and financial interests.” [Read more...]
The Eurozone farce is a game of pass the parcel… with the “winner” to be left holding the booby prize.
What is Likely to Happen in Europe
Somebody has to pay the costs of allowing Greece and other troubled member-nations to loot the single-currency system through indulging in profligate lifestyles and speculative real estate booms, accumulating a mountain of debt they cannot afford to repay. But no one is willing to pay… [Read more...]
Euro Zone Fears
The Eurocrats are trying to design a better system for managing the Eurozone – both finding a way to restructure the dodgy debt and evolving a more conservative approach to state financial management in future.
There are many reasons why this is proving very difficult. Some nations favour stronger centralized control, others oppose it. Those who have been disciplined about money are understandably hostile to paying for the sins of those who have been, and in many ways still are, irresponsible, continuing to live too well on borrowed money. [Read more...]
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