Guardian: Reports on concern in the money markets that the new EU deal will not be enough to save Greece and the Euro. As this blog stated when the deal was announced Greece is in default, the losses to private investors by the deal means that all the Credit Agencies should declare that Greece is in default. The deal itself will allow politicians in Europe to go on holiday in August but then we still have the fact that Greece will need further bailouts, the austerity packages demanded by the EU and the IMF will make it hard for Greece to grow its economy. The State sell off its assets is taking time, the people of Greece feel they have been shafted to save the Euro, then we have the major debts of Italy and Spain, will the Parliaments of the various Euro countries really put their hands in their pockets to protect Italy and Spain in the long term, the tax payers in these countries will one say NO. The EU has not dealt with the main problem folks, a welfare state that is to costly, a debt mountain that will make the Euro the new Weimar Republic, you can only change the rules so many times folks before the currency becomes worthless. Expect more meetings folks, these politicians will take the EU over the cliff at the end of the day.
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