-:Undertaker:-
15-11-2010, 11:53 PM
http://www.telegraph.co.uk/news/worldnews/europe/portugal/8135686/Euro-under-siege-after-Portugal-hits-panic-button.html#dsq-content
Euro under siege as Ireland attempts to secure short term loans, Greece uncovers more problems and Portugal prepares to go under.. next up - Spain!
http://i.telegraph.co.uk/telegraph/multimedia/archive/01762/Merkel_1762657b.jpg
'If the euro fails, then Europe fails,' warned the German Chancellor Angela Merkel last night
Portugal became the latest European nation to suggest it was on the brink of seeking help from Brussels after Ireland confirmed it had begun preliminary talks over its debt problems. Greece also disclosed yesterday that its economic problems are even worse than previously thought. Last night, the German Chancellor Angela Merkel raised the spectre of the euro collapsing as she warned: “If the euro fails, then Europe fails.” European finance ministers will meet in Brussels tomorrow to begin discussions over a new European stability plan that is expected to lead to billions of pounds offered to Ireland, Portugal and possibly even Spain.
David Cameron said he was thankful that Britain had not joined the euro, but indicated his displeasure that taxpayers in this country faced a £7 billion liability in any bail-out package. The veteran Conservative MP Peter Tapsell warned that the “potential knock-on effect” of the Irish crisis “could pose as great a threat to the world economy as did Lehman Brothers, AIG and Goldman Sachs in September 2008”. Ireland has resisted growing international pressure to accept EU financial assistance amid concerns that this would lead to a surrender of political and economic sovereignty. However, the German government is expected to signal today that Ireland may have to accept a £77 billion bail-out, along with a loss of economic and political independence, as the price of preserving the euro. Mrs Merkel said the single currency was “the glue that holds Europe together”.
Her words came as fellow eurozone members Portugal and Spain rounded on Ireland. They fear that international concerns over the euro will lead to so-called market contagion spreading to them. Fernando Teixeira dos Santos, the Portuguese finance minister, said: “There is a risk of contagion. The risk is high because we are not facing only a national problem. It is the problems of Greece, Portugal and Ireland. This has to do with the eurozone and the stability of the eurozone, and that is why contagion in this framework is more likely.” Mr Teixeira dos Santos added: “I would not want to lecture the Irish government on that. I want to believe they will decide to do what is most appropriate together for Ireland and the euro. I want to believe they have the vision to take the right decision.” He later sought to clarify his comments, insisting that Portugal was not preparing to seek assistance.
Greece had earlier added to the growing uncertainty when it said it would breach the conditions for the bail-out it was granted by the EU earlier in the year. The Greek government said its debt problem was much worse than previous dire forecasts. Eurostat, the EU statistics agency, said Greece’s 2009 budget deficit reached 15.4 per cent of gross domestic product, significantly above its previous figure of 13.6 per cent. George Papandreou, the Greek prime minister, said new European-wide taxes might now be needed to fund bail-outs. “We need a mechanism which can be funded through different forms and different ways,” he said. “My proposal is that taxes such as a financial tax or carbon dioxide taxes could be important revenues and resources for funding such a mechanism."
Fantastic news, although its sad that its ended like this with chronic unemployment across Europe, dire economic growth and a bleak short-term future, the sooner it [the EU project] collapses on itself (as it will, especially for the PIGS as they are totally unsuited to this Euro which is just an ugly pale blue shadow-Deutshmark in itself) then the better for the future. I remember only a few years ago even on this forum, euro-supporters and politicians told us how the British Pound Sterling didn't have a future and that Britain was just some little puny island off the coast of the mighty Europe - how things change, not that it was true in the first place as the entire currency was a joke from the start.
Nothing would give me more glee to see the likes of the greedy Kinnocks, Herman Van Rompuy and Cathy Ashton all loose their jobs as their terrible attempt to force the European nations into one via stealth falls flat on its face - the clever but odious Jean Monnet must be rolling in his grave, good!
We for sure haven't seen the last of the financial crisis, maybe the worst is still to come.
Thoughts, anyone from Ireland have any input in particular?
Euro under siege as Ireland attempts to secure short term loans, Greece uncovers more problems and Portugal prepares to go under.. next up - Spain!
http://i.telegraph.co.uk/telegraph/multimedia/archive/01762/Merkel_1762657b.jpg
'If the euro fails, then Europe fails,' warned the German Chancellor Angela Merkel last night
Portugal became the latest European nation to suggest it was on the brink of seeking help from Brussels after Ireland confirmed it had begun preliminary talks over its debt problems. Greece also disclosed yesterday that its economic problems are even worse than previously thought. Last night, the German Chancellor Angela Merkel raised the spectre of the euro collapsing as she warned: “If the euro fails, then Europe fails.” European finance ministers will meet in Brussels tomorrow to begin discussions over a new European stability plan that is expected to lead to billions of pounds offered to Ireland, Portugal and possibly even Spain.
David Cameron said he was thankful that Britain had not joined the euro, but indicated his displeasure that taxpayers in this country faced a £7 billion liability in any bail-out package. The veteran Conservative MP Peter Tapsell warned that the “potential knock-on effect” of the Irish crisis “could pose as great a threat to the world economy as did Lehman Brothers, AIG and Goldman Sachs in September 2008”. Ireland has resisted growing international pressure to accept EU financial assistance amid concerns that this would lead to a surrender of political and economic sovereignty. However, the German government is expected to signal today that Ireland may have to accept a £77 billion bail-out, along with a loss of economic and political independence, as the price of preserving the euro. Mrs Merkel said the single currency was “the glue that holds Europe together”.
Her words came as fellow eurozone members Portugal and Spain rounded on Ireland. They fear that international concerns over the euro will lead to so-called market contagion spreading to them. Fernando Teixeira dos Santos, the Portuguese finance minister, said: “There is a risk of contagion. The risk is high because we are not facing only a national problem. It is the problems of Greece, Portugal and Ireland. This has to do with the eurozone and the stability of the eurozone, and that is why contagion in this framework is more likely.” Mr Teixeira dos Santos added: “I would not want to lecture the Irish government on that. I want to believe they will decide to do what is most appropriate together for Ireland and the euro. I want to believe they have the vision to take the right decision.” He later sought to clarify his comments, insisting that Portugal was not preparing to seek assistance.
Greece had earlier added to the growing uncertainty when it said it would breach the conditions for the bail-out it was granted by the EU earlier in the year. The Greek government said its debt problem was much worse than previous dire forecasts. Eurostat, the EU statistics agency, said Greece’s 2009 budget deficit reached 15.4 per cent of gross domestic product, significantly above its previous figure of 13.6 per cent. George Papandreou, the Greek prime minister, said new European-wide taxes might now be needed to fund bail-outs. “We need a mechanism which can be funded through different forms and different ways,” he said. “My proposal is that taxes such as a financial tax or carbon dioxide taxes could be important revenues and resources for funding such a mechanism."
Fantastic news, although its sad that its ended like this with chronic unemployment across Europe, dire economic growth and a bleak short-term future, the sooner it [the EU project] collapses on itself (as it will, especially for the PIGS as they are totally unsuited to this Euro which is just an ugly pale blue shadow-Deutshmark in itself) then the better for the future. I remember only a few years ago even on this forum, euro-supporters and politicians told us how the British Pound Sterling didn't have a future and that Britain was just some little puny island off the coast of the mighty Europe - how things change, not that it was true in the first place as the entire currency was a joke from the start.
Nothing would give me more glee to see the likes of the greedy Kinnocks, Herman Van Rompuy and Cathy Ashton all loose their jobs as their terrible attempt to force the European nations into one via stealth falls flat on its face - the clever but odious Jean Monnet must be rolling in his grave, good!
We for sure haven't seen the last of the financial crisis, maybe the worst is still to come.
Thoughts, anyone from Ireland have any input in particular?