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The Euro Zone Mess

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Re: The Euro Zone Mess

Postby supporttheunderdog » Tue Apr 25, 2017 3:06 pm

http://www.express.co.uk/finance/city/796223/Spanish-national-debt-GDP-figures-Rajoy-Dijsselbloem

Roberto Centeno, one of the signatories to the letter, was quoted by the Daily Excess in February as stating


A LEADING Spanish economist has hit out at the European Central Bank (ECB) saying "crazy" loans will ruin the lives of the population for the next 50 years.

And it is only a matter of time before the Government is forced to default as a debt bubble and low wages effectively forge the worst declines in "living memory".

Leading economist Roberto Centeno, who was an advisor to US president Donald Trump's election team on hispanic issues, says the country has borrowed £508 billion (€603) billion that it cannot conceivably pay back.

And he says Spanish politicians including Minister of Economy Luis de Guindos are "insulting their intelligence" after doing back door deals with the ECB.

In a blog post Mr Centeno says there needs to be audits so the country can understand the magnitude of its debt mountain.

He said Spain was “moving steadily towards the suspension of payments which is the result of out of control public waste, financed with the largest debt bubble in our history, supported by the ECB with its crazy policy of zero interest rate expansion and without any supervision.”

The expert added the doomed situation will “lead to the ruin of several generations of Spaniards over the next 50 years”.


http://www.express.co.uk/news/world/770674/Euro-Foreign-Currency-Collapse-ECB-loans-debt-interest-Spain


If it was not in the Daily Excess I would give it a bit more credence: as it is plenty of other news sites suggest little or nothing is wrong with Spain...
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Re: The Euro Zone Mess

Postby Robin Hood » Tue Apr 25, 2017 4:57 pm

STUD:
If it was not in the Daily Excess I would give it a bit more credence: as it is plenty of other news sites suggest little or nothing is wrong with Spain...


All countries run on a debt based economy but in the Eurozone they all have the same problem ..... they are all using the Euro!

They have no flexibility to adjust their currency value and the only source they have for the money they need is to borrow it from the ECB. (IMF/WB/BIS cartel) What you borrow you have to repay, to repay you need to get Euro’s that you either earn and have a trade surplus (someone else’s debt!), or you take it from the people in taxation, which weakens the economy, and pay it to the same banks that lent it to you in the first place ...... and the interest has to be paid on top of that.

Government debt in the States own sovereign currency is not a problem ..... it is private debt that is the threat. Think about Corbyn’s Peoples Quantitative Easing and you will see why that works ......... and that system if expanded can also solve private debt to a great degree. :wink:
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Re: The Euro Zone Mess

Postby supporttheunderdog » Thu Apr 27, 2017 1:50 pm

A blog post by Sotiris Mitralexis indicating that come-what-may a Grexit of some sort is inevitable
http://www.huffingtonpost.gr/sotiris-mitralexis/-grexit_3_b_16230200.html

The Thesis is not that the Greek recovery plans fail but the Eurozone itself collapses .
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Re: The Euro Zone Mess

Postby supporttheunderdog » Tue May 09, 2017 8:50 am

Something from Italy discussing Italexit.
http://www.eunews.it/2017/05/08/consob-italexit-metterebbe-a-rischio-lesistenza-delleurozona/84865

Seemingly at least one party (the 5 star movement) is looking at bringing back the Lire.
The head of the Consob, Mr Vegas, warns that such plans could cause devastating damage to the Euro Zone.

This has been under discussion for some time, with some pointing out it is not the answer.
http://blogs.lse.ac.uk/europpblog/2017/02/24/italexit-is-not-a-solution-for-italys-problems/
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