It would seem that the solution to the Greek crisis will be to let Greece declare itself bankrupt.
As I have written many times, this is the only way out of the mess which was made worse by politicians who blindly lent Greece more than 100 Billion Euros in 2010 because what they really wanted to do was to save and protect the sacred EURO !!! This is a high cost and sacrifice for EURO country taxpayers to have to suffer: at least it now seems that the intended second loan of 100 Billion Euros to Greece will not be made available !!!
There is however a much more important and fundamental problem lurking in the background. Reports say that Italy has been in talks with China with a view to obtaining cheaper financing for the Italian National Debt which amounts to 120% of the Gross Domestic Product (GDP).
This problem raises a fundamental question for leaders and experts in the EU as well as the EURO zone. Each member of the EU has a responsibility for its own financial wellbeing. Nothing in the EU treaty prevents a country from obtaining finance from outside the EU !!!
Italy could therefore obtain finance from China, but at what cost for Europe ? Would there not be strings attached, would this not be a way for China to get a foot in the door of the EU ?
Is it not time that the EU, all the member countries in fact, had a new look at the EU Treaty ? If the Italian problem is not quickly settled pacifically by a reduction of the rates of interest at present available, a new and much bigger problem than that of Greece awaits on the horizon.
As I have written many times, this is the only way out of the mess which was made worse by politicians who blindly lent Greece more than 100 Billion Euros in 2010 because what they really wanted to do was to save and protect the sacred EURO !!! This is a high cost and sacrifice for EURO country taxpayers to have to suffer: at least it now seems that the intended second loan of 100 Billion Euros to Greece will not be made available !!!
There is however a much more important and fundamental problem lurking in the background. Reports say that Italy has been in talks with China with a view to obtaining cheaper financing for the Italian National Debt which amounts to 120% of the Gross Domestic Product (GDP).
This problem raises a fundamental question for leaders and experts in the EU as well as the EURO zone. Each member of the EU has a responsibility for its own financial wellbeing. Nothing in the EU treaty prevents a country from obtaining finance from outside the EU !!!
Italy could therefore obtain finance from China, but at what cost for Europe ? Would there not be strings attached, would this not be a way for China to get a foot in the door of the EU ?
Is it not time that the EU, all the member countries in fact, had a new look at the EU Treaty ? If the Italian problem is not quickly settled pacifically by a reduction of the rates of interest at present available, a new and much bigger problem than that of Greece awaits on the horizon.
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