Tuesday, June 15, 2010

Nightmare vision for Europe as EU chief warns 'democracy could disappear' in Greece, Spain and Portugal

The mess in Europe is a precursor to what could happen in the US should the rate of deficit spending continue. The Saul Alinsky theory of revolution teaches that you have to totally tear down the current system in order to rebuild it. Obama was a student of the Alinsky philosophy, and as such, whether intentional or not, is well on the way to destroying our current economic system. Is this what he meant by his promise of "fundamental change"?

Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.

In an extraordinary briefing to trade union chiefs last week, Commission President Jose Manuel Barroso set out an ‘apocalyptic’ vision in which crisis-hit countries in southern Europe could fall victim to military coups or popular uprisings as interest rates soar and public services collapse because their governments run out of money.

The stark warning came as it emerged that EU chiefs have begun work on an emergency bailout package for Spain which is likely to run into hundreds of billions of pounds.

News of the behind-the-scenes scramble in Brussels spells bad news for the British economy as many of our major banks have loaned Spain vast sums of money in recent years.

Germany’s authoritative Frankfurter Allgemeine Newspaper reported that Spain is poised to ask for multi-billion pound credits.

Mr Barroso and Jean-Claude Trichet of the European Central Bank are united on the need for a rescue plan.

The looming bankruptcy of Spain, one of the foremost economies in Europe, poses far more of a threat to European unity and the euro project than Greece.

Greece contributes 2.5 percent of GDP to Europe, Spain nearly 12 percent.
Read UK Mail article here.

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