Tuesday, November 16, 2010

Euro Under Siege as Now Portugal hits Panic Button

The euro is facing an unprecedented crisis after another country indicated on Monday night that it was at a "high risk" of requiring an international bail-out.

Portugal became the latest European nation to admit 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 that its economic problems are even worse than previously thought.

Angela Merkel, the German Chancellor, raised the spectre of the euro collapsing as she warned: "If the euro fails, then Europe fails."

European finance ministers will meet in Brussels on Tuesday to begin discussions over a new European stability plan that is expected to result in billions of pounds being offered to Ireland, Portugal and possibly even Spain.

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1 comment:

  1. Ireland and anglo Irish banks were handling a lot of British capital investments in the Euro zone.
    Britain is already insolvant,with some banks nationalized etc.
    An example of big partner in one irish bank and source of capital investments is bank branches of the British Post office.
    Who guarantees bank depositors at the British P.O.?
    The British government is on the hook for any more big losses in Ireland.

    Germany played a big role in developing the Irish property bubbles and if Ireland defaults it may crash the German banks.
    Thus Germany only pretends to be strong and pretends that a bailout for Ireland is for Irelands interest ,not the German banks .
    They are frightened even after bailing out greece that Ireland might set off a falling set of Euro dominoes.

    Beware of banksters insisting on loaning more money ‘in your own interest”

    Ireland already has gone into austerity mode to try and keep its banks solvent after huge bailouts and claims it still has sufficient funds available to tide it over day to day till next june.
    But the Euro currency gang ,plus Britain ,insists on shoveling more debt money at Ireland now .
    So that more money is at hand to pay for the next inevitable round of bailouts for the whole Euro finance sector –mainly foreign capital.

    The bailout fund set up for the euro includes US fed and US backing for the IMF money guarantees ,because amongst the American players and potential losers is the goldman sach squid with their trillions of derivative bond bet positions in currencies and government bonds .
    These derivitive bets losses not just sub prime bonds were what bought down Lehmans and AIG.


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