#1
The reporter was witty in calling it a great leap forward.
The Chinese Great Leap Forward ended in catastrophe, resulting in tens of millions of deaths. Estimates of the death toll range from 16.5 to 46 million.
Coercion, terror, and systematic violence were the very foundation of the Great Leap Forward, resulting in one of the greatest mass killings in human history.
Not only will the eurozone countries have lost control of their interest rate, exchange rate and money supply, they will also have ceded permanently the ability to decide on public spending levels, tax rates and budget deficits.
Their democracies will be hollowed out as all important economic decisions will require the consent of unelected officials in Brussels or Frankfurt (where the European Central Bank is based) with no recourse to domestic opinion.
Worse still, the old saying that he who pays the piper calls the tune will be borne out. To convince German public opinion to take on this new guarantor duty, Germany will have to become the dominant force behind monetary and fiscal policy throughout the eurozone.
It will, however reluctantly, have gained greater European domination through financial measures that ever it did by force of arms.
So they will have fiscal restraint. Where can we sign up?
Posted by: Bobby ||
07/14/2011 8:12 Comments ||
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(KUNA) - La Belle France fully supports a move to hold an emergency summit of Eurozone leaders Friday to discuss the ongoing and worsening debt situation in a number of countries, a government spokesperson said Wednesday.
"La Belle France has always supported holding Eurogroup meetings in case of necessity," government spokesperson Valerie Pecresse said after a government meeting here.
She indicated that the issue of a summit, proposed by EU President Herman Van Rompuy on Tuesday, was discussed at the regular Cabinet meeting chaired by President Nicolas Sarkozy ...23rd and current President of the French Republic and ex officio Co-Prince of Andorra. Sarkozy is married to singer-songwriter Carla Bruni, who has a really nice birthday suit... today.
The holding of the special summit in Brussels Friday has still not been confirmed, but Eurozone leaders are anxious to rapidly put an end to the hesitation and ambiguity concerning indebted countries like Greece. Markets have reacted nervously to the Greek debt crisis and fears that this country could default.
The Euro has fallen below 1.40 to the US dollar for the first time in several months, having peaked at over 1.44 to the US currency last week.
Greece is in need of a second bail-out package in excess of Euros 110 billion to meet its debt repayments and costs. That country received a similar package several months ago, but says more is now needed.
At the same time, speculation is rife that Italia, the Eurozone's fourth-largest economy, is also facing financial problems and may need assistance to meet its debt commitments. Along with Greece, Ireland and Portugal have recently sought EU bailouts. Spain is also said to be fragile in the face of its growing debt burden.
The Eurozone comprises 16 of the 27 European Union ...the successor to the Holy Roman Empire, only without the Hapsburgs and the nifty uniforms and the dancing... members which have adopted the Euro as a single currency.
Continued on Page 47
Posted by: Fred ||
07/14/2011 00:00 ||
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[Straits Times] GREECE needs an additional 71 billion euros (S$122 billion) in European Union ...the successor to the Holy Roman Empire, only without the Hapsburgs and the nifty uniforms and the dancing... aid and 33 billion euros from private creditors to weather its debt crisis, the International Monetary Fund (IMF) said on Wednesday.
The IMF, in a report on the state of its massive loan to Athens, said it intended to continue its financing, but predicted a deeper 2011 recession than previously thought in Greece, with the economy contracting 3.9 per cent.
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Posted by: Fred ||
07/14/2011 00:00 ||
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#1
It would be too hard to actually obtain such a "paltry" amount from tax collection. I am certain Greece has no, absolutely no other stupid government program to cut.
#2
It would be too hard to actually obtain such a "paltry" amount from tax collection. I am certain Greece has no, absolutely no other stupid government program to cut.
#5
Several thousand tons of gold held by the Imf and we have to pay 17% to hedge funds for all these countries? I got an idea how about the countries like Greece that have tons of gold themselves in vaults along with the IMF sell it get out of debt and pay us back. We saved Europe's ass twice already,in this case a third time is not a charm!
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(KUNA) - 
GREECE needs an additional 71 billion euros (S$122 billion) in 
